| |
 |
A subscriber asked us what the trend is in new apartment construction for average unit sizes. Here's their question, and why they needed this information:
"We want to address the potential development density that could be achieved in Seattle lowrise multifamily projects if they were not subject to the current unit per lot area density requirement and if parking requirements were reduced or eliminated."
First, using information from our Apartment Development Report, we looked at the long term trend, year by year, in the Tri-county market (King, Pierce, and Snohomish counties) for all types of apartment development over the past 100+ years. Then we narrowed down the geography to just Seattle.
And then we focused on only lowrise properties. Finally, in addition to looking at annual data, we also looked at developments completed since 2008 as well as those planned to open in 2010 and over the next few years (where we have information), to see how many properties fell in various size ranges.
The results not only show the direction of development unit sizes, they also underscore a couple of issues regarding rent and sale price trends we've discussed over the years in The Apartment Advisor. More about that later.
