Ann Arbor vs. Seattle 2024 Forecast Multifamily Trends

January 10, 2024

After a 34–13 win over the No. 2 Washington Huskies, No. 1 Michigan Wolverines have become the College Football Playoff National Champions. Yet, would the Ann Arbor apartment market remain victorious against the Seattle apartment market?

Despite the disparity in population between the Ann Arbor and Seattle metros, these two markets are more comparable than one might think. In 2024, both Ann Arbor and Seattle effective rent are forecast to rise. The metros’ occupancy rates at the end of the year are projected to be above the national average of 94.5 percent. Similar to the Michigan and Washington football teams, both Ann Arbor and Seattle have certain trends that make them standout as key markets in 2024.

Michigan’s football program has been consistently ranked within the top three for the past three seasons. The same consistency can be applied to Ann Arbor’s occupancy being among the highest in the nation over the past three years. By the fourth quarter of 2024, occupancy is predicted to remain unchanged year over year, staying at 95.6 percent.

Washington’s national championship appearance can partially be attributed to its explosive offense led by quarterback Michael Penix Jr. Similarly, Seattle’s strongest trend is its forecasted boom in leasing activity. In 2024, over 21,500 net units are projected to be absorbed, outpacing 2021 by roughly 3,000 units. The uptick in leasing activity is underpinned by new white-collar job opportunities and return-to-office initiatives drawing in new residents to the metro’s urban core.

Looking ahead, both markets have positive trending multifamily markets in the new year. For more 2024 forecast data, visit Berkadia’s 2024 Forecast Reports.

– Berkadia Research