{"id":7888,"date":"2025-10-21T15:12:05","date_gmt":"2025-10-21T22:12:05","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=7888"},"modified":"2026-07-07T13:19:52","modified_gmt":"2026-07-07T20:19:52","slug":"q3-2025-multifamily-market-report-2-2-2","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2025\/10\/21\/q3-2025-multifamily-market-report-2-2-2\/","title":{"rendered":"Q3 2025 Multifamily Market Report"},"content":{"rendered":"<div id=\"pl-7888\"  class=\"panel-layout\" ><div id=\"pg-7888-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7888-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7888-0-0-0\" 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-dbf295114b96-7888\"\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\/2025\/10\/Multifamily-Q3-2025-1-768x521.png\" width=\"768\" height=\"521\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/Multifamily-Q3-2025-1-768x521.png 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/Multifamily-Q3-2025-1-300x204.png 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/Multifamily-Q3-2025-1.png 924w\" sizes=\"(max-width: 768px) 100vw, 768px\" title=\"Multifamily Q3 2025\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><div id=\"pgc-7888-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7888-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-7888-0-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-9d7b7a06144e-7888\"\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-7888-0-1-1\" 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 has been fairly steady for the last three quarters, with 12,370 units absorbed in the third quarter. Vacancy is steady at 7% over the last two quarters. Asking rents have been relatively fl at for the last four quarters, but with diminishing supply, expected to begin to tick up in Q1 2026. Sales volume is up 30% quarter over quarter, coming in at $1,768,326,429 in the third quarter, which is up 81% over this same quarter last year. With excellent fundamentals, private and institutional capital alike is seeing Seattle MSA market as a top tier market for investment.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-7888-0-2\"  class=\"panel-grid-cell\" ><div id=\"panel-7888-0-2-0\" 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-c4f6304fc136-7888\"\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\/10\/Pacific-Northwest-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\/10\/Corporate-Report.png\" width=\"612\" height=\"793\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/Corporate-Report.png 612w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/Corporate-Report-232x300.png 232w\" sizes=\"(max-width: 612px) 100vw, 612px\" title=\"Corporate Report\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-7888-0-2-1\" class=\"so-panel widget widget_sow-headline panel-last-child\" data-index=\"4\" ><div class=\"panel-widget-style panel-widget-style-for-7888-0-2-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-584a3f0ce090-7888\"\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\/10\/Pacific-Northwest-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-7888-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7888-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7888-1-0-0\" 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-7888-1-0-0\" ><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: 17.8146%;height: 48px\">MARKET INDICATORS<\/th>\n<th style=\"width: 13.9073%;height: 48px\">Q3 2025<\/th>\n<th style=\"width: 13.9073%;height: 48px\">Q2 2025<\/th>\n<th style=\"width: 13.9073%;height: 48px\">Q1 2025<\/th>\n<td style=\"width: 13.7748%;height: 48px;text-align: center\"><strong>Q4 2024<\/strong><\/td>\n<td style=\"width: 14.106%;height: 48px;text-align: center\"><strong>Q3 2024<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"height: 48px\">\n<td style=\"width: 17.8146%;height: 25px;text-align: left\">\u2193 12 Mo. Net Absorption (Units)<\/td>\n<td style=\"width: 13.9073%;height: 25px;text-align: center\">12,370<\/td>\n<td style=\"width: 13.9073%;height: 25px;text-align: center\">12,720<\/td>\n<td style=\"width: 13.9073%;height: 25px;text-align: center\">12,282<\/td>\n<td style=\"width: 13.7748%;text-align: center;height: 25px\">11,438<\/td>\n<td style=\"width: 14.106%;text-align: center;height: 25px\">12,407<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.8146%;height: 24px;text-align: left\">-\u00a0 Vacancy Rate (%)<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">7.0%<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">7.0%<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">7.3%<\/td>\n<td style=\"width: 13.7748%;text-align: center;height: 24px\">7.2%<\/td>\n<td style=\"width: 14.106%;text-align: center;height: 24px\">6.9%<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.8146%;height: 24px;text-align: left\">\u2193\u00a0 Asking Rent \/ Unit ($)<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">$2,087<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">$2,106<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">$2,073<\/td>\n<td style=\"width: 13.7748%;text-align: center;height: 24px\">$2,039<\/td>\n<td style=\"width: 14.106%;text-align: center;height: 24px\">$2,043<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.8146%;text-align: left;height: 24px\">\u2193\u00a0 Sale Price \/ Unit<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">$365,798<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">$367,695<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">$301,541<\/td>\n<td