Seattle, WA Multifamily Market Report | Cushman & Wakefield | Q1 2026

Market Overview

‍Seattle's Puget Sound multifamily market entered Q1 2026 with improving occupancy conditions across all three counties as absorption began to outpace new deliveries. Total inventory across King, Snohomish, and Pierce Counties reached 414,233 units following 1,303 deliveries during the quarter, while units under construction declined 4.0% year-over-year to 16,600, with King County carrying the largest share at 13,053 units. Net absorption totaled 1,733 units, with King County leading at nearly 1,400 units, followed by Snohomish (212 units) and Pierce (165 units). Vacancy declined 30 basis points year-over-year to 7.6%, with the rate holding above the 7.0% mark since Q4 2023 but trending in the right direction as the pipeline continues to moderate. Effective rents averaged $2,068 per unit ($2.61 per square foot) across the region, essentially flat year-over-year, with King County maintaining the highest rents at $2,147 per unit and Pierce County posting the only year-over-year rent gain at 1.0%. On the investment side, notable Q1 transactions included Centennial Apartments (408 units, $130.7M) and The Ridge/The Shores Portfolio (335 units, $78M), with strong land sale activity also pointing to continued long-term developer confidence in the market.

‍About Cushman & Wakefield

‍Cushman & Wakefield is a leading global commercial real estate services firm with approximately 53,000 employees across more than 350 offices in nearly 60 countries, reporting $10.3 billion in revenue in 2025. Their quarterly Seattle Multifamily MarketBeat report covers the Puget Sound region across King, Snohomish, and Pierce Counties, tracking vacancy, absorption, effective rents, deliveries, and construction activity to help owners, developers, and investors assess market conditions and opportunities. To read the full report, click here.