Seattle Multifamily Report – November 2025
While rent gains have slowed, occupancy and investment are rising.
At the end of 2025’s third quarter, Seattle’s multifamily fundamentals were steady. Average advertised asking rents declined 0.3 percent to $2,231, on a trailing three-month basis through September, below the U.S. rate, which edged down 0.1 percent to $1,750. The occupancy rate in stabilized properties ticked up 10 basis points year-over-year to 95.5 percent in August, aided by a boost in the Lifestyle segment.
Employment growth slowed to 0.8 percent year-over-year as of July, matching the U.S. figure, while unemployment rose to 4.6 percent in August, up 50 basis points year-to-date and trailing the state (4.5 percent) and the nation (4.3 percent). Employers added 16,900 net jobs over the year, with gains across six sectors led by education and health services (12,600 jobs) and leisure and hospitality (5,000). Several projects are driving activity in the area. Two towers at Bellevue 600 are slated for delivery in 2025, while 1.3 million square feet of office space is underway at Spring District’s third phase.
Developers delivered 7,074 units in 2025 through September and had another 15,464 underway, with the volume of construction starts slightly below the corresponding period in 2024. Investment volume picked up, reaching $2.8 billion in 2025 through September. The average price per unit rose 11.8 percent year-to-date to $352,962 in September, while the U.S. rate rose 8.3 percent, to $209,188.
