Seattle Multifamily Report – February 2025
Most metrics are outperforming in the Emerald City.
Seattle’s multifamily fundamentals posted steady performance in 2024. Despite pressure from new supply and job growth registering below the U.S. average, year-over-year average advertised asking rent growth was at 1.8 percent in December, to $2,216, well above the 0.6 percent U.S. figure. Meanwhile, the occupancy rate in stabilized properties rose 20 basis points year-over-year through November, to 95.4 percent, in both segments.
Seattle job growth was slow, up 0.9 percent, or 17,700 jobs, year-over-year through November, 40 basis points below the national rate. Meanwhile, unemployment stood at 4.1 percent, 10 basis points below the U.S. average and 50 basis points behind the state rate. Sectors leading job gains included education and health services (8,300 jobs) and government (6,500 jobs). Another four sectors lost a combined 3,300 jobs, led by information (-2,500 jobs). Several projects across the metro reached milestones, including Swedish
Health System’s $1.3 billion North Tower project and the University of Washington Medicine Center for Behavioral Health and Learning, which opened a new teaching hospital.
Deliveries reached a new decade high in 2024, totaling 12,351 units, while the pipeline had 21,419 units under construction in December. Meanwhile, $2.1 million in multifamily assets traded in 2024, for a per-unit price that dipped 0.3 percent, to $321,115.
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