The following reflects Seattle multifamily market conditions as of Q3 2026.
The Seattle multifamily market in Q3 2026 experienced a year-over-year decrease in vacancy, an increase in unemployment, a rise in rental rates, and a decrease in construction deliveries. Explore our full Seattle multifamily market report for deeper insights into rents, sale activity, and construction trends.
Frequently Asked Questions
What was the Seattle multifamily vacancy rate in Q3 2026?
The Seattle multifamily vacancy rate was 6.6% in Q3 2026, according to Kidder Mathews research. That is down from 6.8% in Q2 2026 and 7.0% in Q3 2025, a year-over-year decrease of 40 basis points. (Data source: CoStar)
What are average asking rents for Seattle apartments in Q3 2026?
The average asking rent in the Seattle multifamily market was $2,041 per unit per month in Q3 2026, according to Kidder Mathews research. That is up 1.1% from $2,018 in Q3 2025 but slightly below the $2,053 recorded in Q2 2026. (Data source: CoStar)
What is the average rent for a studio, 1-bedroom, 2-bedroom, and 3-bedroom apartment in Seattle in Q3 2026?
Average monthly rent in Seattle multifamily in Q3 2026 was $1,548 for a studio, $1,906 for a 1-bedroom, $2,270 for a 2-bedroom, and $2,613 for a 3-bedroom, according to Kidder Mathews research. (Data source: CoStar)
How much net absorption did the Seattle multifamily market record in Q3 2026?
The Seattle multifamily market recorded net absorption of 2,829 units in Q3 2026, according to Kidder Mathews research. Net absorption measures the change in occupied units, so a positive figure means more units were leased than vacated. Year-to-date 2026 net absorption totaled 9,320 units, down 20.9% from 11,782 units in 2025 YTD. (Data source: CoStar)
How many new apartment units were delivered in Seattle in Q3 2026?
Seattle multifamily construction deliveries totaled 1,849 units in Q3 2026, according to Kidder Mathews research. Year-to-date 2026 deliveries reached 6,906 units, down 38.4% from 11,212 units in 2025 YTD. The largest Q3 2026 completions were Vintage at the Overlook (272 units, Rainier Beach) and Everis Northgate (234 units, Maple Leaf). (Data source: CoStar)
How many multifamily units are under construction in Seattle in Q3 2026?
There were 19,059 multifamily units under construction in Seattle in Q3 2026, according to Kidder Mathews research. That is down 6.9% from 20,469 units in Q3 2025 and below the 20,119 units under construction in Q2 2026. The largest projects are Seattle House (1,130 units, Denny Triangle, expected 4Q26) and Overlake East (1,088 units, Overlake, expected 2Q27). (Data source: CoStar)
What is the average multifamily sales price in Seattle in Q3 2026?
The average multifamily sales price in Seattle was $311,103 in Q3 2026, according to Kidder Mathews research. That is up 21.8% from $255,501 in Q3 2025 and up from $274,763 in Q2 2026. (Data source: CoStar)
What is the average multifamily cap rate in Seattle in Q3 2026?
The average Seattle multifamily cap rate was 5.4% in Q3 2026, according to Kidder Mathews research. That is down 10 basis points from 5.5% in both Q2 2026 and Q3 2025. (Data source: CoStar)
What was the largest multifamily sale in Seattle in Q3 2026?
The largest Seattle multifamily sale in Q3 2026 was Griffis North Creek, a 524-unit property in the Thrasher’s Corner-Red Hawk submarket that sold for $195,000,000, or $372,137 per unit, according to Kidder Mathews research. GID Investment Advisors, LLC was the buyer and Griffis Residential was the seller. (Data source: CoStar)
What was the highest price per unit paid for a Seattle apartment property in Q3 2026?
The highest price per unit among Seattle’s significant multifamily sales in Q3 2026 was $668,085, paid for Island Square, a 235-unit property in Downtown Mercer Island that sold for $157,000,000, according to Kidder Mathews research. Mesirow Financial bought the property from UDR. Arrivé in Belltown (344 units) followed at $450,581 per unit. (Data source: CoStar)
How is the Seattle multifamily market trending in Q3 2026?
Seattle multifamily fundamentals showed lower vacancy and modestly higher rents year over year in Q3 2026, according to Kidder Mathews research. Vacancy fell 40 basis points to 6.6% and average asking rent rose 1.1% to $2,041, while units under construction declined 6.9% to 19,059 and 2026 YTD deliveries fell 38.4% from 2025 YTD. Investment indicators also moved: the average sales price rose 21.8% and the average cap rate eased 10 basis points to 5.4%. (Data source: CoStar)
Last updated: Q3 2026. Data source: CoStar. Compiled by the Kidder Mathews Research Group.
