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Appendix G: Development Feasibility Everett Housing Action Plan G-3 has been a considerable shift over the past 10 years, however, with single-family housing units only accounting for 27% of the total permitted housing during this period. The total permitted housing units by category are provided in Exhibit 2. This information reinforces that large multifamily projects during this period have accounted for a large share of growth. On average, about 258 units per year have been produced in multi-family developments, with an average of 98 single-family units per year developed. Most of this growth has been with larger multifamily buildings with more than 5 units per buildings, however: only an average of 17 units in duplexes and 8 units per year in 3- and 4-unit buildings have been developed during this period. These results highlight that additional growth in the city has not been accommodated through duplex or triplex infill development, but instead either through new single-family homes or larger multifamily projects. This would suggest that for the community overall that these housing types are likely to present the greatest profit margin for potential developers. Rental Housing To characterize the rental market, the following statistics are provided:  Exhibit 3 provides stabilized vacancy rates for the City of Everett and Snohomish County since 2000  Exhibit 4 presents changes in multifamily rents in the Everett market since 2000  Exhibit 5 highlights year-over-year (YOY) rent increases in the multifamily residential market since 2002 The information highlighted indicates the following:  Local vacancy rates have been stable for the past several years. Local vacancy rates have been reasonably stable at around 4–5% since the recovery from the last recession in 2012–2013. Although there may be surpluses or shortfalls of individual types of housing in the community, this suggests that there is not a market-wide lack of rental housing over the short-term to meet needs. Vacancy rates also track with Snohomish County’s rates, although these rates were noticeably higher in previous years, especially during the last recession.  There has been consistent growth in rents over time. For Everett, growth in rents has been consistent since the last recession as well. On average, rent growth across all sizes of rental housing has been consistent at around 4–5%, with short-term YOY increases of 8–10% in 2015– 2016 and a market slowdown from the pandemic associated with only a 1–3% change in 2020. For the purposes of this report, this analysis highlights that while there are consistent increases over time in rents, the Everett multifamily market has been relatively stable over the past several years, albeit with significant rent increases over time.