{"id":8318,"date":"2026-02-18T15:25:09","date_gmt":"2026-02-18T23:25:09","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=8318"},"modified":"2026-07-07T13:19:00","modified_gmt":"2026-07-07T20:19:00","slug":"multifamily-investment-review-spring-2026","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2026\/02\/18\/multifamily-investment-review-spring-2026\/","title":{"rendered":"Multifamily Investment Review Spring 2026"},"content":{"rendered":"<div id=\"pl-8318\"  class=\"panel-layout\" ><div id=\"pg-8318-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8318-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-8318-0-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"0\" ><div class=\"panel-widget-style panel-widget-style-for-8318-0-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-9d7b7a06144e-8318\"\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>STATE OF THE MARKET<\/strong>\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><div id=\"panel-8318-0-0-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"1\" ><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>As we move further into 2026, Seattle\u2019s multifamily market is showing renewed stability after navigating several years of correction and hesitation. While the pace of recovery remains measured, key fundamentals including lack of supply, stabilizing vacancy, and rebounding investor activity are laying the groundwork for a more confident 2026 and beyond.<\/p>\n<h4><strong>Vacancy Turning Point &amp; Rent Growth Return<\/strong><\/h4>\n<p>Local governments and private stakeholders are accelerating housing investment. Microsoft\u2019s Brad Smith urged the Washington State Legislature to pass new pro-housing reforms. These initiatives indicate a political will to prioritize production and affordability alongside regulation.<\/p>\n<p>Seattle\u2019s new mayor, Katie Wilson, announced a $155 million commitment to support over 2,100 affordable units in January, the largest in city history. The initiative prioritizes production, preservation, and stabilization, including a new Anti-Displacement and Reparations Fund, rental assistance expansions, and funding for more than 2,100 affordable rental units. This commitment underscores the city\u2019s long-term strategy to combat displacement and improve housing access, even amid broader fiscal tightening and softening federal support. The move reflects growing coordination between public investment and private sector development, with auspicious implications for long-term supply and affordability dynamics.<\/p>\n<h4><strong>Economic Demand<\/strong><\/h4>\n<p>The Seattle-Tacoma-Bellevue MSA is home to an estimated 4.2 million residents as of early 2026, and the City of Seattle recently crested 800K residents for the first time. Regional growth supported by steady population growth that is increasingly driven by international migration. While overall growth has moderated from the prior decade\u2019s peak, the region continues to benefit from a highly educated and affluent population base, with median household income approaching $120,000, well above the national average.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-8318-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-8318-0-1-0\" class=\"so-panel widget widget_sow-image panel-first-child\" data-index=\"2\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-dbf295114b96-8318\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"https:\/\/indd.adobe.com\/view\/ccd904a1-108f-4dc2-b1d0-f75b283c9981\"\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\/02\/Cover.png\" width=\"585\" height=\"905\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/02\/Cover.png 585w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/02\/Cover-194x300.png 194w\" sizes=\"(max-width: 585px) 100vw, 585px\" alt=\"Spring 2026, Multifamily Investment Market Report and Review, Lee &amp; Associates Pacific Northwest, Seattle\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-8318-0-1-1\" class=\"so-panel widget widget_sow-headline panel-last-child\" data-index=\"3\" ><div class=\"panel-widget-style panel-widget-style-for-8318-0-1-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-584a3f0ce090-8318\"\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:\/\/indd.adobe.com\/view\/ccd904a1-108f-4dc2-b1d0-f75b283c9981\" >\n\t\t\t\t\t\t\t\tDownload The Investment Review Here<\/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-8318-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8318-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-8318-1-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"4\" ><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 style=\"border-collapse: collapse;width: 100%\">\n<tbody>\n<tr>\n<td style=\"width: 50%\"><strong>SALES VOLUME<\/strong><\/td>\n<td style=\"width: 50%\"><strong>PRICE PER UNIT<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 50%;vertical-align: top\">The total sales volume came in just over $6B with $3.86B in sales closing in H2. We often see stronger sales in the second half of the year and H2 2025 volume came in over 3x of the 2024 H2 volume ($1.12B). This was the highest volume since our 2021 high-water mark which was fueled by historically low interest rates.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8326\" src=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/02\/Sales-Volume-300x230.png\" alt=\"\" width=\"366\" height=\"281\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/02\/Sales-Volume-300x230.png 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/02\/Sales-Volume.png 754w\" sizes=\"auto, (max-width: 366px) 100vw, 366px\" \/><\/p>\n<\/td>\n<td style=\"width: 50%;vertical-align: top\">The Tri-County price per unit averaged nearly $247K, down slightly from the first half of 2025 ($251K). King County 2025 H2 average was $266K, Pierce County\u2019s price per unit bumped up to $183K for the year, mainly driven by the per unit pricing cresting to $201K in H2, after a lackluster H1 average of $165K.<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8330 \" src=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/02\/Price-PerUnit-1-300x130.png\" alt=\"\" width=\"496\" height=\"215\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/02\/Price-PerUnit-1-300x130.png 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/02\/Price-PerUnit-1.png 746w\" sizes=\"auto, (max-width: 496px) 100vw, 496px\" \/><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-8318-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8318-2-0\"  class=\"panel-grid-cell\" ><div id=\"panel-8318-2-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"5\" ><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 style=\"border-collapse: collapse;width: 100%\">\n<tbody>\n<tr>\n<td style=\"width: 25%\"><strong>PRICE PER SQUARE FOOT<\/strong><\/td>\n<td style=\"width: 25%\"><strong>CAP RATE<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 50%;vertical-align: top\">The Tri-County price per square foot averaged $332 in 2025, down nearly 10% from $365 for 2024. King County showed strengthening, averaging $385 for the year, up nearly 6% over 2024. Pierce County averaged $250 per square foot down over 4% from 2024. Snohomish County is down too, averaging $255 in 2025, down over 3% from the 2024 average.