Lee & Assosciates 2025 Q3 Pacific Northwest WA Multifamily

Market Overview

‍The Pacific Northwest multifamily market recorded approximately 12,370 units absorbed in Q3 2025 while vacancy held steady at 7.0 percent. Asking rent edged slightly lower to about $2,087 per unit as the under-construction pipeline declined to roughly 12,762 units. Sales volume surged about 81 percent year-over-year to $1.77 billion, reflecting renewed institutional interest as fundamentals remain solid.

‍About Lee & Associates

‍Lee & Associates is a national commercial real-estate advisory firm with expertise in research, brokerage, and capital-markets services. Their Q3 2025 Pacific Northwest multifamily market report combines data on absorption, vacancy, rent trends, construction pipelines, and transaction activity to help owners, developers, and investors evaluate timing and strategy. To read the full report, click here.