Seattle Multifamily Report – February 2026
While most metrics are in the red, at least one is holding strong.
Seattle’s multifamily fundamentals were a mixed bag at the end of 2025, with average advertised asking rents down 0.7 percent, on a trailing three-month basis through December, to $2,197, lagging the national rate, which declined 0.3 percent to $1,737. Rents fell 0.9 percent year-over-year, while the national rate remained unchanged. The occupancy rate in stabilized properties continued to improve, up 30 basis points year-over-year, to 95.5 percent in November.
Employment growth decelerated to 0.6 percent year-over-year through September, trailing the 0.8 percent U.S. rate. Unemployment rose to 5.1 percent in November, underperforming both the state (4.6 percent) and national rates (4.5 percent). Seattle lost 1,800 net jobs in the 12 months ending in September, with gains in four sectors, led by education and health services (8,500 jobs) and professional and business services (2,200). The other six sectors lost 14,400 jobs overall, led by manufacturing (-6,700) and mining, logging and construction (-5,300). Major CRE drivers included the completion of the 20- acre Waterfront Park and continued upgrades at Seattle-Tacoma International Airport under the Upgrade SEA program.
Supply growth moderated in 2025 with 9,122 units delivered and 14,426 underway. New construction fell 20 percent year-over-year, and Yardi Matrix expects deliveries to ease further, to 8,434 units. Investment activity totaled $3.9 billion in 2025, with the average price per unit up 6.3 percent year-over-year, to $335,600 in December.
