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 CBRE

‍CBRE is a global commercial real-estate advisory firm providing research, capital-markets, leasing and valuation services across major markets. Their Puget Sound Mult­ifamily Q3 2025 report leverages metro-level data on rent trends, occupancy, deliveries and construction pipelines to help owners, developers and investors calibrate timing and strategy. To read the full report, click here.