Puget Sound, WA Multifamily Market Report | Colliers | Q1 2026

Market Overview

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The Puget Sound multifamily market returned to positive demand in Q1 2026, with net absorption reaching 982 units after negative absorption of 3,006 units in Q4 2025. Occupancy held at 94.8%, down 80 basis points year-over-year, as 1,681 new units were delivered during the quarter. Effective monthly rent rose 1.5% year-over-year to $2,175, with SeaTac/Burien leading King County at 4.9% annual rent growth, followed by Downtown Seattle at 3.5%. A total of 15,243 units remained under construction, with Downtown Seattle and University District/Ballard the most active submarkets.

‍About Colliers

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Colliers is a global real estate services and investment management firm operating across more than 60 countries. The firm offers comprehensive brokerage, capital markets, valuation, advisory, and research services. Their Q1 2026 Puget Sound multifamily report tracks occupancy, rents, absorption, deliveries, and construction activity to help owners, developers, and investors assess market conditions and timing. To read the full report, click here.