February 5, 2017
After years of being on a hot streak, apartment construction is anticipated to slow down nationwide. One exception is Tacoma, WA, which, according to Freddie Mac, is considered a top-10 market nationally for multifamily investment.
The lender is forecasting Tacoma’s income growth at 5.8% in 2017, putting it third in the nation. Additionally, the metro had a 3.2% vacancy rate in 2016. And finally, Tacoma will see increased demand spilling over from higher-priced locations such as Seattle and Portland, OR.
Meanwhile, Pierce County is entering an apartment building boom, complete with record construction and more than 3,500 units to be delivered through 2019. Still, while Tacoma’s median rental is $1,100, many commuters will find Interstate 5 gridlock difficult to handle.
For comments, questions or concerns, please contact Amy Sorter