20 Oct Commercial Property Construction Is Booming: More Seattle Rentals Coming!
Are you ready for more Seattle rentals? The Seattle housing market is booming, and that’s inspired a wave of construction as well. This means that more Seattle rentals are on the way in the future.
What’s Happening in Seattle’s Property Construction Market?
In the summer of 2017, the Seattle Times reported that “there are 74 major projects getting built from South Lake Union to Sodo, the most since the Downtown Seattle Association began tracking construction in 2005.” This is double the number of projects that existed five years ago.
While half of those projects were scheduled to be completed in 2017, there are more than double that number in the construction pipeline. Two-thirds of the new buildings are high-rise apartments, which are seen as relatively low-risk compared to the new construction of larger homes. These apartments are in areas near the core of the city, such as South Lake Union, First Hill, and the Denny Triangle. As tech workers move into Seattle and enthusiastic retirees vie for downtown space with newcomers to the city, the Seattle rental market continues to grow.
Why is Seattle Construction Booming?
According to Seattle Pi, Seattle is “expecting to see a 2.5 percent growth in jobs and a 1.9 percent increase in population,” leading to a high interest in the rental market. Many of those jobs in the Seattle area focus on technology, and many people move into the city to fill them. These mobile Millennials may not think that they’re going to stay in the Seattle area forever, so they rent rather than buying. Add to that the general appeal of Seattle’s temperate climate as a place to raise a family or retire, and you have a recipe for huge interest in the rental housing market.
Supporting Your Investment in Seattle Rentals
Because the Seattle rental markets keep growing, investing in rentals in the area is a smart venture. But, certain things should be considered when adding to your property portfolio.
An expanded property portfolio can mean added work related to the care, upkeep, and other responsibilities related to rental properties. How can you support this expansion of your assets?
Working with a property management company can simplify your property management and allow you to focus on the details that you want to focus on, such as finding the right properties for your growing portfolio. A property management company can:
- Help you find new tenants, screen them, and coordinate move-in and move-out.
- Make sure your properties get regular inspections, and that any maintenance issues are addressed on a regular basis – before bigger problems develop.
- Work with the people connected with your properties, including contractors, employees, tenants, and neighbors.
- Deal with emergencies, so that you don’t have to.
- Give you overall intelligence about the market.
At Lori Gill and Associates, we’re here to help you manage your Seattle rentals. As your property portfolio grows, connect with us and see how we can help make property management easier.