Seattle Apartment Demand Solid in 1st Quarter
In 1st quarter 2021, Seattle posted the strongest quarterly apartment absorption volume seen in a gateway market since the pandemic began. Many markets nationwide finally saw the pent-up demand that had been waiting in the wings for the better part of a year come to fruition in 1st quarter 2021. Pricey coastal markets most needed a boost and one stood out from the rest for its quarterly demand volume. Seattle’s apartment market absorbed nearly 2,300 units in the early months of 2021. Boston and Portland also posted strong absorption in 1st quarter, of nearly 1,700 units each, followed by about 1,200 units of demand in San Francisco, 1,000 units in Newark and 700 units in Washington, DC. However, while Seattle’s quarterly demand volume made up for a big block of the decline the market saw in 2020, annual demand was still down slightly for the year.