Puget Sound, WA Multifamily Market Report | Colliers | Q2 2026

Market Overview

As construction activity continues to moderate, apartment fundamentals are improving. The Puget Sound multifamily market recorded 3,503 units of net absorption in Q2 2026, more than triple Q1 absorption. Occupancy rose to 95.4%, increasing 60 basis points from Q1 as strong renter demand absorbed available inventory across the region. Effective monthly rents climbed 2.8% quarter over quarter to $2,236 per unit. Rent growth was strongest in East Bellevue/Issaquah (3.0%) and East Olympia (2.6%). Development activity remains concentrated in Seattle's urban core, with 16,551 units under construction regionwide. Downtown Seattle (2,544 units) and University District/Ballard (2,489 units) continue to account for the largest share of the pipeline.

About Colliers

Colliers is a global real estate services and investment management firm operating across more than 60 countries. The firm offers comprehensive brokerage, capital markets, valuation, advisory, and research services. Their Q2 2026 Puget Sound multifamily report tracks occupancy, rents, absorption, deliveries, and construction activity to help owners, developers, and investors assess market conditions and timing. To read the full report, click here.