Q3 2025 Multifamily Market Report
MULTIFAMILY MARKET OVERVIEW
Absorption has been fairly steady for the last three quarters, with 12,370 units absorbed in the third quarter. Vacancy is steady at 7% over the last two quarters. Asking rents have been relatively fl at for the last four quarters, but with diminishing supply, expected to begin to tick up in Q1 2026. Sales volume is up 30% quarter over quarter, coming in at $1,768,326,429 in the third quarter, which is up 81% over this same quarter last year. With excellent fundamentals, private and institutional capital alike is seeing Seattle MSA market as a top tier market for investment.
| MARKET INDICATORS | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 |
|---|---|---|---|---|---|
| ↓ 12 Mo. Net Absorption (Units) | 12,370 | 12,720 | 12,282 | 11,438 | 12,407 |
| - Vacancy Rate (%) | 7.0% | 7.0% | 7.3% | 7.2% | 6.9% |
| ↓ Asking Rent / Unit ($) | $2,087 | $2,106 | $2,073 | $2,039 | $2,043 |
| ↓ Sale Price / Unit | $365,798 | $367,695 | $301,541 | $292,141 | $364,114 |
| ↓ Cap Rate (%) | 4.90% | 5.70% | 5.70% | 5.60% | 4.49% |
| ↓ Under Construction (Units) | 12,762 | 13,536 | 14,761 | 15,426 | 17,628 |
| ↑ Inventory (Units) | 404,070 | 402,321 | 399,504 | 395,226 | 393,143 |