The Seattle multifamily market in Q4 2025 maintained stable vacancy rates while rents posted modest growth. Construction activity continued to decline, and deliveries slowed significantly. Sales pricing softened slightly year-over-year, while cap rates edged upward. Explore our full Seattle multifamily market review for detailed insights and trends.
4Q 2025 Seattle Multifamily Market: Key Data Points
- Vacancy Rate Holds Steady: Multifamily vacancy remained at 7.4%, unchanged year-over-year.
- Average Asking Rent Up Slightly: Rents averaged $1,990 per unit per month, a 1% increase year-over-year.
- Construction Pipeline Contracts: Units under construction dropped to 17,089, down 23% from last year.
- Sales Price Softens: Average sales price per unit declined to $294,557, a 4% decrease year-over-year.
- Deliveries & Absorption Slow: Q4 deliveries totaled 1,750 units, down 33%, while net absorption was 952 units, a 19% decline year-over-year.
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