Seattle Multifamily Market Report – February 2025

Market Overview

Yardi Matrix notes that Seattle’s multifamily market remained resilient in early 2025, with rents growing 1.8% year-over-year to $2,216. Occupancy in stabilized properties reached 95.4%, and demand remained strongest in Bellevue, Redmond, and urban transit corridors. Deliveries exceeded 12,000 units in 2024, and over 21,000 units remain under construction. The market is digesting this new supply, but underlying demand drivers—population growth and economic diversity—remain solid.

About Yardi Matrix

Yardi Matrix offers robust multifamily analytics, helping investors and owners track occupancy, rent growth, and development across U.S. metros. Their Seattle reporting includes asset class segmentation, submarket comparisons, and performance forecasts—making it a go-to resource for understanding supply-demand imbalances, pricing pressure, and long-term fundamentals in tech-heavy markets.