The Seattle multifamily market in Q3 2025 shows rental rates and unemployment trending upward, while construction deliveries are declining and vacancy rates remain stable. Explore our full Seattle multifamily market review for in-depth analysis and trends.
3Q 2025 Seattle Multifamily Market: Key Data Points
- Vacancy Rate Remains Stable: Seattle’s multifamily vacancy rate held steady at 7.0% in 3Q 2025, down 30 basis points year-over-year.
- Average Asking Rents Up Slightly: Average asking rent reached $2,009 per month, a 2% increase year-over-year.
- Construction Pipeline Contracts: Units under construction dropped to 15,970, a 36% decrease from the previous year.
- Sales Prices Decline: The average sales price per unit fell 9% year-over-year to $261,940.
- Net Absorption Outpaces Deliveries: Net absorption totaled 4,945 units YTD, up 18% year-over-year, while construction deliveries fell 15% to 3,602 units.
- Cap Rates Increase: Average cap rates rose 40 basis points year-over-year to 5.5%.
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