Puget Sound Multifamily Market Report | Colliers | Q4 2025

Market Overview

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Puget Sound multifamily closed Q4 2025 with occupancy falling to 94.7%, down 0.9% from last quarter and 0.5% below the prior five-year average. Demand swung to -3,006 units absorbed, a sharp reversal from 361 units in Q3, with Seattle and the Eastside accounting for the bulk of the pullback. Effective monthly rent declined 1.6% quarter-over-quarter to $2,173, though rents remain 1.9% above year-ago levels. Against that backdrop, investment activity surged: nearly $1.9 billion traded in Q4 alone, the second-highest single-quarter volume since Q4 2021, capping the region's strongest full-year sales total since 2022. With construction costs rising and occupancy softening, new supply is expected to contract further.

‍About Colliers

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Colliers is a global commercial real estate services firm operating across 70 countries with over $108 billion in assets under management. Their Puget Sound Q4 2025 multifamily market report covers occupancy rates, effective rents, absorption, and investment sales volume to help owners and investors assess market conditions across the region. To read the full report, click here.