Kidder Mathews’ multifamily team led by Dylan Simon and Jerrid Anderson has released its fourth-quarter report on the Seattle and Puget Sound apartment market. The study highlights continued stability, with investor confidence rebuilding and fundamentals strengthening across the region.
“We’re entering a phase of steady, sustainable growth,” said Simon, Executive Vice President. “Investors are re-engaging, drawn by clearer pricing and improved capital conditions. Leasing performance remains healthy, vacancy is trending down, and the data shows a market that’s regaining momentum heading into 2026.”
Key insights from the report include:
- Investment activity accelerates: $1.8 billion in sales, with transaction volume up more than 30% year-over-year as investors re-enter the market.
- Cap rates hold steady: Averaging in the mid-5% range, reflecting balanced buyer-seller expectations.
- Vacancy tightens: Down 30 basis points year-over-year to about 7.0%, signaling steady absorption of new supply.
- Rents rise modestly: Regional averages reached $2,061, supported by job growth and continued in-migration.
- Leasing remains strong: Consistent activity across most submarkets underscores stable renter demand heading into 2026.
Download a digital copy of the full Q4 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 19 offices across Washington, Oregon, California, 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 53 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