98,000 Homes Needed by 2030?

Yes, it’s true.

We’ll need an additional 98,000 homes in the Seattle area by 2030 according to a new report from the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA). We have seen many comparisons of the yearly and monthly increases in dwelling spaces, but now we have a glimpse of how much growth will occur in the next 13 years.

The Daily Journal of Commerce notes this study relies “in part on research from Axiometrics, which has reported an annual construction of 5,884 units for the past five years.” Construction would have to increase a staggering 19 percent in order to keep up with the demand and our area’s growing population.

The report continues saying, “Future demand will be created by factors including an aging population, immigration and the decline in home purchases.” Seattle is now ranked 11th out of 50 metro areas in terms of the apartment demand by 2030. Currently, we have about 406,000 apartments, and that will have to increase 24 percent to meet the anticipated demand.

Read the full article on the Seattle Daily Journal of Commerce.