Kidder Mathews’ multifamily team led by Dylan Simon and Jerrid Anderson has released its annual report on the Seattle and Puget Sound microhousing market. The 2022 Micro Report shows some setbacks in construction, though also details possible policy change and expansion of microhousing across the state.
Loosening of state laws may make microhousing a staple for solving affordable housing across the state as soon as next year. With over 10,000 microhousing units operating in the Puget Sound between 5-6% vacancy, it’s clear this style of housing is in high demand and becoming a staple for many apartment owners.
Market research shows that average rent for “micros” (200 square feet) is now $1,058, up eight percent from last year. Average rent for “SEDUs” (small efficiency dwelling units — 275 square feet) is $1,331, up 10 percent from last year. Meanwhile, average rent for market-rate studios is currently $1,685 (437 square feet), up eight percent year-over-year.
“We’ve toured more than 100 microhousing buildings and can confidently say that design matters. Just like a compact car, you can get a baseline model or high-end, luxury model. But, the most popular cars typically have a majority of the modern features at the best price. This analogy is a good target for microhousing developers,” said Anderson.
Download the full 2022 Seattle & Puget Sound Micro Report to learn more about the current market at simonandersonteam.com/market-updates.
About the Dylan Simon and Jerrid Anderson apartment brokerage team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents apartment investors, developers, and landowners in the sale, purchase, and financing of apartment buildings and development land across the entire State of Washington. The team of 10 brokerage professionals specializes in sale and financing of apartment buildings and development land from $1 million to more than $100 million. For more information, visit simonandersonteam.com.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 52 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.
