I've only lived in Seattle for about 6 years, but have seen / felt a rise in rents over that time. When we moved here, lots of rentals were offering one or two months free rent as a move in special. Now, not so much. Because he was sick of friends moving away, a friend of mine made his rookie run for the city council this past year. He didn't survive the primary, but he had some good ideas about housing that have in…
Every once in a while there will be more proposals to build condos over existing houses or apartments. We've been here before: housing stock is considerably increased while rents around town are given an implicit "go" to be raised across the board. If you're a financially struggling student at an Ivy League school you're not just gonna up and leave cause your rent went up another $100-$200. You're just gonna take out more debt. It doesn't help that aside from campus housing there are like 3 landlords in the whole city
Building housing in a bull market is almost always the right choice, but let's not pretend rents are going to magically fall. Or stop rising. Housing is one of the most elastic goods one can find. Everyone has to sleep somewhere.