South Lake Union Impact On Rents Exaggerated
South Lake Union has become synonymous with Seattle's runaway growth, but the tech boom is only a small part of multifamily rent growth in Seattle, according to Zillow. The company makes three points.
1) Just over half (53.4%) of all workers in the SLU Tech Corridor live outside the City of Seattle.
2) Among SLU Tech Corridor workers living within Seattle city limits, the majority are concentrated in the Belltown (5.3%), Queen Anne (4.4%) and Capitol Hill (2.5%) neighborhoods.
3) Seattle rents have been rising overall, but have increased more in the parts of King County where SLU Tech Corridor workers tend to live—which is hardly confined to SLU.