Seattle is building some of the smallest apartments in the US right now & here's why (2024)

FAQs

Why are apartments so small in Seattle? ›

Seattle's average square footage has dropped by 30 feet over the same time frame. RentCafe cites the increase in demand for studio and one-bedroom apartments as the reason for the decline in 2022. This reversed the trend of 2020 and 2021 when people sought more personal space amid the COVID-19 pandemic.

By the numbers: The average size of newer Seattle apartments is 659 square feet, about 26% smaller than the 2022 national average of 887 square feet, per a new report from listing service RentCafe. Among 100 metro areas analyzed, the Seattle region had the smallest-sized new units, according to RentCafe's analysis.

An curved arrow pointing right. There are nearly 25,000 apartment buildings with 50+ units under construction in Metropolitan Seattle, according to Apartment Insights.

So why is Seattle among the least air-conditioned places in the country? Multiple factors play into it, such as Seattle landlord-tenant laws that don't require air conditioning like they do heating. But local engineers said it comes down to cost effectiveness in a city with relatively mild year-round temperatures.

Population growth and historic underbuilding has fueled the state's affordability crisis, with prices increasing as demand outstrips supply. The state's rental vacancy rate sits at 4%, below the 7 to 8% considered for a healthy market, according to a January report from Challenge Seattle.

The median rent for a one-bedroom rental in the Seattle metro area, including Tacoma and Bellevue, stands at $1,505, less than a half a percent lower than a year ago, according to Apartment List. In the city, the median cost of a one-bedroom, $1,568, is down about 1%, or $20 a month.

This is equivalent of $1,450 a week or $6,286 a month. Most salaries in Seattle range between $54,823 (25th percentile) to $93,361 (75th percentile) annually. Of course, salaries will vary depending on your occupation, experience, and many other factors.

The average rent for apartments in Seattle, WA, is between $1,605 and $3,429 in 2023. For a studio apartment in Seattle, WA, the average rent is $1,605. When it comes to 1-bedroom apartments, the average rent in Seattle, WA, is $2,334.

Average living cost in Seattle, WA

Monthly rent: $2,324. Utilities: $249. Food: $500. Transportation: Taking public transportation will run you around $200 per month.

The short answer: apartments, because so many people are moving here and want to live downtown. Two-thirds of the buildings under construction are residential towers, and while there are a couple of condo projects for homeownership included in the mix, the vast majority are apartments for rent.

Which US city has the most apartments? ›

184,866 or 55% of the households in Seattle, WA are renter-occupied while 152,495 or 45% are owner-occupied.

James Young, director of the Washington Center for Real Estate Research highlights two big reasons why builders aren't cranking out condos like they used to — timing and lawsuits. The average home in Seattle costs over a million dollars. And now, rising interest rates have made mortgages more expensive.

The city has recently taken Seattle's place as the least air-conditioned metro area in the country, according to the 2021 American Housing Survey released by the U.S. Census Bureau.

Perhaps Houston is the 'most air conditioned' city in the world based on total revenues or cubic feet of conditioned space.

Some reasons for homelessness have been attributed to the cost of living in Seattle having significantly risen in the past decade due to gentrification, lack of publicly owned affordable housing, and the economic impact of the Covid-19 pandemic. These have all culminated in an increase in the homeless population.

By 2018, the citywide budget ballooned to $85.2 million. By 2021, that number had doubled to $166.48 million. Graph showing how much Seattle has spent on homelessness since 2013.

Currently, Seattle has over 2 million citizens, and as recently as 2020 at least 40,800 people in King County have noted experiencing homelessness for one night or all year, (Martin, 2020).

The winter season usually yields low rental rates. The best time to rent apartments in Seattle is right after the Christmas and New Year holidays. Demand is usually at its lowest at this time of the year and therefore optimal for finding the best bargains.

It depends on how you define “good.” It's definitely a better time to buy a house in Seattle than it was in 2020 and 2021, when homes were receiving multiple offers and selling for way above list price. While today's higher mortgage rates are bad news for your budget, things are starting to look up for buyers here.

How many people in Seattle are behind on rent? ›

The survey data shows an estimated 820,000 adults living in rental units in the Seattle area, which includes King, Pierce and Snohomish counties. So the 60,000 who are behind on rent represent about 7% of the total adult renter population.

Seattle ranks 5th among large cities for middle-class income, with a range from $74,223 to $221,562. The median income was $110,781.

The National Low Income Housing Coalition broke down what people need to earn hourly at their jobs in order to live in parts of Western Washington. Here's a breakdown by a few areas: Seattle metro: $40-$60 per hour. Snohomish County: $33-$40 per hour.

$14.57 is the 25th percentile. Wages below this are outliers. $32.52 is the 90th percentile.

Driving the news: Rent in Seattle is up 21% in 2023 compared to 2021, according to an analysis released this month by QuoteWizard, an online insurance platform that analyzed median rent for new leases across the nation.

Seattle Housing Market Forecast 2023-2024

Seattle housing prices are estimated to go down in 2023. Despite the robust growth in the Seattle housing market, it is predicted that home prices in the Seattle-Tacoma-Bellevue metro area may decrease by 1.7% between March 2023 and March 2024.

Housing providers blame rent increases on a shortage of units and a surplus of renters. The number of Seattle tenants surged, with renters bypassing homeowners in 2019 for the first time since 1910, according to census data.

