Puget Sound Multifamily Figures Report Q3 2025

Market Overview

‍The CBRE Q3 2025 report for the Puget Sound multifamily market shows resilience amid shifting supply and demand. Monthly rents averaged $2,247 up slightly from the prior quarter, while occupancy held at 95.5 percent despite a modest delivery wave of 2,273 units. Net absorption slowed to 728 units in the quarter, yet the pipeline has contracted sharply, reducing future supply risks.

‍About CBRE

‍CBRE is a global commercial-real-estate advisory and research firm offering capital-markets, valuation, leasing and advisory services. Their Puget Sound multifamily Figures Report merges metro-level data on rent, occupancy, deliveries and pipeline depth to help owners, developers and investors assess market positioning and timing. To read the full report, click here.