Kidder Mathews’ multifamily team led by Dylan Simon and Jerrid Anderson released its first-quarter report on the Seattle and Puget Sound apartment market.
“Across the Puget Sound the apartment market is settling into a more functional recovery characterized by improving transaction activity and largely stable operating fundamentals,” said Simon, Executive Vice President. “Investors are returning to coastal markets and reengaging selectively, mirroring broader U.S. trends where price discovery has progressed, debt markets have become more workable, and capital is prioritizing income durability over speculative growth. That said, near-term performance remains uneven by submarket, yet the region increasingly resembles a normalized, post-reset market, rather than one that’s still correcting.”
Key insights from the report include:
- Average rents reached $2,032 in Q4 2025, rising 1% year-over-year despite a modest 1% quarter-over-quarter dip, signaling stable but measured pricing momentum.
- Vacancy in Q4 remained at 7.4% year-over-year and increased 10 basis points from Q3, reflecting steady absorption amid ongoing supply delivery and a competitive leasing environment heading into 2026.
See the attached Executive Summary for more insights or download a digital copy of the full Q1 2026 Apartment Market Report here.
About the Dylan Simon and Jerrid Anderson apartment brokerage team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents apartment investors, developers, and landowners in the sale and purchase of apartment buildings and development land across the entire State of Washington. The team of 12 brokerage professionals specializes in the sale and purchasing of apartment buildings and development land from $1 million to more than $100 million. For more information, visit simonandersonteam.com.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 52 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.
