Seattle, WA Multifamily Market Report | Cushman & Wakefield | Q4 2025

Market Overview

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The Puget Sound multifamily market ended 2025 on stable footing. Vacancy closed the year at 7.8%, down 10 basis points year-over-year, as absorption of 12,149 units kept pace with the 12,481 units delivered. Effective rents averaged $2,070 per unit, up 0.8% annually, with all three counties posting year-over-year gains between 0.6% and 1.7%. The construction pipeline contracted for the seventh consecutive quarter, falling 26.7% year-over-year to approximately 15,700 units, setting the stage for further occupancy improvement through 2026. King County anchored regional performance, accounting for 74% of total absorption and commanding the highest rents at $2,153 per unit. Capital markets activity was notable, with six significant sales closing in 2025, including Via 6 in Seattle at $295 million and a 903-unit portfolio transacting at nearly $444,000 per unit.

‍About Cushman & Wakefield

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Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees across 60 countries and $9.4 billion in revenue. Their Seattle Q4 2025 multifamily MarketBeat covers vacancy, effective rents, net absorption, and construction activity across King, Snohomish, and Pierce counties to help owners and investors assess Puget Sound market conditions. To read the full report, click here.