Downtown Seattle Remains Fastest-Growing Area of the Region

Across the region, downtown Seattle saw the greatest increase in occupied apartment units over the past 12 months. As of March 2023, nearly 700 more apartment dwellings are filled compared to one year ago. The area is experiencing high vacancy due to the completion of several large projects still leasing up. It was also the first area of the Puget Sound region to see falling rents in the current cycle. However, in terms of total units occupied, the city’s core has outperformed.