MULTIFAMILY MARKET OVERVIEW

The Puget Sound multifamily market continued its gradual stabilization during the second quarter as key fundamentals moved in a positive direction. Vacancy declined to 6.9% as renter demand continued to absorb available inventory, while rents posted modest growth, signaling improving pricing power for owners. At the same time, the development pipeline continues to moderate, supporting a healthier long-term supply-demand balance. Although capital markets remain disciplined and transaction activity is selective, improving occupancy, steady rent growth, and slowing new deliveries suggest the market is transitioning from correction toward a more stable operating environment. Barring a significant shift in interest rates or the broader economy, we expect fundamentals to continue improving at a measured pace through the remainder of the year. READ MORE >