Lynnwood Exploding Apartment Construction. Will This Help Rental Affordability?

Rob Gasca • February 4, 2022

Lynnwood has over 3,000 apartment homes under construction or planned between Alderwood Mall and the City Center


Construction began last week on Ember, an eight story multi-family building in Lynwood near a future light rail station that's scheduled to open in 2024. There is nearly 3,300 apartment homes that are under construction or planned for the suburban city's regional growth center between Alderwood mall and the City Center area to the southwest, where Ember is. Rents in Lynnwood rose over 15% year over year to a median price of $1,340 for a one-bedroom, according to data released this week by rental search website Apartment List. Even though 3,300 new homes seem like a lot, Chris Collier, manager of the Alliance for Housing Affordability at the Housing Authority of Snohomish County doesn't think the number of homes will bring down rental rates, and instead slowly increase rates over the years. With the addition of the light rail, the city of Lynwood looks poised for the development of the City Center District, in turn, constructing more multi-family buildings. This contributes to an ongoing theme, especially during the Covid-19 era, that more and more people are looking to live in different suburban neighborhoods, opposed to the larger metropolitan areas like Seattle and Bellevue

Source: Puget Sound Business Journal
Read More at: https://www.bizjournals.com/seattle/news/2022/01/28/lynnwood-new-apartments-affordability.html


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