No new apartments are being built here because impact fees are prohibitive and getting ready to get worse. Our rents would have to soar to justify building. And our rents don't soar. So for the current owner of multifamily, steady increases give a really solid performance over the long term. Household formation and immigration have been on a steep rise here as elsewhere, so there is a lot of demand for rental units of all kinds.
Strong demand is a good thing.
Those of us who own buildings should be on guard to prevent mold and mildew problems from occurring. Our climate is particularly prone to cause these, and tenants of housing and office units are filing claims for ailments related to them. Congratulations to the City of Lacey and the Economic Development Council for landing the 1.5 million square foot Target Distribution Center out in Hawkes Prairie. Lots of good jobs. By the way, the new Target store on Sleater-Kinney will be a good generator of sales tax for Lacey too.