Apartment rents are going up in Seattle for the first time in 17 months, and Amazon has ordered all workers back to the office five days a week. Is there a connection?
Not necessarily, according to Redfin senior economist Sheharyar Bokhari. Bokhari says it’s too early to tell, especially since many Amazon workers already live within commuting distance.
What could be happening, he said, is that after years in which Seattle saw more new apartment buildings built than anywhere else outside the Sunbelt, new construction is tapering off. This could be the factor driving up rents in desirable inner-ring neighborhoods.
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