Seattle Apartment Supply Volumes Scheduled to Soar in 2024

Seattle supply is set to skyrocket in 2024. The market received about 6,100 new units in 2023 and is expected to gain more than triple that amount in 2024, according to data from RealPage Market Analytics. At the end of 2023, there were nearly 25,700 units under construction in Seattle with more than 18,800 of those units on track to deliver in 2024. That represents a tremendous inventory growth rate of 5% and one of the largest levels of new units coming online in the nation. For comparison, the previous record for annual deliveries in Seattle was about 11,400 units in the year-ending 2nd quarter 2019, while the long-term average for annual completions in Seattle is closer to about 5,500 units. All 16 submarkets will receive some level of new supply during 2024. The urban core submarkets of Downtown Seattle and Capitol Hill/Central District are set to receive over 3,000 units each in the next 12 months, followed by North Seattle/Shoreline and University District/Ballard which are each expecting about 2,000 units. Several submarkets will receive over 1,000 units, including South Lake Union/Queen Anne, Redmond, Kirkland/Bothell and northern Lynnwood/Edmonds/Mukilteo.