{"id":8217,"date":"2026-01-26T10:25:35","date_gmt":"2026-01-26T18:25:35","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=8217"},"modified":"2026-08-07T11:46:21","modified_gmt":"2026-08-07T18:46:21","slug":"q4-2025-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2026\/01\/26\/q4-2025-multifamily-market-report\/","title":{"rendered":"Q4 2025 Pacific Northwest Multifamily Market Report"},"content":{"rendered":"<div id=\"pl-8217\"  class=\"panel-layout\" ><div id=\"pg-8217-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8217-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-8217-0-0-0\" 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-dbf295114b96-8217\"\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\/2026\/01\/AdobeStock_36875548-768x509.jpeg\" width=\"768\" height=\"509\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/01\/AdobeStock_36875548-768x509.jpeg 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/01\/AdobeStock_36875548-300x199.jpeg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/01\/AdobeStock_36875548-1024x679.jpeg 1024w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/01\/AdobeStock_36875548-1536x1018.jpeg 1536w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/01\/AdobeStock_36875548-2048x1358.jpeg 2048w\" sizes=\"(max-width: 768px) 100vw, 768px\" title=\"Modern town houses of brick and glass on urban street\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><div id=\"pgc-8217-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-8217-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-8217-0-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-9d7b7a06144e-8217\"\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-8217-0-1-1\" 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 moderated in the fourth quarter, with trailing 12-month net absorption totaling 9,588 units, reflecting both market seasonality and decelerating deliveries. Vacancy ticked up modestly to 7.4%, though remains within a stable historical range. Asking rents remained relatively flat for the year at $2,064 per unit. Sales pricing has remained durable, with average price per unit ending the year at approximately $356,000, while cap rates compressed to roughly 5.0%. Despite some near-term softness in fundamentals, limited new supply and improving capital markets are reinforcing Seattle MSA\u2019s position as a durable, long term investment market.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-8217-0-2\"  class=\"panel-grid-cell\" ><div id=\"panel-8217-0-2-0\" 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-c4f6304fc136-8217\"\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\/2026\/01\/2025-Q4-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\/2026\/01\/Q4-2025-Market-Report-Screenshot.png\" width=\"456\" height=\"586\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/01\/Q4-2025-Market-Report-Screenshot.png 456w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/01\/Q4-2025-Market-Report-Screenshot-233x300.png 233w\" sizes=\"(max-width: 456px) 100vw, 456px\" title=\"Q4 2025 Market Report Screenshot\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-8217-0-2-1\" class=\"so-panel widget widget_sow-headline panel-last-child\" data-index=\"4\" ><div class=\"panel-widget-style panel-widget-style-for-8217-0-2-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-584a3f0ce090-8217\"\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\/2026\/01\/2025-Q4-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-8217-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8217-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-8217-1-0-0\" 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-8217-1-0-0\" ><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\">Q4 2025<\/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<\/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\">9,588<\/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<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.8146%;height: 24px;text-align: left\">\u2191 Vacancy Rate (%)<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">7.4%<\/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<\/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\">$2,064<\/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<\/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\">$355,599<\/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<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.8146%;text-align: left;height: 24px\">\u2191 Cap Rate (%)<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">5.00%<\/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<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 17.8146%;height: 23px;text-align: left\">\u2191 Under Construction (Units)<\/td>\n<td style=\"width: 13.9073%;height: 23px;text-align: center\">12,812<\/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<\/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\">405,363<\/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<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-8217-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-8217-1-1-0\" 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-708a38a4b005-8217\"\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-8217-1-1-1\" 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-8217\"\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-8217-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8217-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-8217-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-8217-2-1-0\" 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-f8de89738f31-8217\"\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\/2026\/01\/2025-Q4-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-8217-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-8217-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Absorption moderated in the fourth quarter, with trailing 12-month net absorption totaling 9,588 units, reflecting both market seasonality and decelerating deliveries. Vacancy ticked up modestly to 7.4%, though remains within a stable historical range. Asking rents remained relatively flat for the year at $2,064 per unit. Sales pricing has remained durable, with average price per unit ending the year at approximately $356,000, while cap rates compressed to roughly 5.0%. Despite some near-term softness in fundamentals,&#8230;<\/p>\n","protected":false},"author":244,"featured_media":8218,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,1061],"tags":[1104],"class_list":["post-8217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-report","category-multifamily","tag-daniel-lim"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.4 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Q4 2025 Pacific Northwest 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\/2026\/01\/26\/q4-2025-multifamily-market-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q4 2025 Pacific Northwest Multifamily Market Report\" \/>\n<meta property=\"og:description\" content=\"Absorption moderated in the fourth quarter, with trailing 12-month net absorption totaling 9,588 units, reflecting both market seasonality and decelerating deliveries. Vacancy ticked up modestly to 7.4%, though remains within a stable historical range. Asking rents remained relatively flat for the year at $2,064 per unit. Sales pricing has remained durable, with average price per unit ending the year at approximately $356,000, while cap rates compressed to roughly 5.0%. 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