Apartment construction rates in the Seattle metro are up by 19% compared to last year.

Some 15,341 new flats are anticipated to be accomplished in Seattle this yr, placing the metro on monitor to hit a five-year excessive in condo building, per knowledge from the itemizing service RentCafe.

Why it issues: The brand new provide of items might ultimately carry down rental costs, which have lately soared alongside housing costs, making it more durable for individuals to search out an inexpensive place to reside, Axios’ Jacob Knutson reviews.

What’s taking place: Development charges within the Seattle metro are up by 19% in comparison with final yr, when 12,856 items had been accomplished, RentCafe discovered.

• The town of Seattle ranked third nationwide on the subject of flats accomplished within the first half of 2022, with 3,232 leases constructed between January and June.

The large image: New condo building within the final two years is at a 50-year excessive nationwide, in response to RentCafe.

• That growth is probably going pushed by excessive inflation, elevated housing costs and rates of interest.

Actuality test: Regardless of condo builders selecting up the tempo, rental costs nonetheless seem like skyrocketing throughout the nation.

• Rents within the Seattle metro had been up 11% over the previous six months, in response to Condominium Checklist estimates from August.
• The typical lease for an condo in Seattle is $2,334, per RentCafe.

Go deeper: Why rents are hovering just about in all places within the U.S.