Pierce County shows steep rise in apartments under development
The number of apartments in Pierce County’s development pipeline surged year over year, according to a new report from Kidder Mathews. So far this year, there are 7,378 apartment units in various stages of development compared with 4,189 last year.
Reasons for the increase include higher rental rates, relatively low land costs and Tacoma Link light rail construction, the report said.
There are currently 53,749 apartments units in the county, with 4,750 in the review stage.
A significant portion of the apartments under development are in urban Tacoma and clustered around the transit line, Brandon Lawler, associate vice president of Kidder Mathews’ multifamily team, told the Business Journal in May.
https://www.bizjournals.com/seattle/news/2021/06/28/apartment-development-is-up-in-pierce-county-thank.html
Higher rental rates and lower land costs, sounds like a developers dream.