The amount of people moving to downtown Seattle, as opposed to the city of Seattle as a whole, is increasing rapidly. Out of the total population growth between 2010-2014, 16% are downtown residents. While downtown Seattle tends to attract professionals living in a single-person household, we are seeing a surprising amount of families calling downtown home–the number of children living downtown has increased 17% since 2010.
Living in downtown Seattle is pricier than surrounding areas, with the average rent costing $1,904/month in 2014 (the average monthly rent rate in the city of Seattle for 2014 was $1,485). The high prices haven’t been a deterrent though–the vacancy rate downtown remains below 4 percent.
There are currently two condominium projects underway downtown, but 3,089 residential units are set to begin construction in 2015, with the possibility of 2,642 more units coming in 2016. The majority of downtown apartments cater to those living alone–the average size of a unit is 638 square feet. But because of this new trend of families moving downtown, we might be seeing some larger 2-3-bedroom units pop up.
Do you have kids? Would you want to raise your family in the hotspot that is downtown Seattle?
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