{"id":6937,"date":"2025-04-21T13:41:02","date_gmt":"2025-04-21T20:41:02","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6937"},"modified":"2026-07-07T13:21:51","modified_gmt":"2026-07-07T20:21:51","slug":"q1-2025-multifamily-market-report-2","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2025\/04\/21\/q1-2025-multifamily-market-report-2\/","title":{"rendered":"Q1 2025 Multifamily Market Report"},"content":{"rendered":"<div id=\"pl-6937\"  class=\"panel-layout\" ><div id=\"pg-6937-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6937-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6937-0-0-0\" 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-dbf295114b96-6937\"\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-6937-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6937-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-6937-0-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-9d7b7a06144e-6937\"\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-6937-0-1-1\" 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 rose slightly over last quarter with 12,282 units absorbed. Vacancy ticked up one basis point to 7.3%, through this metric is expected to fall with new supply falling 4.5% to just 14,761 under construction, the lowest supply in over 10 years. Rents are starting to increase slightly. Sales volume started rebounding towards the end of last year in lockstep with interest rates beginning to trend downwards. Sales volume and price appreciation is expected to pick up steam as interest rates continue their gradual decline and rents growth heats up due to a lack of new supply.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6937-0-2\"  class=\"panel-grid-cell\" ><div id=\"panel-6937-0-2-0\" 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-c4f6304fc136-6937\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"http:\/\/www.lee-associates.com\/wp-content\/uploads\/2025\/04\/2025.Q1-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\/2025\/04\/National-Report-Cover-Photo.jpg\" width=\"385\" height=\"497\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/04\/National-Report-Cover-Photo.jpg 385w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/04\/National-Report-Cover-Photo-232x300.jpg 232w\" sizes=\"(max-width: 385px) 100vw, 385px\" title=\"National Report Cover Photo\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-6937-0-2-1\" class=\"so-panel widget widget_sow-headline panel-last-child\" data-index=\"4\" ><div class=\"panel-widget-style panel-widget-style-for-6937-0-2-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-584a3f0ce090-6937\"\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=\"http:\/\/www.lee-associates.com\/wp-content\/uploads\/2025\/04\/2025.Q1-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-6937-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6937-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6937-1-0-0\" 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-6937-1-0-0\" ><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: 288px;width: 100.471%\">\n<thead>\n<tr style=\"height: 48px;border-bottom: 1px #7e8082;background-color: #009ad9;color: #ffffff\">\n<th style=\"width: 17.6491%;height: 48px\">MARKET INDICATORS<\/th>\n<th style=\"width: 13.8079%;height: 48px\">Q1 2025<\/th>\n<td style=\"width: 13.6689%;height: 48px;text-align: center\" width=\"151\"><strong>Q4 2024<\/strong><\/td>\n<td style=\"width: 13.9999%;height: 48px;text-align: center\" width=\"151\"><strong>Q3 2024<\/strong><\/td>\n<td style=\"width: 14.2649%;height: 48px;text-align: center\" width=\"151\"><strong>Q2 2024<\/strong><\/td>\n<td style=\"width: 12.6093%;height: 48px;text-align: center\" width=\"151\"><strong>Q1 2024<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"height: 48px\">\n<td style=\"width: 17.6491%;height: 48px;text-align: left\" width=\"233\">\u2191\u00a0 12 Mo. Net Absorption (Units)<\/td>\n<td style=\"width: 13.8079%;height: 48px;text-align: center\">12,282<\/td>\n<td style=\"width: 13.6689%;text-align: center;height: 48px\" width=\"151\">11,438<\/td>\n<td style=\"width: 13.9999%;text-align: center;height: 48px\" width=\"151\">12,407<\/td>\n<td style=\"width: 14.2649%;text-align: center;height: 48px\" width=\"151\">9,521<\/td>\n<td style=\"width: 12.6093%;text-align: center;height: 48px\" width=\"151\">7,128<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.6491%;height: 24px;text-align: left\" width=\"233\">\u2191\u00a0 Vacancy Rate (%)<\/td>\n<td style=\"width: 13.8079%;height: 24px;text-align: center\">7.3%<\/td>\n<td style=\"width: 13.6689%;text-align: center;height: 24px\">7.2%<\/td>\n<td style=\"width: 13.9999%;text-align: center;height: 24px\">6.9%<\/td>\n<td style=\"width: 14.2649%;text-align: center;height: 24px\">6.8%<\/td>\n<td style=\"width: 12.6093%;text-align: center;height: 24px\">7.0%<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.6491%;height: 24px;text-align: left\" width=\"233\">\u2191\u00a0 Asking Rent \/ Unit ($)<\/td>\n<td style=\"width: 13.8079%;height: 24px;text-align: center\">$2,073<\/td>\n<td style=\"width: 13.6689%;text-align: center;height: 24px\" width=\"151\">$2,039<\/td>\n<td style=\"width: 13.9999%;text-align: center;height: 24px\" width=\"151\">$2,043<\/td>\n<td style=\"width: 14.2649%;text-align: center;height: 24px\" width=\"151\">$2,042<\/td>\n<td style=\"width: 12.6093%;text-align: center;height: 24px\" width=\"151\">$1,997<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.6491%;text-align: left;height: 24px\">\u2191\u00a0 Sale Price \/ Unit<\/td>\n<td style=\"width: 13.8079%;height: 24px;text-align: center\">$301,541<\/td>\n<td style=\"width: 13.6689%;text-align: center;height: 24px\">$292,141<\/td>\n<td style=\"width: 13.9999%;text-align: center;height: 24px\">$364,114<\/td>\n<td