There are over 122,000 units in the Seattle metro area’s apartment construction pipeline, according to the latest report from Berkadia.

Of all the units in Seattle’s pipeline, 1,400 units across four buildings are in the lease-up stage, meaning they actively began leasing units to residents within the past several months. Another 14,716 units are actively under construction.

Over 25,000 units are in the planning stages. Projects don’t enter the planning stage until builders/developers have received city approval. Most projects in this stage begin construction within 12 to 18 months.

However, the majority of the apartments in Seattle’s construction pipeline are in the prospective stage. That means that while builders have expressed intent to build, the projects are still in a conceptual stage, and no formal plans have been submitted. Over 80,000 units fall into this category.

Based on these numbers, renters in the Seattle metro area can expect over 40,000 units to join the rental market within the next several years.