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8337 \" src=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/02\/Price-per-SF-1-300x142.png\" alt=\"\" width=\"479\" height=\"227\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/02\/Price-per-SF-1-300x142.png 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/02\/Price-per-SF-1.png 749w\" sizes=\"auto, (max-width: 479px) 100vw, 479px\" \/><\/p>\n<\/td>\n<td style=\"width: 50%;vertical-align: top\">The Tri-County market experienced a slight increase in the average capitalization rate from 2024 (5.57%) to 2025 (5.66%). King County\u2019s annual cap rate ticked up slightly from the 2024 average of 5.31% to 5.38% in 2025, however, the average dropped slightly from 5.38% in H1 to 5.37% in H2. While the Pierce County cap rates rose from 5.87% in 2024 to 6.12% in 2025, we saw a 4.5% drop in cap rates between H1 (6.25%) and H2 (5.98%).<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8338 \" src=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/02\/cAP-rATE-1-300x183.png\" alt=\"\" width=\"399\" height=\"243\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/02\/cAP-rATE-1-300x183.png 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/02\/cAP-rATE-1.png 746w\" sizes=\"auto, (max-width: 399px) 100vw, 399px\" \/><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-8318-3\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8318-3-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-8318-3-1\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-8318-3-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"6\" ><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 style=\"text-align: left\"><strong>Reach out to us today<\/strong> to schedule a confidential review of your property or portfolio\u2014and take advantage of the opportunities in the market.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-8318-3-2\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-8318-4\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8318-4-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-8318-4-1\"  class=\"panel-grid-cell\" ><div id=\"panel-8318-4-1-0\" class=\"so-panel widget widget_sow-button panel-first-child panel-last-child\" data-index=\"7\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-wire-f8de89738f31-8318\"\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:\/\/indd.adobe.com\/view\/ccd904a1-108f-4dc2-b1d0-f75b283c9981\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left ow-button-hover\" target=\"_blank\" rel=\"noopener noreferrer\" \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-8318-4-2\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-8318-4-2-0\" 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-f8de89738f31-8318\"\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\/properties\/?propertyType=6\"\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 TO VIEW MULTIFAMILY LISTINGS \t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><\/div><div id=\"pgc-8318-4-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>As we move further into 2026, Seattle\u2019s multifamily market is showing renewed stability after navigating several years of correction and hesitation. While the pace of recovery remains measured, key fundamentals including lack of supply, stabilizing vacancy, and rebounding investor activity are laying the groundwork for a more confident 2026 and beyond. Vacancy Turning Point &amp; Rent Growth Return Local governments and private stakeholders are accelerating housing investment. Microsoft\u2019s Brad Smith urged the Washington State Legislature&#8230;<\/p>\n","protected":false},"author":244,"featured_media":8319,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,1061],"tags":[1137],"class_list":["post-8318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-report","category-multifamily","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>Multifamily Investment Review Spring 2026 - 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\/02\/18\/multifamily-investment-review-spring-2026\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Multifamily Investment Review Spring 2026\" \/>\n<meta property=\"og:description\" content=\"As we move further into 2026, Seattle\u2019s multifamily market is showing renewed stability after navigating several years of correction and hesitation. While the pace of recovery remains measured, key fundamentals including lack of supply, stabilizing vacancy, and rebounding investor activity are laying the groundwork for a more confident 2026 and beyond. Vacancy Turning Point &amp; Rent Growth Return Local governments and private stakeholders are accelerating housing investment. Microsoft\u2019s Brad Smith urged the Washington State Legislature...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2026\/02\/18\/multifamily-investment-review-spring-2026\/\" \/>\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=\"2026-02-18T23:25:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-07T20:19:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/02\/Website-Image.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=\"4 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\\\/2026\\\/02\\\/18\\\/multifamily-investment-review-spring-2026\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/02\\\/18\\\/multifamily-investment-review-spring-2026\\\/\"},\"author\":{\"name\":\"sthomson\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/931b1b7e88eab37109aec4c62a449a56\"},\"headline\":\"Multifamily Investment Review Spring 2026\",\"datePublished\":\"2026-02-18T23:25:09+00:00\",\"dateModified\":\"2026-07-07T20:19:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/02\\\/18\\\/multifamily-investment-review-spring-2026\\\/\"},\"wordCount\":884,\"publisher\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/02\\\/18\\\/multifamily-investment-review-spring-2026\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2026\\\/02\\\/Website-Image.png\",\"keywords\":[\"market report\"],\"articleSection\":[\"Market Report\",\"Multifamily\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/02\\\/18\\\/multifamily-investment-review-spring-2026\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/02\\\/18\\\/multifamily-investment-review-spring-2026\\\/\",\"name\":\"Multifamily Investment Review Spring 2026 - Lee &amp; 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