They keep building new Capitol Hill apartments — nearly 350 new units have opened up since May. And new tenants apparently keep filling them up.
Welcome to Capitol Hill.
This summer has seen the opening ofand on E Madison, and
“It’s been a little crazy,” said Devon Richardson at Terravita, which opened up leases on June 1. “We’re already 70% leased — opening in the summer has been great for getting this sort of response.”
Citizen and Lawrence Lofts have both leased 90% of their units and don’t look like their slowing down. Lawrence Lofts reported that they’ve already sold out, and Citizen is looking to follow suit soon.
“We do expect to sell out soon, but still have some very nice options including a few studios with balconies and Mt. Rainier views, a few courtyard units and a couple of larger one bedrooms as well,” said Adam Webber at Citizen. Remaining units range from $1,400 to $1,800. “Demand has been very high. We opened on the first of April and it has been even busier than we anticipated.”
Prices at Terravita range from $1,255 for a studio to $3,195 for a luxury suite.
According to Richardson, most tenants signing leases are fresh hires at tech companies and young doctors looking for an easy commute. “I’ve seen a lot from Amazon, Google and Microsoft signing on bedroom + den units and two bedroom units,” Richardson said, “lots of young people starting their careers.”
CHS reported on the marketing effort at the Citizen and Lawrence Lofts here in May.
The Daily Journal of Commerce reports that rent prices are predicted to shoot up 5% this year in Seattle. Currently, 5,000 units are under construction in the city and 60,00 are planned. As the massive influx of new apartments into the city floods the market, the inventory may slow rent growth.
Whatever the price, units on Capitol Hill are going quickly. “As we get down towards the end of the summer, it will probably start to wind down a little,” Richardson said. If things continue at the current pace, that slowdown might be because Capitol Hill’s apartments are completely full.