Q3 2025 Seattle Multifamily Report

Market Overview

‍The multifamily market in the Seattle–Puget Sound region is showing early signals of a turnaround in Q3 2025. Vacancy ticked down to 7.6 percent, while average effective rent reached approximately $2,093 per unit, up 1.7 percent year-over-year. Completions remained elevated but units under construction dropped nearly 28 percent to 16,902, suggesting supply pressure may ease. Absorption stayed strong with roughly 11,075 units year-to-date.

‍About Cushman & Wakefield

‍Cushman & Wakefield is a global commercial real-estate services firm specialising in research, brokerage, valuation and capital-markets strategies. Their Q3 2025 Seattle multifamily market report blends rent, vacancy, delivery and pipeline data to support owners, developers and investors in assessing asset-class timing and positioning. To read the full report, click here.