The Q4 2024 Eastern Washington Apartment Market Dynamics report analyzes trends and the latest sales data from 20 Eastern Washington counties including Spokane, Benton, Franklin, Chelan, and Yakima. The study offers insights on each submarket to help guide investment decisions.
The Q4 2024 Eastern Washington Apartment Market report was researched and compiled by Vice President Max Frame, a member of a multifamily team at Kidder Mathews led by Dylan Simon and Jerrid Anderson. Download a digital copy of the full report here.
We’re finally seeing a pickup in the market!
Increased Activity: With Cap Rates, Price Per Square Foot, and Price Per Unit beginning to stabilize, we are seeing dramatic increases in building sales and total sales volume, showing buyer and seller pricing is beginning to realign.
Rent & Vacancy: While vacancy continues to hold firm at higher rates than what landlords have become accustom to in previous years, this is largely the result of continued deliveries of new construction buildings. However, with a shrinking construction pipeline in most markets, the expected slow down of new buildings should help drive down vacancy and push up rents.
50+ Unit Sales Are Making a Resurgence: We saw zero 50+ unit sales in Q1, five in Q2, and nine in Q3.
Key Takeaway: As values begin to shift in seller’s favor, make sure you are prepared for 2025’s rising tide market. Reach out to us for a complementary valuation and to discuss how to achieve peak pricing!
About Max Frame
Working out of Kidder Mathews’ headquarters in Seattle, Washington, Max specializes in representing sellers and buyers in the sale of Eastern Washington apartments. Born and raised in Eastern Washington, Max combines his local knowledge and expertise of these markets with Kidder Mathews’ national exposure and outreach. Max works with Executive Vice Presidents Dylan Simon and Jerrid Anderson of the Simon and Anderson team.
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 10 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, 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 over $10 billion in transaction volume, manages more than 55 million square feet of space, and conducts 2,600 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.
Read the full study at the link below.
Contact
Simon | Anderson Multifamily Investments Team
Max Frame, Vice President, Eastern Washington Specialist
Dylan Simon, Executive Vice President
Jerrid Anderson, Executive Vice President
Matt Laird, First Vice President
Winslow Lee, Vice President
JD Fuller, Associate
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