Puget Sound, WA Multifamily Market Report | CBRE | Q1 2026

Market Overview

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The Puget Sound multifamily market opened Q1 2026 on a steady footing, with occupancy holding at 94.8% as net absorption rebounded to a positive 2,046 units, a sharp reversal from the 1,961 units of negative absorption in Q4 2025. Deliveries eased to 1,553 units, down from 1,681 in the prior quarter, while average rent ticked up 0.2% quarter-over-quarter to $2,213 per unit. Investment sales totaled $572.2 million with 1,900 units transacted, and the trailing four-quarter average sale price rose to $308,000 per unit. SeaTac/Burien, North Tacoma, and South Tacoma/University Place led the region in year-over-year rent growth, while the Eastside accounted for the strongest absorption at 1,290 units for the quarter.

‍About CBRE

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CBRE is a global commercial real estate services and investment firm operating across major U.S. and international markets. Their Q1 2026 Puget Sound multifamily report tracks occupancy, rents, absorption, deliveries, and investment sales activity by submarket to help owners, developers, and investors evaluate market conditions and timing. To read the full report, click here.