Seattle Multifamily Will Cool Down. But When?
The Seattle multifamily market's been so strong for so long, but the question is: Can it last? We've gathered the best and brightest to discuss the surging market at Bisnow's Seattle Multifamily event, beginning at 7:30am on Nov. 23 at the Hyatt Olive 8.
Among our speakers will be Pillar Properties SVP Billy Pettit, who tells us if he were at all "successful in predicting what the markets would do" over the past few years, it’s likely he would be on a golf course somewhere. He says the multifamily market in Seattle continues to exceed all expectations—especially his own.
Still, Billy says, the market continues to show signs of resiliency, even in the face of a massive influx of new supply. "The good times will continue, but not for long," he says. "We have a lot of the underlying fundamentals working in our favor, but the level of year-over-year rent increases and low vacancy rates can only last so long." Billy thinks the successful properties over the next few years will be those of the highest quality, with the quality of the location being of the utmost importance.