Over 115,000 apartments could join the Seattle housing market, according to the Q2 2023 Construction Pipeline report from Berkadia.

In addition to the 2,574 apartment units that have launched in the past year, 19,396 units are under construction in Seattle. The area with the most new construction activity is the Capitol Hill/South Lake Union neighborhood.

Furthermore, 26,028 units are in the planning stages, meaning their respective projects have received approval from planning and zoning authorities. Builders and developers have also expressed intent to construct another 67,269 units, although no formal plans have been submitted for these projects. Most of these prospective units are located in north Bellevue.