Q2 2025 Multifamily Market Report

Market Overview

In Q2 2025, the Pacific Northwest multifamily market saw fundamentals strengthen as net absorption rose to 12,720 units—surpassing net deliveries for the first time and signaling tightening market conditions. Vacancy dropped to 7.0% (down from 7.3% in Q1), while average asking rent climbed to $2,106 per unit. Sale price per unit also surged to $367,695, and the under‑construction pipeline declined to just 13,536 units, underscoring the growing supply constraints.

About Lee & Associates

Lee & Associates Pacific Northwest is a regional hub of the full-service commercial real estate firm, Lee & Associates, with offices across the U.S. and Canada. The Pacific Northwest practice specializes in brokerage, investment sales, and advisory for multifamily assets. Its market reports blend local market intelligence with economic indicators to guide investors, owners, and developers amid shifting supply and demand dynamics.