The Seattle multifamily market in Q1 2026 reflects steady vacancy levels, modest rent growth, and a continued decline in both construction deliveries and net absorption. While development activity remains subdued, rental demand is holding firm, and pricing metrics indicate a recalibrating investment landscape. Explore our full Seattle multifamily market report for deeper analysis of leasing trends, construction pipelines, and sales activity.
1Q 2026 Seattle Multifamily Market: Key Data Points
- Vacancy Holds Steady: The Seattle multifamily vacancy rate remained stable at 7.1%, improving by 20 bps year-over-year.
- Asking Rents Inch Upward: Average asking rent reached $2,004 per unit, reflecting a 0.3% YoY increase.
- Construction Activity Declines: Units under construction fell to 17,813, an 11% YoY decrease.
- Sales Prices Moderate:Average sales price per unit declined to $202,189, marking an 18% YoY decrease.
- Deliveries Fall Sharply:Construction deliveries dropped to 1,760 units, a 59% YoY decline.
- Absorption Softens:Net absorption totaled 1,654 units, down 64% YoY.
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