Excerpt from the 4Q17 Witten Advisory: This chart looks at the number of jobs added in each market per apartment absorbed. The blue columns represent the total number of jobs in each metro divided by the number of occupied apartments there. The range is roughly 4 to 8 jobs per apartment. Then, the blue line looks at the number of new jobs in the last year compared to the last year’s absorption. Those answers are not so consistent. For a moment, look at Seattle toward the right side of the graph. Its baseline ratio says there were 5.6 total jobs for every occupied apartment as of 3Q17. But, at the margin, Seattle absorbed 11,600 units in the last year, while it only added 33,500 jobs, so the last 12 months’ ratio is only 2.9 – or, twice as much apartment demand per job as usual. As the headline points out, that’s true for 28 of our 43 markets.