Supply needs a boost
Thank you for your story on rent increases in Seattle [“Coping with soaring rent,” page one, Aug. 25].
At age 37, I recently moved from a one-bedroom apartment to a house with three roommates to save money after years of rent increases — not something I expected to do at this time in my life.
Lack of supply is a major cause of the affordability problem. As is often pointed out in The Times’ business coverage, forecasts of rent in our region are directly related to demand and supply. With the hot economy and people moving to Seattle, supply has not caught up.
While it’s true that most new housing is more expensive (partly because new construction costs more), that new supply helps prevent further price increases in our existing rental housing.
Increasing housing supply in Seattle is one necessary component of bringing back affordability.
Melanie Mayock, Seattle