West coast markets will see "the greatest pain," the research firm found, and Seattle apartment vacancies will see "a huge increase," doubling by 2025.
The rise in vacancies across Seattle is directly linked to the rate of newly constructed apartments, according to Capital Economics, and it’s increased from 5.2% at the end of 2019 to 7% by midyear 2023. Already, Seattle’s asking rent growth rate is at -2% and could fall further.
I'd really encourage people to actually read the article too. This is a direct consequence of increased construction, and just another piece of evidence to add to the rapidly growing pile showing that adding new housing stock - of any and all kinds - does cause a reduce pressures on rent.