Kidder Mathews’ multifamily team led by Dylan Simon and Jerrid Anderson has released its third-quarter report on the Seattle and Puget Sound apartment market. The study highlights a shift from price discovery to price acceptance as investors adjust to stabilized interest rates.
Overall, the market showed signs of balance in the second quarter, with transaction activity and leasing demand both reflecting stronger alignment between buyers, sellers, and renters.
“We’re seeing investors grow more comfortable with current conditions, moving past the uncertainty of price discovery and into a phase of acceptance,” said Dylan Simon, Executive Vice President. “Sales activity is picking up, cap rates are steady, and the data points to healthier fundamentals across much of the region.”
Key insights from the report include:
- Stable Cap Rates: Averaging 5.4% across the region, with slight compression in core submarkets.
- Sales Activity Rising: 65 transactions closed in Q2, a 14% increase year-over-year, totaling $1.5 billion in volume—a 43% jump.
- Pricing Levels Out: Gains in select submarkets offset softness elsewhere, narrowing the buyer-seller gap.
- Rent & Vacancy: Rent growth held at 2% with vacancy at 7.1%. Seattle and Snohomish tightened, Kitsap rebounded, and East King absorbed new supply unevenly.
- Healthy Demand: Leasing strength in key submarkets underscored steady renter demand despite modest rent gains.
See the attached Executive Summary for more insights or download a digital copy of the full Q3 2025 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 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