Pacific Northwest, WA Multifamily Market Report | Lee & Associates | Q4 2025

Market Overview

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The Pacific Northwest multifamily market closed Q4 2025 with absorption moderating to 9,588 units on a trailing 12-month basis, down from over 12,000 mid-year, while vacancy edged up to 7.4%. Asking rents held near $2,064 per unit, roughly flat for the year. Against that leasing-side softness, the capital markets picture was notably active: average sale pricing reached $355,599 per unit, cap rates compressed to 5.0%, and the top buyer alone transacted over $610 million in the period. The construction pipeline continued to contract, falling to 12,812 units from 15,426 a year prior. Decelerating deliveries and improving capital market conditions reinforce the Seattle MSA's standing as a durable long-term investment market.

‍About Lee Associates

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Lee Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Pacific Northwest Q4 2025 multifamily market report tracks absorption, vacancy, asking rents, and capital markets activity to help investors and owners assess market conditions. To read the full report, click here.