{"id":7503,"date":"2025-07-22T10:33:35","date_gmt":"2025-07-22T17:33:35","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=7503"},"modified":"2026-07-07T13:21:01","modified_gmt":"2026-07-07T20:21:01","slug":"q2-2025-multifamily-market-report-2-2","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2025\/07\/22\/q2-2025-multifamily-market-report-2-2\/","title":{"rendered":"Q2 2025 Multifamily Market Report"},"content":{"rendered":"<div id=\"pl-7503\"  class=\"panel-layout\" ><div id=\"pg-7503-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7503-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7503-0-0-0\" 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-dbf295114b96-7503\"\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-7503-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7503-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-7503-0-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-9d7b7a06144e-7503\"\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-7503-0-1-1\" 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>From Q1 to Q2 2025, multifamily fundamentals strengthened as net absorption rose from 12,282 to 12,720 units for the first time outpacing net deliveries. Private equity &amp; institutional buyers emerged as the most active investor class, capitalizing on tightening fundamentals. With limited new construction in the pipeline, many investors are focused on establishing strong basis positions in anticipation of sustained demand. The market\u2019s trajectory suggests ongoing absorption will continue to outpace new deliveries, creating favorable dynamics for long-term holders targeting income and appreciation in a supply-constrained environment.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-7503-0-2\"  class=\"panel-grid-cell\" ><div id=\"panel-7503-0-2-0\" 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-c4f6304fc136-7503\"\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\/2025\/07\/2025-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\/2025\/07\/Q2-National-Report-Cover.jpg\" width=\"481\" height=\"622\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/07\/Q2-National-Report-Cover.jpg 481w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/07\/Q2-National-Report-Cover-232x300.jpg 232w\" sizes=\"(max-width: 481px) 100vw, 481px\" title=\"Q2 National Report\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-7503-0-2-1\" class=\"so-panel widget widget_sow-headline panel-last-child\" data-index=\"4\" ><div class=\"panel-widget-style panel-widget-style-for-7503-0-2-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-584a3f0ce090-7503\"\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\/2025\/07\/2025-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-7503-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7503-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7503-1-0-0\" 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-7503-1-0-0\" ><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: 217px;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\">Q2 2025<\/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<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"height: 48px\">\n<td style=\"width: 17.6491%;height: 25px;text-align: left\" width=\"233\">\u2191\u00a0 12 Mo. Net Absorption (Units)<\/td>\n<td style=\"width: 13.8079%;height: 25px;text-align: center\">12,720<\/td>\n<td style=\"width: 13.8079%;height: 25px;text-align: center\">12,282<\/td>\n<td style=\"width: 13.6689%;text-align: center;height: 25px\" width=\"151\">11,438<\/td>\n<td style=\"width: 13.9999%;text-align: center;height: 25px\" width=\"151\">12,407<\/td>\n<td style=\"width: 14.2649%;text-align: center;height: 25px\" width=\"151\">9,521<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.6491%;height: 24px;text-align: left\" width=\"233\">\u2193\u00a0 Vacancy Rate (%)<\/td>\n<td style=\"width: 13.8079%;height: 24px;text-align: center\">7.0%<\/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<\/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\">$2,106<\/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<\/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\">$367,695<\/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<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.6491%;text-align: left;height: 24px\">-\u00a0 Cap Rate (%)<\/td>\n<td style=\"width: 13.8079%;height: 24px;text-align: center\">5.70%<\/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<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 17.6491%;height: 23px;text-align: left\" width=\"233\">\u2193\u00a0 Under Construction (Units)<\/td>\n<td style=\"width: 13.8079%;height: 23px;text-align: center\">13,536<\/td>\n<td style=\"width: 13.8079%;height: 23px;text-align: center\">14,761<\/td>\n<td style=\"width: 13.6689%;text-align: center;height: 23px\" width=\"151\">15,426<\/td>\n<td style=\"width: 13.9999%;text-align: center;height: 23px\" width=\"151\">17,628<\/td>\n<td style=\"width: 14.2649%;text-align: center;height: 23px\" width=\"151\">20,978<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 17.6491%;height: 25px;text-align: left\" width=\"233\">\u2191\u00a0 Inventory (Units)<\/td>\n<td style=\"width: 13.8079%;height: 25px;text-align: center\">402,321<\/td>\n<td style=\"width: 13.8079%;height: 25px;text-align: center\">399,504<\/td>\n<td style=\"width: 13.6689%;text-align: center;height: 25px\" width=\"151\">395,226<\/td>\n<td style=\"width: 13.9999%;text-align: center;height: 25px\" width=\"151\">393,143<\/td>\n<td style=\"width: 14.2649%;text-align: center;height: 25px\" width=\"151\">387,960<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7503-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7503-1-1-0\" 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-708a38a4b005-7503\"\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-7503-1-1-1\" 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-7503\"\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-7503-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7503-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7503-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7503-2-1-0\" 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-f8de89738f31-7503\"\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\/2025\/07\/2025-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-7503-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-7503-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>From Q1 to Q2 2025, multifamily fundamentals strengthened as net absorption rose from 12,282 to 12,720 units for the first time outpacing net deliveries. Private equity &amp; institutional buyers emerged as the most active investor class, capitalizing on tightening fundamentals. With limited new construction in the pipeline, many investors are focused on establishing strong basis positions in anticipation of sustained demand. The market\u2019s trajectory suggests ongoing absorption will continue to outpace new deliveries, creating favorable&#8230;<\/p>\n","protected":false},"author":244,"featured_media":7505,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,1061],"tags":[1104,1137],"class_list":["post-7503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-report","category-multifamily","tag-daniel-lim","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>Q2 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\/07\/22\/q2-2025-multifamily-market-report-2-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q2 2025 Multifamily Market Report\" \/>\n<meta property=\"og:description\" content=\"From Q1 to Q2 2025, multifamily fundamentals strengthened as net absorption rose from 12,282 to 12,720 units for the first time outpacing net deliveries. Private equity &amp; institutional buyers emerged as the most active investor class, capitalizing on tightening fundamentals. With limited new construction in the pipeline, many investors are focused on establishing strong basis positions in anticipation of sustained demand. The market\u2019s trajectory suggests ongoing absorption will continue to outpace new deliveries, creating favorable...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2025\/07\/22\/q2-2025-multifamily-market-report-2-2\/\" \/>\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=\"2025-07-22T17:33:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-07T20:21:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/07\/Multifamily-Q2-2025.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=\"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\\\/07\\\/22\\\/q2-2025-multifamily-market-report-2-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/07\\\/22\\\/q2-2025-multifamily-market-report-2-2\\\/\"},\"author\":{\"name\":\"sthomson\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/931b1b7e88eab37109aec4c62a449a56\"},\"headline\":\"Q2 2025 Multifamily Market Report\",\"datePublished\":\"2025-07-22T17:33:35+00:00\",\"dateModified\":\"2026-07-07T20:21:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/07\\\/22\\\/q2-2025-multifamily-market-report-2-2\\\/\"},\"wordCount\":434,\"publisher\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/07\\\/22\\\/q2-2025-multifamily-market-report-2-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2025\\\/07\\\/Multifamily-Q2-2025.png\",\"keywords\":[\"daniel lim\",\"market report\"],\"articleSection\":[\"Market Report\",\"Multifamily\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/07\\\/22\\\/q2-2025-multifamily-market-report-2-2\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/07\\\/22\\\/q2-2025-multifamily-market-report-2-2\\\/\",\"name\":\"Q2 2025 Multifamily Market Report - Lee &amp; 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