Seattle Multifamily Market Report

The following reflects Seattle multifamily market conditions as of Q2 2026.

The Seattle multifamily market in Q2 2026 continued to demonstrate healthy fundamentals as vacancy declined, rents edged higher, and renter demand remained strong. While construction deliveries slowed significantly from last year, net absorption continued to outpace new supply, supporting market stability across the region. Explore our full Seattle multifamily market report for detailed insights on rents, vacancy, development activity, and investment trends.

Frequently Asked Questions

What is the vacancy rate in the Seattle multifamily market in Q2 2026?

The Seattle multifamily vacancy rate was 6.7% in Q2 2026, down from 7.0% in Q1 2026 and 7.0% one year ago, a 30-basis-point year-over-year decline, according to Kidder Mathews research. Steady renter demand relative to available supply continued to tighten occupancy across the market.

What are average asking rents by unit type in the Seattle multifamily market in Q2 2026?

Average asking rents in Seattle multifamily properties in Q2 2026 were $1,544 for studios, $1,908 for one-bedroom units, $2,285 for two-bedroom units, and $2,631 for three-bedroom units (Data source: CoStar). The overall average asking rent per unit was $2,048, up 0.94% year-over-year.

How much net absorption occurred in the Seattle multifamily market in Q2 2026?

Net absorption in Seattle multifamily totaled 3,634 units in Q2 2026 and 6,085 units year-to-date, according to Kidder Mathews research. Net absorption measures the change in occupied units over a period, and year-to-date absorption was down 36.67% from the 9,608 units absorbed over the same period in 2025, though it still outpaced new construction deliveries.

How many multifamily units are under construction in Seattle as of Q2 2026?

Approximately 19,368 multifamily units were under construction in Seattle as of Q2 2026, up 4.98% from 18,450 units a year earlier (Data source: CoStar). Denny Triangle held two of the largest projects underway, including the 1,130-unit Seattle House and the 1,050-unit WB1200.

What was the largest multifamily sale transaction in Seattle in Q2 2026?

The largest multifamily sale in Seattle in Q2 2026 was Terra at Monroe in Outlying Snohomish County, a 222-unit property that sold for $66,500,000, or $299,550 per unit, according to Kidder Mathews research. The buyer was Sagard Real Estate and the seller was Coast Property Mgmt.

What are current cap rates in the Seattle multifamily market?

The average cap rate for Seattle multifamily sales was 5.7% in Q2 2026, up 10 basis points from 5.6% a year earlier, according to Kidder Mathews research. The average sales price per unit was $276,610, down 14.75% year-over-year.

How many multifamily units were delivered in Seattle in Q2 2026?

Seattle multifamily developers delivered 2,039 units in Q2 2026, bringing year-to-date deliveries to 3,813 units, a 53.15% decrease from the 8,139 units delivered over the same period in 2025 (Data source: CoStar). Completed projects included the 324-unit The Elowen in East Olympia and the 316-unit Enso Apartments in Outlying Lynnwood-Snohomish.

What is the outlook for the Seattle multifamily market in 2026?

The Seattle multifamily market showed healthy fundamentals in Q2 2026, with vacancy declining, rents edging higher, and net absorption continuing to outpace new supply, according to Kidder Mathews research. While construction deliveries slowed significantly from the prior year, sustained renter demand supported market stability across the region.

Which submarkets are seeing the most multifamily development activity in Seattle?

Denny Triangle is home to some of the largest active multifamily developments in Seattle, including the 1,130-unit Seattle House and 1,050-unit WB1200, according to Kidder Mathews research. Other active submarkets include Overlake, with the 1,088-unit Overlake East project, and Port Gardner, where the Riverfront Everett Future Phases will add 919 units.

Is multifamily investment activity increasing or decreasing in Seattle?

Seattle multifamily investment reflected lower per-unit pricing in Q2 2026, with the average sales price falling 14.75% year-over-year to $276,610 per unit, according to Kidder Mathews research. Despite the pricing decline, significant transactions continued to close, including a $66,500,000 sale of the 222-unit Terra at Monroe.

Last updated: Q2 2026. Data source: CoStar. Compiled by the Kidder Mathews Research Group.

2Q 2026 Seattle Multifamily Market: Key Data Points

Explore our full Seattle multifamily market review for detailed insights on rents, vacancy, development activity, and investment trends.

• Vacancy Rate Continues to Improve: Seattle’s multifamily vacancy rate declined to 6.7% in Q2 2026, down from 7.0% one year ago as demand continues to absorb available inventory.
• Average Asking Rents Increase: Average asking rents reached $2,048 per month, reflecting a modest 0.9% year-over-year increase and continued pricing stability across the market.
• Construction Deliveries Decline Sharply: Multifamily deliveries totaled 3,813 units year-to-date, a 53.2% decrease from the same period last year as developers slow new project completions.
• Net Absorption Remains Strong: Net absorption reached 6,085 units year-to-date, demonstrating continued renter demand despite remaining below last year’s elevated pace.
• Demand Outpaces New Supply: Year-to-date net absorption exceeded construction deliveries by more than 2,200 units, helping support occupancy gains and lower vacancy rates.
• Development Pipeline Remains Active: Approximately 19,368 units remain under construction, highlighting continued long-term confidence in Seattle’s multifamily market.

Average Rent by Unit Type

Market Breakdown — Quarterly Comparison

Market Breakdown — Year-to-Date Comparison

Significant Sale Transactions Q2 2026

Significant Under Construction

Significant Completed Construction Q2 2026