Report: Seattle metro on pace for huge plunge in new apartments this year

Apartment construction had been slowing down in the Seattle area well before the Covid-19 outbreak, but the pandemic slammed the brakes. A new report from the listings website RentCafe says that construction in the metro area dropped 29% in 2020 compared with last year, bringing the supply of new apartments to a five-year low. The data, from RentCafe affiliate Yardi Matrix, focuses on larger buildings with at least 50 units. According to the report, 8,261 apartments are on track to be completed…