Puget Sound Multifamily Market Report | CBRE | Q4 2025

Market Overview

The Puget Sound multifamily market hit a turning point in Q4 2025, snapping 11 consecutive quarters of positive net absorption as negative absorption of 1,938 units signaled the market rebalancing after a long run of growth. Occupancy eased to 94.7% and average rents dipped to $2,206 per unit, down 1.9% from Q3, though still up 0.30% year-over-year. On the capital markets side, momentum held firm: quarterly investment volume reached $1.79 billion, bringing the full-year 2025 total to $5.96 billion. With homeownership averaging $5,067 per month, roughly 2.3 times average rents, the affordability gap continues to underpin long-term renter demand in the region.

About CBRE

CBRE is a global commercial real estate services and investment firm operating across major U.S. and international markets. Their Q4 2025 Puget Sound multifamily report tracks occupancy, rents, absorption, deliveries, and investment sales activity by submarket to help owners, developers, and investors evaluate market conditions and timing. To read the full report, click here.