The Hottest Apartment Markets on The West Coast 2017
The West Coast Real Estate Market is on fire right now. Some of the country’s biggest markets are tucked along the coast between Mexico and Canada. Some of the numbers are truly staggering. Let’s take a look at the hottest apartment markets on the west coast in 2017.
Seattle
This hub for tech and outdoors-lovers has been heating up for years, but it’s white-hot right now. In the last seven years, rents in Seattle have climbed 63%. Seattle’s construction boom is far from over; the city will see an additional 9,000 new apartments open this year.
San Jose
Located in the heart of Silicon Valley, San Jose, like Seattle, is an important capital of America’s tech industry. While it has seen a slight slowdown this year, its venture capitalists, startups, and multinational tech giants continually generate jobs, growth, and the influx of renters.
Portland
Unlike Seattle and San Jose, Portland’s red-hot apartment market hasn’t been fueled entirely by the tech boom. Even as a more affordable alternative to more bustling hubs, Portland’s apartment market is still highly competitive. Just two years ago 72% of new apartment units rented within their first three months of being open, according to Portland Business Journal research from 2015.
San Francisco
Though San Francisco’s market has cooled some since its precipitous peaks in 2015, rents crept back up the first half of 2017. Employment rates, up by 4%, have also continued to rise since 2015.
San Mateo
*image from san mateo real estate
Just south of San Francisco, the San Mateo market is feeling the push from the Bay Area rental surge. Following national trends, San Mateo’s market has cooled from 2015 highs, but average rents are forecasted to rise by 4% this year. At an average rental rate of $3,024, that growth means some hot competition.
Los Angeles
A recent study from the UCLA Anderson School of Management reports that LA is the most expensive rental market in the country. Unlike many other hot markets across the nation, LA’s pace of development hasn’t been able stay abreast of demand.
Things may be cooling somewhat across the board, but as economic growth continues nationwide, these already hot markets on the West Coast are the ones to keep an eye on.