Q3 2026 Seattle Multifamily Market: Key Data Points
Explore our full Seattle multifamily market review for detailed trends and submarket insights.
- Vacancy: The vacancy rate was 6.6% in Q3 2026, down 40 basis points from 7.0% in Q3 2025 and from 6.8% in Q2 2026.
- Asking Rents: Average asking rent was $2,041 per unit per month, up 1.1% year over year. Studios averaged $1,548, 1-bedrooms $1,906, 2-bedrooms $2,270, and 3-bedrooms $2,613.
- Net Absorption: Net absorption totaled 2,829 units in Q3 2026 and 9,320 units year to date, down 20.9% from 11,782 units in 2025 YTD.
- Construction Deliveries: Deliveries totaled 1,849 units in Q3 2026 and 6,906 units year to date, down 38.4% from 11,212 units in 2025 YTD.
- Under Construction: 19,059 units were under construction, down 6.9% from 20,469 units a year earlier. Seattle House (1,130 units, Denny Triangle) and Overlake East (1,088 units, Overlake) are the largest projects.
- Average Sales Price and Cap Rate: The average sales price rose 21.8% year over year to $311,103, while the average cap rate declined 10 basis points to 5.4%.
- Largest Sale: Griffis North Creek (524 units, Thrasher’s Corner-Red Hawk) sold for $195,000,000, or $372,137 per unit, to GID Investment Advisors, LLC.
Average Rent by Unit Type
| Unit Size | Monthly Rent |
|---|---|
| Studio | $1,548 |
| 1 Bedroom | $1,906 |
| 2 Bedroom | $2,270 |
| 3 Bedroom | $2,613 |
Significant Sale Transactions Q3 2026
| Property | Submarket | Units | Sale Price | Price/Unit | Buyer | Seller |
|---|---|---|---|---|---|---|
| Griffis North Creek | Thrasher’s Corner-Red Hawk | 524 | $195,000,000 | $372,137 | GID Investment Advisors, LLC | Griffis Residential |
| Island Square | Downtown Mercer Island | 235 | $157,000,000 | $668,085 | Mesirow Financial | UDR |
| Arrivé | Belltown | 344 | $155,000,000 | $450,581 | Waterton | Binjiang, LP |
| Larch Alderwood | Picnic Point-North Lynnwood | 387 | $112,000,000 | $289,406 | Pacific Urban Investors, LLC | Weidner Property Management, LLC |
| Boulder Creek | Outlying King County | 204 | $102,000,000 | $500,000 | TA Realty | Simpson Property Group | Nuveen |
Significant Under Construction
| Property | Address | Submarket | Units | Owner | Expected Delivery |
|---|---|---|---|---|---|
| Seattle House | 2340 6th Ave | Denny Triangle | 1,130 | HB Management | 4Q26 |
| Overlake East | 15230 NE 24th St | Overlake | 1,088 | Merlone Geier Management | 2Q27 |
| Aero1200 | 1200 Stewart St | Denny Triangle | 927 | OPTrust | 2Q27 |
| Riverfront Everett Future Phases | 2409 38th St | Port Gardner | 919 | Shelter Holdings | 2Q27 |
| 3020 NE 45th St | 3020 NE 45th St | Ravenna | 796 | Quarterra | 3Q27 |
Significant Completed Construction Q3 2026
| Property | Address | Submarket | Units | Owner | Delivery |
|---|---|---|---|---|---|
| Vintage at the Overlook | 10801 47th Ave S | Rainier Beach | 272 | Vintage Housing | August 2026 |
| Everis Northgate | 10500 4th Ave NE | Maple Leaf | 234 | Simon Property Group, Inc. | July 2026 |
| Rove Redmond | 16350 NE 80th St | Downtown Redmond | 217 | White Oak Realty Partners | September 2026 |
| 27 West Apartments | 7212 27th St W | University Place | 207 | Mark Carpenter | July 2026 |
| Altaire at Jackson Park | 14343 15th Ave NE | Pinehurst | 207 | SRM Development | August 2026 |
Data as of Q3 2026. Source: CoStar. Prepared by the Kidder Mathews Research Group.
ContactGARY BARAGONA |
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