Seattle Multifamily Report – July 2025
Most metrics point to moderately positive performance.
Seattle’s multifamily fundamentals had a good start to the 2025 leasing season, with average advertised asking rents up 0.5 percent, on a trailing three-month basis through May, to $2,246, outperforming the U.S. rate, which was up 0.3 percent, to $1,761. Meanwhile, the occupancy rate in stabilized properties fell 30 basis points year-over-year, to 95.1 percent in April, above the 94.4 percent national figure.
On a year-over-year basis through March, Seattle’s employment growth recorded the third consecutive month at 1.4 percent and the fourth straight month above the 0.9 percent U.S. rate. The metro gained 16,000 net jobs over the 12-month period ending in March. Growth was led by education and health services (7,800 jobs) and professional and business services (4,200 jobs), while two sectors contracted: mining, logging and construction and manufacturing. The unemployment rate stood at 4.2 percent in April, according to preliminary data from the Bureau of Labor Statistics. Prominent projects in Seattle include Amazon’s Bellevue 600 and Beam Reach Partners’ KANON. Together, these projects will deliver more than 2 million square feet of office space.
Developers added 3,312 units in 2025 through May and had another 18,193 units underway. Units in fully affordable communities made up a quarter of the new supply. Investments totaled close to $1 billion, with equal interest across asset classes and a price per unit that increased by 25.2 percent year-to-date, to $398,212 in May.