style=\"width: 14.2649%;text-align: center;height: 24px\">$287,829<\/td>\n<td style=\"width: 12.6093%;text-align: center;height: 24px\">$222,145<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.6491%;text-align: left;height: 24px\">\u2191\u00a0 Cap Rate (%)<\/td>\n<td style=\"width: 13.8079%;height: 24px;text-align: center\">5.70%<\/td>\n<td style=\"width: 13.6689%;text-align: center;height: 24px\">5.60%<\/td>\n<td style=\"width: 13.9999%;text-align: center;height: 24px\">4.49%<\/td>\n<td style=\"width: 14.2649%;text-align: center;height: 24px\">5.50%<\/td>\n<td style=\"width: 12.6093%;text-align: center;height: 24px\">5.30%<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 17.6491%;height: 48px;text-align: left\" width=\"233\">\u2193\u00a0 Under Construction (Units)<\/td>\n<td style=\"width: 13.8079%;height: 48px;text-align: center\">14,761<\/td>\n<td style=\"width: 13.6689%;text-align: center;height: 48px\" width=\"151\">15,426<\/td>\n<td style=\"width: 13.9999%;text-align: center;height: 48px\" width=\"151\">17,628<\/td>\n<td style=\"width: 14.2649%;text-align: center;height: 48px\" width=\"151\">20,978<\/td>\n<td style=\"width: 12.6093%;text-align: center;height: 48px\" width=\"151\">24,223<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 17.6491%;height: 48px;text-align: left\" width=\"233\">\u2191\u00a0 Inventory (Units)<\/td>\n<td style=\"width: 13.8079%;height: 48px;text-align: center\">399,504<\/td>\n<td style=\"width: 13.6689%;text-align: center;height: 48px\" width=\"151\">395,226<\/td>\n<td style=\"width: 13.9999%;text-align: center;height: 48px\" width=\"151\">393,143<\/td>\n<td style=\"width: 14.2649%;text-align: center;height: 48px\" width=\"151\">387,960<\/td>\n<td style=\"width: 12.6093%;text-align: center;height: 48px\" width=\"151\">383,929<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-6937-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6937-1-1-0\" 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-708a38a4b005-6937\"\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\/research-2\/\"\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-6937-1-1-1\" 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-6937\"\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-6937-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6937-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-6937-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6937-2-1-0\" 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-f8de89738f31-6937\"\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\/wp-content\/uploads\/2025\/04\/2025.Q1-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-6937-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-6937-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Absorption rose slightly over last quarter with 12,282 units absorbed. Vacancy ticked up one basis point to 7.3%, through this metric is expected to fall with new supply falling 4.5% to just 14,761 under construction, the lowest supply in over 10 years. Rents are starting to increase slightly. Sales volume started rebounding towards the end of last year in lockstep with interest rates beginning to trend downwards. Sales volume and price appreciation is expected to&#8230;<\/p>\n","protected":false},"author":244,"featured_media":7158,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,1061],"tags":[1103,1137],"class_list":["post-6937","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 v28.6 (Yoast SEO v28.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Q1 2025 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\/2025\/04\/21\/q1-2025-multifamily-market-report-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q1 2025 Multifamily Market Report\" \/>\n<meta property=\"og:description\" content=\"Absorption rose slightly over last quarter with 12,282 units absorbed. Vacancy ticked up one basis point to 7.3%, through this metric is expected to fall with new supply falling 4.5% to just 14,761 under construction, the lowest supply in over 10 years. Rents are starting to increase slightly. Sales volume started rebounding towards the end of last year in lockstep with interest rates beginning to trend downwards. Sales volume and price appreciation is expected to...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2025\/04\/21\/q1-2025-multifamily-market-report-2\/\" \/>\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=\"2025-04-21T20:41:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-07T20:21:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/02\/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=\"sthomson\" \/>\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=\"sthomson\" \/>\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\\\/2025\\\/04\\\/21\\\/q1-2025-multifamily-market-report-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/04\\\/21\\\/q1-2025-multifamily-market-report-2\\\/\"},\"author\":{\"name\":\"sthomson\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/931b1b7e88eab37109aec4c62a449a56\"},\"headline\":\"Q1 2025 Multifamily Market Report\",\"datePublished\":\"2025-04-21T20:41:02+00:00\",\"dateModified\":\"2026-07-07T20:21:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/04\\\/21\\\/q1-2025-multifamily-market-report-2\\\/\"},\"wordCount\":440,\"publisher\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/04\\\/21\\\/q1-2025-multifamily-market-report-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2025\\\/02\\\/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\\\/2025\\\/04\\\/21\\\/q1-2025-multifamily-market-report-2\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/04\\\/21\\\/q1-2025-multifamily-market-report-2\\\/\",\"name\":\"Q1 2025 Multifamily Market Report - Lee &amp; 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