The cost of living in Los Angeles, CA is 5.5% higher than in Seattle, WA. You would have to earn a salary of $63,314 to maintain your current standard of living. Employers in Los Angeles, CA typically pay 1.7% more than employeers in Seattle, WA.

With so much to offer, it's no wonder Broadmoor is universally considered one of the most desirable places to live in Seattle. It's also the most expensive neighborhood in Seattle.

On average, Seattle, WA residents spend about $148 per month on electricity. That adds up to $1,776 per year. That's 10% lower than the national average electric bill of $1,964.

Why are people leaving the Seattle area? ›

In the most recent survey, conducted in 2022, housing issues topped the list — for example, wanting new, better or cheaper housing, wanting to own instead of rent or wanting to live in a nicer neighborhood.

1. Chicago. Chicago was on the rise again in 2021 after years of stagnant construction industry growth. An increase in infrastructure projects brings Chicago back to the list of the best cities for 2022.

The cost of living in San Francisco, CA is 36.4% higher than in Seattle, WA. You would have to earn a salary of $81,829 to maintain your current standard of living. Employers in San Francisco, CA typically pay 13.3% more than employeers in Seattle, WA.

The penthouse inside Central Park Tower is the most expensive listing in the country.

Seattle has 12,000 people experiencing houselessness; in 2021, it had 33,100 vacant homes.

The 2021 median household income in Seattle was $105,391, according to the U.S. Census data, while the annual income per capita was $68,836. According to May 2023 RentCafe numbers, the cost of living in Seattle is 50% higher than the national average and 31% higher than the Washington state average.

Increases can only begin at the start of a rental period. Notices of increase issued on or after July 1, 2022 may trigger EDRA (economic displacement relocation assistance) if the increase equals or exceed 10% on its own or combined with other increases within the same 12 month period.

This is down over 5% year-over-year. In May of 2022, the median price was $699,000.

Will Seattle housing ever go down? ›

Seattle is likely to see a sharper decline. The region is already one of the fastest-cooling housing markets in the country. Seattle-area prices could fall far faster than the national trend — as much as 10% — said Redfin chief economist Daryl Fairweather.

The 2022 annual report showed the overall cost of living in Seattle was 50% higher than the average for the 265 cities surveyed. Surprisingly, that's actually a little bit lower than it was before the nation was gripped last year with some of the highest inflation rates in decades.

In other words, if you are looking to live somewhere where you don't need AC or heat at any point in the year, you should check out southern California, the highlands of Central and South America, parts of southern and eastern Africa, and southeast Australia and New Zealand.

Seattle has a temperate climate without harsh cold winters, and without extreme heat in the summers. Expect temperatures between 30 F and 90 F throughout the year with few exceptions.

Cracks in Walls, Windows and Doors

Around 38% of heat loss in your home comes from cracks in your walls, windows and doors (often invisible to the naked eye). In fact, a ⅛ inch gap under a 36-inch wide door will let as much cold air into your home as a 2.4 inch hole through your wall.

So why is Seattle among the least air-conditioned places in the country? Multiple factors play into it, such as Seattle landlord-tenant laws that don't require air conditioning like they do heating. But local engineers said it comes down to cost effectiveness in a city with relatively mild year-round temperatures.

The U.S. has been the world's leader in air-conditioning ever since, and it's not a leadership Americans should necessarily be proud of. According to Stan Cox, a researcher who has spent years studying indoor climate controlling, the United States consumes more energy for air conditioning than any other country.

The cost of living in Seattle, WA is 31% higher than the state average and 50% higher than the national average. Seattle, WA housing is 111% more expensive than the U.S average, while utilities are about 6% pricier.

The number of Washingtonians who are unsheltered, in vehicles or in temporary shelter grew by 10% from 2020 to 2022, increasing by 2,288 people. Slightly more than 70% of that growth came from Seattle and King County, according to part one of HUD's 2022 Annual Homelessness Assessment Report.

How many homeless people does Seattle have? ›

As of January 2020, more than 5,578 homeless people were living in the King County. In 2020 there were recorded 140 nominative deaths among them. In June 2021, the Seattle City Council approved a plan to use $49 million of the $128 million from federal COVID-19 relief funds to support the city's homeless population.

According to the U.S. Census Bureau, Seattle has the second-highest percentage of people considering or planning to move away. Over the next 12 months, census workers report that 171,000 households will leave King County. KOMO News poured through census records to find out where so many people are headed.

Seattle, WA Housing Market

In May 2023, the median listing home price in Seattle, WA was $850K, flat year-over-year. The median listing home price per square foot was $586. The median home sold price was $840.4K.

Is it a good time to buy a home in Seattle? The simple answer is “Yes!” It is a good time to buy a home in Seattle and there are 3 main reasons why. First, there is little to no competition since the recent rise in interest rates. Secondly, there is higher inventory, aka more homes to choose from.

The National Low Income Housing Coalition broke down what people need to earn hourly at their jobs in order to live in parts of Western Washington. Here's a breakdown by a few areas: Seattle metro: $40-$60 per hour. Snohomish County: $33-$40 per hour.

SEATTLE — $100,000 in Seattle amounts to roughly $49,000 after adjusting for taxes and cost of living, a SmartAsset report says.

The cost of living in New York, NY is 29.4% higher than in Seattle, WA. You would have to earn a salary of $77,661 to maintain your current standard of living. Employers in New York, NY typically pay 6.5% more than employeers in Seattle, WA.