Marketbeat Seattle Multifamily | Q2 2025

Market Overview

Seattle’s multifamily market in Q2 2025 experienced a sharp slowdown in construction as units under construction dropped 95.8 percent year-over-year to just 735, the lowest level in a decade. Deliveries reached nearly 3,500 units during the quarter, while net absorption year-to-date totaled 9,079 units. The vacancy rate ended the quarter at 7.4 percent, down 40 basis points from the previous quarter. Effective rents rose 1.8 percent year-over-year, pushing the region’s average to $2,118 per unit.

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