Commercial real estate brokerage Marcus & Millichap, a national company with a Seattle office, issued its 2014 apartment report Monday. The report paints a generally rosy picture of the market for apartment landlords, forecasting rental growth of just over 4 percent this year.
Marcus & Millichap did knock Seattle down two places to seventh-strongest apartment market in the country because the region had a second straight year of what the report called “elevated completions,” with 8,000 new units coming to the market in 2013. The company reported that the development boom will continue in 2014, with builders delivering 8,100 new units.
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