Multifamily Market Overview | Pacific Northwest, WA

Market Overview

Seattle’s multifamily market began the year with moderate gains. Absorption totaled 12,282 units, outpacing completions for the first time in several quarters. Vacancy rose slightly to 7.3% but is expected to decline as fewer projects come online. Construction slowed to a 10-year low with just under 15,000 units underway. Rent growth is expected to pick up later in the year as demand stabilizes and supply pressures ease.

About Lee & Associates

Lee & Associates publishes detailed regional market snapshots supported by real-time transaction data and submarket leasing trends. Their Seattle reports focus on institutional capital flows, construction activity, and shifts in renter behavior. With boots-on-the-ground insights and national brokerage coverage, Lee & Associates delivers timely data for investors and developers focused on the Pacific Northwest.