“This has contributed to an oversupply of studios, both affordable and market rate.”👀

“This has contributed to an oversupply of studios, both affordable and market rate.”

“However, the studios and 1BRs would be the most challenging to lease due to the oversupply.”

“Where previously sheer unit production was the emphasis, which would favor studios, maybe in the future we should be emphasizing something else like bedroom production.”

“The greatest unmet need persists at 0–30% AMI, both PSH and non-PSH. Some income bands (50–80% and 80–100% AMI) appear oversupplied in current projections, influenced by regional assumptions and rental market dynamics.”

“This has resulted in some overlap of market and restricted affordable rent levels.”

“In many of the non-central areas, restricted 80% AMI rents for studios and 1BR units is higher than actual median rents. More recently the same is also true in some areas even for units with two bedrooms or more.”

“The median studio, 1BR, and 2BR market rate units in Seattle now rent for roughly 60-70% AMI.”

“Because developers are finding they are having trouble leasing up over-supplied unit types, some are trying to get public funders to take on those projects (via master leasing) so the public absorbs the risk and financial loss instead of the developers who built the buildings.”