Seattle Multifamily Report – July 2026
Asking rates are recovering in this market.
After seven months of rent movement in negative territory, Seattle’s multifamily market is showing some improvement. Average advertised asking rents were up 0.2 percent, on a trailing three-month basis as of May, to $2,226, 10 basis points below the U.S. rate. Working-class Renter-by-Necessity assets also saw a 0.3 percent uptick in rates. The metro’s average overall occupancy rate in stabilized properties stood at 94.8 percent as of April, representing a 60-basis-point decrease year-over-year.
Employment was down 0.1 percent year-over-year through February, mirroring the U.S. average. Only five sectors recorded net positive gains over the 12-month period ending in February 2026, led by education and health services, which added 3,300 positions to the workforce. The area’s unemployment rate stood at 5.1 percent as of April, 80 basis points above the national figure, according to preliminary data from the Bureau of Labor Statistics. Prominent projects in Seattle include the completion of the Sound Transit’s East Link extension. The $3.8 billion project was finalized after a decade of construction and now includes 10 stations.
Developers added 1,932 units in the first five months of 2026. That accounted for 0.6 percent of existing stock and was 10 basis points below the national rate of completions. Transactions totaled only $410 million through May, with an average price per unit landing at $252,161.
