{"id":6633,"date":"2024-10-23T12:32:13","date_gmt":"2024-10-23T19:32:13","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6633"},"modified":"2026-07-07T13:22:36","modified_gmt":"2026-07-07T20:22:36","slug":"q3-2024-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2024\/10\/23\/q3-2024-multifamily-market-report\/","title":{"rendered":"Q3 2024 Multifamily Market Report"},"content":{"rendered":"<div id=\"pl-6633\"  class=\"panel-layout\" ><div id=\"pg-6633-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6633-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6633-0-0-0\" 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-dbf295114b96-6633\"\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-6633-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6633-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-6633-0-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-9d7b7a06144e-6633\"\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-6633-0-1-1\" 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 30% between Q2 and Q3 2024. Vacancy is holding steady, while up a touch from Q2, still lower than the previous three quarters. Asking rents are even with Q2, and up 4.2% from a year ago. The construction pipeline has fallen 19% with 17,628 units under construction, compared with just over 24K over the previous four quarters. New development starts are down 40% from this time last year, and off\u00a0 about 60% from the market peak. Sales volume is still down. Now with interest rates slowly trending upward and a lack of new supply stimulating rent growth in the coming quarters, values are expected to recover.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6633-0-2\"  class=\"panel-grid-cell\" ><div id=\"panel-6633-0-2-0\" 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-dbf295114b96-6633\"\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\/10\/2024-Q3-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\/10\/Q3-2024-Cover.webp\" width=\"768\" height=\"994\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/10\/Q3-2024-Cover.webp 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/10\/Q3-2024-Cover-232x300.webp 232w\" sizes=\"(max-width: 768px) 100vw, 768px\" title=\"Q3 2024 Cover\" alt=\"Q3 2024 Market Reports\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-6633-0-2-1\" class=\"so-panel widget widget_sow-headline panel-last-child\" data-index=\"4\" ><div class=\"panel-widget-style panel-widget-style-for-6633-0-2-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-584a3f0ce090-6633\"\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\/10\/2024-Q3-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-6633-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6633-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6633-1-0-0\" 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-6633-1-0-0\" ><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: 430px;width: 99.3329%\">\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>Q3 2024<\/strong><\/td>\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<\/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\">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<\/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\">6.9%%<\/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\">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\">$2,043<\/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<\/tr>\n<tr>\n<td style=\"width: 30%;text-align: left\">\u2191\u00a0 Sale Price \/ Unit<\/td>\n<td style=\"width: 14%;text-align: center\">$364,114<\/td>\n<td style=\"width: 14%;text-align: center\">$287,829<\/td>\n<td style=\"width: 14%;text-align: center\">$222,145<\/td>\n<td style=\"width: 14%;text-align: center\">$284,080<\/td>\n<td style=\"width: 14%;text-align: center\">$297,266<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 30%;text-align: left\">\u2193\u00a0 Cap Rate (%)<\/td>\n<td style=\"width: 14%;text-align: center\">4.89%<\/td>\n<td style=\"width: 14%;text-align: center\">5.50%<\/td>\n<td style=\"width: 14%;text-align: center\">5.30%<\/td>\n<td style=\"width: 14%;text-align: center\">5.30%<\/td>\n<td style=\"width: 14%;text-align: center\">5.10%<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 48px;text-align: left\" width=\"233\">\u2193\u00a0 Under Construction (Units)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">17,628<\/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<\/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\">393,143<\/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<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-6633-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6633-1-1-0\" 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-708a38a4b005-6633\"\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-6633-1-1-1\" 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-6633\"\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-6633-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6633-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-6633-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6633-2-1-0\" 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-f8de89738f31-6633\"\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\/10\/2024-Q3-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-6633-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-6633-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Absorption is up 30% between Q2 and Q3 2024. Vacancy is holding steady, while up a touch from Q2, still lower than the previous three quarters. Asking rents are even with Q2, and up 4.2% from a year ago. The construction pipeline has fallen 19% with 17,628 units under construction, compared with just over 24K over the previous four quarters. New development starts are down 40% from this time last year, and off\u00a0 about 60%&#8230;<\/p>\n","protected":false},"author":39,"featured_media":6642,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,1061],"tags":[1103,1137],"class_list":["post-6633","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 v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Q3 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\/10\/23\/q3-2024-multifamily-market-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q3 2024 Multifamily Market Report\" \/>\n<meta property=\"og:description\" content=\"Absorption is up 30% between Q2 and Q3 2024. Vacancy is holding steady, while up a touch from Q2, still lower than the previous three quarters. Asking rents are even with Q2, and up 4.2% from a year ago. The construction pipeline has fallen 19% with 17,628 units under construction, compared with just over 24K over the previous four quarters. New development starts are down 40% from this time last year, and off\u00a0 about 60%...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2024\/10\/23\/q3-2024-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=\"2024-10-23T19:32:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-07T20:22:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/10\/Multifamily-Q3-2024.jpg\" \/>\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\/jpeg\" \/>\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\\\/10\\\/23\\\/q3-2024-multifamily-market-report\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/10\\\/23\\\/q3-2024-multifamily-market-report\\\/\"},\"author\":{\"name\":\"Ashley Gaquin\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/9c7412d73ef5a4c0f2a3a46cbe7c6396\"},\"headline\":\"Q3 2024 Multifamily Market Report\",\"datePublished\":\"2024-10-23T19:32:13+00:00\",\"dateModified\":\"2026-07-07T20:22:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/10\\\/23\\\/q3-2024-multifamily-market-report\\\/\"},\"wordCount\":451,\"publisher\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/10\\\/23\\\/q3-2024-multifamily-market-report\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2024\\\/10\\\/Multifamily-Q3-2024.jpg\",\"keywords\":[\"candice chevaillier\",\"market report\"],\"articleSection\":[\"Market Report\",\"Multifamily\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/10\\\/23\\\/q3-2024-multifamily-market-report\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/10\\\/23\\\/q3-2024-multifamily-market-report\\\/\",\"name\":\"Q3 2024 Multifamily Market Report - Lee &amp; 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