style=\"width: 13.7748%;text-align: center;height: 24px\">$292,141<\/td>\n<td style=\"width: 14.106%;text-align: center;height: 24px\">$364,114<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.8146%;text-align: left;height: 24px\">\u2193\u00a0 Cap Rate (%)<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">4.90%<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">5.70%<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">5.70%<\/td>\n<td style=\"width: 13.7748%;text-align: center;height: 24px\">5.60%<\/td>\n<td style=\"width: 14.106%;text-align: center;height: 24px\">4.49%<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 17.8146%;height: 23px;text-align: left\">\u2193\u00a0 Under Construction (Units)<\/td>\n<td style=\"width: 13.9073%;height: 23px;text-align: center\">12,762<\/td>\n<td style=\"width: 13.9073%;height: 23px;text-align: center\">13,536<\/td>\n<td style=\"width: 13.9073%;height: 23px;text-align: center\">14,761<\/td>\n<td style=\"width: 13.7748%;text-align: center;height: 23px\">15,426<\/td>\n<td style=\"width: 14.106%;text-align: center;height: 23px\">17,628<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 17.8146%;height: 25px;text-align: left\">\u2191\u00a0 Inventory (Units)<\/td>\n<td style=\"width: 13.9073%;height: 25px;text-align: center\">404,070<\/td>\n<td style=\"width: 13.9073%;height: 25px;text-align: center\">402,321<\/td>\n<td style=\"width: 13.9073%;height: 25px;text-align: center\">399,504<\/td>\n<td style=\"width: 13.7748%;text-align: center;height: 25px\">395,226<\/td>\n<td style=\"width: 14.106%;text-align: center;height: 25px\">393,143<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7888-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7888-1-1-0\" 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-708a38a4b005-7888\"\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-7888-1-1-1\" 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-7888\"\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-7888-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7888-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7888-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7888-2-1-0\" 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-f8de89738f31-7888\"\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\/10\/Pacific-Northwest-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-7888-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-7888-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Absorption has been fairly steady for the last three quarters, with 12,370 units absorbed in the third quarter. Vacancy is steady at 7% over the last two quarters. Asking rents have been relatively fl at for the last four quarters, but with diminishing supply, expected to begin to tick up in Q1 2026. Sales volume is up 30% quarter over quarter, coming in at $1,768,326,429 in the third quarter, which is up 81% over this&#8230;<\/p>\n","protected":false},"author":249,"featured_media":7900,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,1061],"tags":[1103,1137],"class_list":["post-7888","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 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\/10\/21\/q3-2025-multifamily-market-report-2-2-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q3 2025 Multifamily Market Report\" \/>\n<meta property=\"og:description\" content=\"Absorption has been fairly steady for the last three quarters, with 12,370 units absorbed in the third quarter. Vacancy is steady at 7% over the last two quarters. Asking rents have been relatively fl at for the last four quarters, but with diminishing supply, expected to begin to tick up in Q1 2026. Sales volume is up 30% quarter over quarter, coming in at $1,768,326,429 in the third quarter, which is up 81% over this...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2025\/10\/21\/q3-2025-multifamily-market-report-2-2-2\/\" \/>\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=\"2025-10-21T22:12:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-07T20:19:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/Multifamily-Q3-2025-1.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=\"Lauren\" \/>\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=\"Lauren\" \/>\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\\\/10\\\/21\\\/q3-2025-multifamily-market-report-2-2-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/10\\\/21\\\/q3-2025-multifamily-market-report-2-2-2\\\/\"},\"author\":{\"name\":\"Lauren\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/49a26cb153c78869e1877651ac9e819a\"},\"headline\":\"Q3 2025 Multifamily Market Report\",\"datePublished\":\"2025-10-21T22:12:05+00:00\",\"dateModified\":\"2026-07-07T20:19:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/10\\\/21\\\/q3-2025-multifamily-market-report-2-2-2\\\/\"},\"wordCount\":442,\"publisher\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/10\\\/21\\\/q3-2025-multifamily-market-report-2-2-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2025\\\/10\\\/Multifamily-Q3-2025-1.png\",\"keywords\":[\"candice chevaillier\",\"market report\"],\"articleSection\":[\"Market Report\",\"Multifamily\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/10\\\/21\\\/q3-2025-multifamily-market-report-2-2-2\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/10\\\/21\\\/q3-2025-multifamily-market-report-2-2-2\\\/\",\"name\":\"Q3 2025 Multifamily Market Report - Lee &amp; 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