Pacific Northwest, WA Multifamily Market Report | Lee & Associates | Q1 2026

Market Overview

The Pacific Northwest multifamily market posted its lowest rate of absorption in years in Q1 2026, with only 8,557 units absorbed over the trailing twelve months as vacancy lingered at 7.2%. Asking rents held relatively flat, ticking up slightly to $2,085 per unit, and with very little new development on the immediate horizon, rents are expected to rise further due to a lack of supply. Transaction volume returned with attractive pricing, with sale prices per unit at $358,860, lower than average metrics on par with 2019 levels, though the market is expected to gain more momentum if interest rates eventually decline from their current higher for longer trajectory.

About Lee & Associates

Lee & Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Q1 2026 Pacific Northwest multifamily market report tracks net absorption, vacancy, asking rents, sale pricing, and top transactions to help investors and owners assess current market conditions. To read the full report, click here.