Roundup: Seattle Recovers, National Occupancy Rates and Rents Break Records

Yardi Matrix reports:

• In the Puget Sound area, Rent rose to $2,046 in September, a 2.0% uptick on a T3 basis and 40 basis points above the national rate. Through Q3 2022, nearly $2 billion in multifamily deals have closed, and 26,470 apartments were underway as of September. Click here to download the full report. 
• Nationally, U.S. asking rents increased by $23 in October to a new record high, driven by an ongoing surge in demand that began last spring. 
• Average U.S. occupancy rates also broke records, reaching a high of 96.1 percent in September. 

The Portland Housing Bureau announced:

• Metro government has approved seven “concept endorsements” for funding from the regional affordable housing bond. The request is for $88.6 million in Metro bonds. The seven projects would add 805 new units and retain affordable status for 89 existing units for a total of 894 units. The projects would likely be completed in the next few years.