{"id":8481,"date":"2026-04-29T08:49:30","date_gmt":"2026-04-29T15:49:30","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=8481"},"modified":"2026-08-07T11:46:02","modified_gmt":"2026-08-07T18:46:02","slug":"q1-2026-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2026\/04\/29\/q1-2026-multifamily-market-report\/","title":{"rendered":"Q1 2026 Pacific Northwest Multifamily Market Report"},"content":{"rendered":"<div id=\"pl-8481\"  class=\"panel-layout\" ><div id=\"pg-8481-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8481-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-8481-0-0-0\" 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-dbf295114b96-8481\"\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-8481-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-8481-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-8481-0-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-9d7b7a06144e-8481\"\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-8481-0-1-1\" 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>Q1 2026 saw our lowest rate of absorption in years, with only 8,557 units absorbed. Vacancy is still lingering at 7.2%. Asking rents have been relatively flat, though up slightly over last quarter, to $2,085. With very little development on the immediate horizon, rents are expected to increase due to a lack of supply. Transaction volume is back and pricing is attractive with lower-than-average price per unit and price per square foot metrics, on par with 2019 levels. The market will really start to move if interest rates finally start to come down, though expectations are still that rates will be \u201chigher for longer.\u201d<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-8481-0-2\"  class=\"panel-grid-cell\" ><div id=\"panel-8481-0-2-0\" 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-c4f6304fc136-8481\"\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\/04\/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\/2026\/04\/National-Report-Cover-Taken-from-their-report-once-public.jpg\" width=\"612\" height=\"791\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/04\/National-Report-Cover-Taken-from-their-report-once-public.jpg 612w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/04\/National-Report-Cover-Taken-from-their-report-once-public-232x300.jpg 232w\" sizes=\"(max-width: 612px) 100vw, 612px\" title=\"National Report Cover (Taken from their report once public)\" alt=\"Lee &amp; Associates North America Market Research Report Cover, Q1 2026\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-8481-0-2-1\" class=\"so-panel widget widget_sow-headline panel-last-child\" data-index=\"4\" ><div class=\"panel-widget-style panel-widget-style-for-8481-0-2-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-584a3f0ce090-8481\"\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\/04\/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-8481-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8481-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-8481-1-0-0\" 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-8481-1-0-0\" ><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\">Q1 2026<\/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<\/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\">8,557<\/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<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.8146%;height: 24px;text-align: left\">\u2193 Vacancy Rate (%)<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">7.2%<\/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<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.8146%;height: 24px;text-align: left\">\u2191 Asking Rent \/ Unit ($)<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">$2,085<\/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<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.8146%;text-align: left;height: 24px\">\u2191 Sale Price \/ Unit<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">$358,860<\/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<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.8146%;text-align: left;height: 24px\">- 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\">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<\/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\">14,236<\/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<\/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\">405,509<\/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<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-8481-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-8481-1-1-0\" 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-708a38a4b005-8481\"\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-8481-1-1-1\" 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-8481\"\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-8481-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8481-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-8481-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-8481-2-1-0\" 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-f8de89738f31-8481\"\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-8481-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-8481-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Q1 2026 saw our lowest rate of absorption in years, with only 8,557 units absorbed. Vacancy is still lingering at 7.2%. Asking rents have been relatively flat, though up slightly over last quarter, to $2,085. With very little development on the immediate horizon, rents are expected to increase due to a lack of supply. Transaction volume is back and pricing is attractive with lower-than-average price per unit and price per square foot metrics, on par&#8230;<\/p>\n","protected":false},"author":244,"featured_media":8485,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,1061],"tags":[1103],"class_list":["post-8481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-report","category-multifamily","tag-candice-chevaillier"],"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 2026 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\/04\/29\/q1-2026-multifamily-market-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q1 2026 Pacific Northwest Multifamily Market Report\" \/>\n<meta property=\"og:description\" content=\"Q1 2026 saw our lowest rate of absorption in years, with only 8,557 units absorbed. Vacancy is still lingering at 7.2%. Asking rents have been relatively flat, though up slightly over last quarter, to $2,085. With very little development on the immediate horizon, rents are expected to increase due to a lack of supply. Transaction volume is back and pricing is attractive with lower-than-average price per unit and price per square foot metrics, on par...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2026\/04\/29\/q1-2026-multifamily-market-report\/\" \/>\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=\"2026-04-29T15:49:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-07T18:46:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/04\/Multifamily-Q1-2026.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\\\/2026\\\/04\\\/29\\\/q1-2026-multifamily-market-report\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/04\\\/29\\\/q1-2026-multifamily-market-report\\\/\"},\"author\":{\"name\":\"sthomson\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/931b1b7e88eab37109aec4c62a449a56\"},\"headline\":\"Q1 2026 Pacific Northwest Multifamily Market Report\",\"datePublished\":\"2026-04-29T15:49:30+00:00\",\"dateModified\":\"2026-08-07T18:46:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/04\\\/29\\\/q1-2026-multifamily-market-report\\\/\"},\"wordCount\":456,\"publisher\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/04\\\/29\\\/q1-2026-multifamily-market-report\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2026\\\/04\\\/Multifamily-Q1-2026.png\",\"keywords\":[\"candice chevaillier\"],\"articleSection\":[\"Market Report\",\"Multifamily\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/04\\\/29\\\/q1-2026-multifamily-market-report\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/04\\\/29\\\/q1-2026-multifamily-market-report\\\/\",\"name\":\"Q1 2026 Pacific Northwest Multifamily Market Report - Lee &amp; 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