{"id":6482,"date":"2024-07-25T10:52:55","date_gmt":"2024-07-25T17:52:55","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6482"},"modified":"2026-07-07T13:23:11","modified_gmt":"2026-07-07T20:23:11","slug":"q2-2024-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2024\/07\/25\/q2-2024-multifamily-market-report\/","title":{"rendered":"Q2 2024 Multifamily Market Report"},"content":{"rendered":"<div id=\"pl-6482\"  class=\"panel-layout\" ><div id=\"pg-6482-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6482-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6482-0-0-0\" class=\"so-panel widget widget_sow-image panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-dbf295114b96-6482\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"http:\/\/www.lee-nw.com\/multifamily\"\n\t\t\t\t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Multifamily-1-768x519.png\" width=\"768\" height=\"519\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Multifamily-1-768x519.png 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Multifamily-1-300x203.png 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Multifamily-1.png 800w\" sizes=\"(max-width: 768px) 100vw, 768px\" title=\"Multifamily\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><div id=\"pgc-6482-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6482-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-6482-0-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-9d7b7a06144e-6482\"\n\t\t\t\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h3 class=\"sow-sub-headline\">\n\t\t\t\t\t\t<strong>MULTIFAMILY MARKET OVERVIEW<\/strong>\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><div id=\"panel-6482-0-1-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"2\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>Absorption is up over 33% between Q1 and Q2 while the vacancy rate is beginning to inch back down. Asking rates have begun to slowly trend up again from the lows of 2023 and the beginning of 2024. We are seeing that the construction pipeline has fallen 15%. After four quarters of total units under construction over 24K, the total units now under construction is now just over 21K. The net absorption data is up 6X, going from 1,140 in 2024 to 6,881 for YTD 2024. Deal activity has been robust from private investors while institutional is mainly still sitting on the sidelines. The underlying metrics are improving paving the way for a market recovery.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6482-0-2\"  class=\"panel-grid-cell\" ><div id=\"panel-6482-0-2-0\" class=\"so-panel widget widget_sow-image panel-first-child\" data-index=\"3\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-dbf295114b96-6482\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Pacific-Northwest-WA-Multifamily.pdf\"\n\t\t\t\t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Market-Report-Cover.webp\" width=\"396\" height=\"512\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Market-Report-Cover.webp 396w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Market-Report-Cover-232x300.webp 232w\" sizes=\"(max-width: 396px) 100vw, 396px\" alt=\"Q2 2024 Pacific Northwest Industrial Market Report\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-6482-0-2-1\" class=\"so-panel widget widget_sow-headline panel-last-child\" data-index=\"4\" ><div class=\"panel-widget-style panel-widget-style-for-6482-0-2-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-584a3f0ce090-6482\"\n\t\t\t\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h4 class=\"sow-sub-headline\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Pacific-Northwest-WA-Multifamily.pdf\" >\n\t\t\t\t\t\t\t\tDownload Market Report to View More Details<\/a>\t\t\t\t\t\t<\/h4>\n\t\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><div id=\"pg-6482-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6482-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6482-1-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"5\" ><div class=\"blueTable panel-widget-style panel-widget-style-for-6482-1-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<table class=\"blueTable aligncenter\" style=\"height: 240px;width: 100%\">\n<thead>\n<tr style=\"height: 48px;border-bottom: 1px #7e8082;background-color: #009ad9;color: #ffffff\">\n<th style=\"width: 30%;height: 48px\">MARKET INDICATORS<\/th>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q2 2024<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q1 2024<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q4 2023<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q3 2023<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q2 2023<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 48px;text-align: left\" width=\"233\">\u2191\u00a0 12 Mo. Net Absorption (Units)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">9,521<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">7,128<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">6,269<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">5,464<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">5,522<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;height: 24px;text-align: left\" width=\"233\">\u2191\u00a0 Vacancy Rate (%)<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">6.8%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">7.0%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">7.0%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">7.0%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">6.8%<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;height: 24px;text-align: left\" width=\"233\">\u2193\u00a0 Asking Rent \/ Unit ($)<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$2,042<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$1,997<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$2,000<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$1,960<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$1,973<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 48px;text-align: left\" width=\"233\">\u2191\u00a0 Under Construction (Units)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">20,978<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">24,223<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">25,360<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">25,735<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">28,435<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 48px;text-align: left\" width=\"233\">\u2191\u00a0 Inventory (Units)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">387,960<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">383,929<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">384,139<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">381,156<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">379,157<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-6482-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6482-1-1-0\" class=\"so-panel widget widget_sow-button panel-first-child\" data-index=\"6\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-flat-708a38a4b005-6482\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-center\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"http:\/\/www.lee-nw.com\/research\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left ow-button-hover\" \t>\n\t\t<span>\n\t\t\t\n\t\t\tVIEW LOCAL MARKET REPORTS\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><div id=\"panel-6482-1-1-1\" class=\"so-panel widget widget_sow-button panel-last-child\" data-index=\"7\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-flat-23b98baa442f-6482\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-center\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"http:\/\/www.lee-associates.com\/research\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left ow-button-hover\" \t>\n\t\t<span>\n\t\t\t\n\t\t\tVIEW NATIONAL MARKET REPORTS\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-6482-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6482-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-6482-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6482-2-1-0\" class=\"so-panel widget widget_sow-button panel-first-child panel-last-child\" data-index=\"8\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-wire-f8de89738f31-6482\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-center\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Pacific-Northwest-WA-Multifamily.pdf\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left ow-button-hover\" \t>\n\t\t<span>\n\t\t\t\n\t\t\tCLICK FOR MORE DETAILS FROM THIS REPORT\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6482-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-6482-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Absorption is up over 33% between Q1 and Q2 while the vacancy rate is beginning to inch back down. Asking rates have begun to slowly trend up again from the lows of 2023 and the beginning of 2024. We are seeing that the construction pipeline has fallen 15%. After four quarters of total units under construction over 24K, the total units now under construction is now just over 21K. The net absorption data is up&#8230;<\/p>\n","protected":false},"author":39,"featured_media":6486,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,1061],"tags":[1103,1137],"class_list":["post-6482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-report","category-multifamily","tag-candice-chevaillier","tag-market-report"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Q2 2024 Multifamily Market Report - Lee &amp; Associates Pacific Northwest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/northwest\/2024\/07\/25\/q2-2024-multifamily-market-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q2 2024 Multifamily Market Report\" \/>\n<meta property=\"og:description\" content=\"Absorption is up over 33% between Q1 and Q2 while the vacancy rate is beginning to inch back down. Asking rates have begun to slowly trend up again from the lows of 2023 and the beginning of 2024. We are seeing that the construction pipeline has fallen 15%. After four quarters of total units under construction over 24K, the total units now under construction is now just over 21K. The net absorption data is up...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2024\/07\/25\/q2-2024-multifamily-market-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee &amp; Associates Pacific Northwest\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nwleeassociates\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-25T17:52:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-07T20:23:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/Multifamily-Market-Report_927624.png\" \/>\n\t<meta property=\"og:image:width\" content=\"924\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ashley Gaquin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:site\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ashley Gaquin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/25\\\/q2-2024-multifamily-market-report\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/25\\\/q2-2024-multifamily-market-report\\\/\"},\"author\":{\"name\":\"Ashley Gaquin\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/9c7412d73ef5a4c0f2a3a46cbe7c6396\"},\"headline\":\"Q2 2024 Multifamily Market Report\",\"datePublished\":\"2024-07-25T17:52:55+00:00\",\"dateModified\":\"2026-07-07T20:23:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/25\\\/q2-2024-multifamily-market-report\\\/\"},\"wordCount\":451,\"publisher\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/25\\\/q2-2024-multifamily-market-report\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2024\\\/07\\\/Multifamily-Market-Report_927624.png\",\"keywords\":[\"candice chevaillier\",\"market report\"],\"articleSection\":[\"Market Report\",\"Multifamily\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/25\\\/q2-2024-multifamily-market-report\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/25\\\/q2-2024-multifamily-market-report\\\/\",\"name\":\"Q2 2024 Multifamily Market Report - Lee &amp; 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Asking rates have begun to slowly trend up again from the lows of 2023 and the beginning of 2024. We are seeing that the construction pipeline has fallen 15%. After four quarters of total units under construction over 24K, the total units now under construction is now just over 21K. 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