Apartments in Seattle have faced troubled waters since the beginning of the coronavirus outbreak. Rents have dropped by over 1.5% since the all-time peak in mid-March, and new properties have been offering high concessions to attract renters as demand has plummeted in these more expensive units.
But developers are still bullish on the market in the long run, closing several major land deals for multifamily projects. These land deals have two things in common, too: light rail expansions and lower-cost areas outside of Seattle.