Seattle's new apartment construction set to break five-year record

Some 15,341 new apartments are expected to be completed in Seattle this year, putting the metro on track to hit a five-year high in apartment construction, per data from the listing service RentCafe.

Why it matters: The new supply of units could eventually bring down rental prices, which have recently soared alongside housing prices, making it harder for people to find an affordable place to live, Axios' Jacob Knutson reports.

What's happening: Construction rates in the Seattle metro are up by 19% compared to last year, when 12,856 units were completed, RentCafe found.

• The city of Seattle ranked third nationwide when it comes to apartments completed in the first half of 2022, with 3,232 rentals built between January and June.

The big picture: New apartment construction in the last two years is at a 50-year high nationwide, according to RentCafe.

• That boom is likely driven by high inflation, increased housing prices and interest rates.

Reality check: Despite apartment developers picking up the pace, rental prices still appear to be skyrocketing across the country.

• Rents in the Seattle metro were up 11% over the past six months, according to Apartment List estimates from August.
• The average rent for an apartment in Seattle is $2,334, per RentCafe.

Go deeper: Why rents are soaring pretty much everywhere in the U.S.