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Can demand match development?
Published August 8, 2014
Year-to-date migration into the region is up 18% this year compared to last year. That’s down from the 24% increase we talked about a couple of months ago, but it is still great news. Maybe the numbers are more meaningful. Let's take a look.
Just over 61,000 people have moved into the region so far this year. In the first seven months of last year, 52,000 people moved here. Even if half as many moved out, that still means there are 30,500 more people on the roads every day wondering when Bertha will start digging again.
That means we have added demand for at least 15,000 more housing units already this year. Now don’t go putting offers on more apartment sites based on that news. Some of that demand, hard as it is to accept, will opt for a condo or single-family house. But it is still good news. And it is good news all around the region. In-migration was higher in all five counties last month compared to a year ago.
And the totals over the past 12 months are impressive. Just over 105,000 people moved into the region. Almost 60% of them, 62,000 people, moved into King County. Another 17,500 moved into Pierce County, and 12,400 moved into Snohomish County. Kitsap and Thurston counties saw increases of 6,500 and 6,600 respectively. Each county captured significant in-migration relative to their populations.
You may not like the traffic. But with 2014 development activity on track to top every year since 1990, we’re welcoming the congestion.
The slide show below contains the charts from this week's video.
Editor's note: This is the complete article.
Today's subscriber comment
November 1, 2014
John Marasco: "I have been using your research regularly since you produced your first report. What has been consistent over all these years has been the regularity and quality of your reporting on the local apartment market. I find your reports provide a quick and easy to follow snapshot of local market conditions all knit together by your engaging color commentary."
"Dupre + Scott reports are also a great way to keep our national and local clients up to date with ever-changing market dynamics. Without your reports, we would never know when to raise rents, cut or offer concessions, and more." (John is Managing Director of Development Properties for Security Properties, a development and investment company in Seattle.)