It shouldn’t come as a surprise to anyone that Seattle is in the midst of a housing boom with high demand for rental properties and single-family homes. With a population growing faster than almost any metropolitan area in the entire country, Seattle has become a destination for families of all types.
One of the fascinating parts of Seattle’s latest growth is the fact that recent years have seen more people moving to Seattle each week than the region saw during the boom right after the Gold Rush. According to The Seattle Times, Seattle climbed atop the list of fastest-growing big cities in America.
“From July 1, 2015, to July 1, 2016, Seattle had a net gain of nearly 21,000 people — 57 a day, on average. That pencils out to a 3.1 percent population increase for the one-year period. Among the 50 most populous cities in the nation, that’s easily the fastest rate of growth. Previously, Seattle had ranked fourth among big cities.”
Other cities with fast growth in recent years have been Miami with 2.9% growth, Fort Worth with 2.4% growth, and Colorado Springs with 2.1% growth. From 2015 to 2016, Seattle added more than 20,000 people.
Growth of Jobs and Housing in Seattle
Seattle’s local government estimates that the population of the city in 2017 will reach 713,700 residents. From 2015 to 2035, the city believes approximately 70,000 new housing units will be built. However, the expected number of new houses is expected to fall short of what is needed to provide housing for everyone in the city and its outlying areas.
An article from Curbed Seattle reveals that the impressive population growth in Seattle has been outpacing the growth of new housing units for several years:
“A new report from Apartment List (AL) shows that the Seattle metropolitan area’s job growth is far outpacing new housing units. Jobs grew more than twice as fast as housing from 2010 and 2015, with more than two jobs for every new unit of housing permitted.”
Before the arrival of the Great Recession, Renton housing wasn’t lagging too far beyond population growth, but the post-recession construction activity hasn’t kept pace in the last several years. Some experts suggest increased rental costs and commuting times could result from the sustained population growth and lack of building activity.
Interestingly, however, Seattle’s population boom and lagging construction activity aren’t the worst in the nation. As of the time of the Curbed article’s publication, there were nine other metropolitan areas that ranked worse as far as new housing units versus population growth were concerned.
It’s expected that the Seattle area will be home to 1.7 million people by the year 2040, which is an incredible increase if you examine the growth the area has experienced since the mid-19th century. In 1870, the population was just 1,100, and at the turn of the 20th century, the population had grown to 80,671. By the turn of the 21st century, the population had grown to 563,374.
Enjoy the Amazing City of Renton at Lexington Heights
Apartments in Seattle run the gamut from cozy and inexpensive to luxurious and pricey. Located just 11 miles southeast of downtown Seattle, the community of Renton is an ideal alternative to living in the busiest metropolitan areas in the region. If you’re looking for an apartment that offers an excellent balance of style and relaxation, you’ll want to tour Lexington Heights. Get in touch today to arrange a visit.