Puget Sound Multifamily Report Q3 2025

Market Overview

‍The Puget Sound multifamily market is stabilising in Q3 2025, with occupancy steady around 95.6% as new deliveries of 1,767 units are largely absorbed. Average monthly rents climbed 2.4% year-over-year, showing moderate momentum, while the under-construction pipeline dropped significantly, reducing future supply risk.

About Colliers

Colliers is a global real estate advisory and investment management firm providing research, brokerage and capital-markets services for owners, developers and investors. Their Q3 2025 Puget Sound multifamily report offers detailed insights into rent trends, occupancy, construction pipelines and sales activity to support strategic decision-making. To read the full report, click here.