Seattle, WA Multifamily Market Report | Yardi Matrix | Q4 2025

Market Overview

Seattle entered Q4 2025 with rents under modest pressure but occupancy and investment capital moving in the opposite direction. Average asking rents slipped 0.3% on a trailing three-month basis through September to $2,231, while occupancy in stabilized properties ticked up 10 basis points year-over-year to 95.5% in August. Developers delivered 7,074 units through September with 15,464 more underway. Investment volume reached $2.8 billion through September, and the average price per unit climbed 11.8% year-to-date to $352,962, well ahead of the 8.3% national gain. The metro added 16,900 net jobs over the year, with education and health services and leisure and hospitality leading growth.

About Yardi Matrix

Yardi Matrix is a national commercial real estate data and analytics firm serving investors, developers, and property managers across asset classes. Their Seattle November 2025 multifamily market report covers asking rents, occupancy, construction pipeline activity, and investment pricing to help owners and investors assess market conditions. To read the full report, click here.