State of Mynd:

The Seattle rental housing market remains heated, with both domestic and foreign investors actively acquiring properties in the region. In terms of job growth, the metro area has outperformed the national average over the past few years, with many additions in lucrative industries, such as high-tech and life sciences.

Well-heeled newcomers are contributing to outsized demand for rental housing, a trend that is expected to continue in 2020, especially near employment centers in the urban core and on the Eastside. However, not everyone works for tech firms. As a result, there has been greater demand for lower-end rental units in the CBD and peripheral submarkets, as well as nearby cities like Tacoma. Although Seattle has become increasingly unaffordable, new legislation incentivizes developers to build more affordable units in exchange for higher density in many neighborhoods.