The project will comprise two-thirds of the block bordered by Brooklyn Avenue NE.

SEATTLE—Seattle is the fifth-most expensive student housing market in the country, with rent at $281 per week, according to the World University Rankings. In comparison, Boston and New York were the two most expensive cities for rent, with both costing more than $400 per week. London came in third at $339 a week. The US was highly represented in the most expensive top 10, with six cities including Seattle, Providence, San Diego and Los Angeles on the list.

As the needs for student housing grow, more projects come to the forefront here. In specific, student housing developer Georgia-based Landmark Properties recently announced plans for its first project in Seattle's University District neighborhood. The 600,000 square-foot two-tower, three-building project will include up to 450 units and 12,000 square feet of ground-level retail and will be across the street from the future light rail station.

The project will comprise two-thirds of the block bordered by Brooklyn Avenue NE and 12th Avenue NE to the east and west, and NE 42nd and NE 43rd to the north and south. The multifamily project will include a rooftop swimming pool with views of the Seattle skyline, rooftop deck, indoor lounge, study spaces and fitness center. Landmark intends to break ground on the project in spring 2021 with project opening by fall 2023.