The median rent in Washington state is $2,335 down almost 10% year-to-year, according to statistics from Rent.com.
As Post Alley explained, the problem is “urban center housing is expensive to build” for various reasons:
Most urban center buildings are five stories of wood frame over a concrete podium, with underground parking. Structured parking alone can cost more than $50,000 per space, and even with wood frame, other costs are higher. These apartment buildings have corridors, fire exits, elevators, lobbies, and other non-revenue generating features that walk-ups don’t have. Other cost factors: urban center land is expensive and construction in a tight setting is complicated.
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