The Simon | Anderson Multifamily Team at Kidder Mathews has released its annual report on the Seattle and Puget Sound apartment development pipeline.
The study analyzes more than 1,000 individual apartment developments across the four major Western Washington counties—King, Pierce, Snohomish, and Kitsap—and gives an in-depth look at the development pipeline in each submarket. The team traced apartment development deliveries back over a decade, analyzing development dynamics and delivery forecasts across the region.
Multifamily development in Puget Sound is perhaps entering a new chapter—one defined less by rapid expansion in the urban core and more by distributed momentum across the region. While Seattle added units at an impressive clip through 2020, the momentum since shifted. Suburban King County led the region in deliveries since 2021, and its pipeline now outpaces the urban core by a wide margin. The broader pattern is clear: development is increasingly being pushed beyond Seattle’s borders as political uncertainty, cost pressures, and shifting renter demand reshape how and where projects are getting done.
At the same time, near-term construction activity across all submarkets remains subdued. Projects that are breaking ground today are the exception, not the rule. Still, entitlements remain elevated, especially in Seattle and Kitsap, and the volume of proposals in review reflects developer confidence in long-term fundamentals.
“Today’s market is not standing still, but recalibrating,” said Executive Vice President Dylan Simon. “Once capital becomes more accessible and costs stabilize, a significant wave of entitled and in-review units will be ready to move. The groundwork for the next development cycle is already in place as we look toward 2026 and beyond.”
Download the full 2025 Seattle Apartment Development Pipeline 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 fully independent commercial real estate firm in the Western U.S., with over 900 professionals in 20 offices across Washington, Oregon, California, Idaho, Nevada, and Arizona. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages $9 billion in transaction volume, manages more than 58 million square feet of space, and conducts 2,400 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.
Read the full report at the link below.
Contact
Simon | Anderson Multifamily Investments Team
Dylan Simon, Executive Vice President
Jerrid Anderson, Executive Vice President
Matt Laird, First Vice President
Max Frame, Vice President
Matt Johnston, Vice President
Elijah Piper, Vice President
JD Fuller, Associate
Jack Shephard, Associate
Tony Herrmann, Associate