Seattle Multifamily Market Report – February 2026

High Supply Keeps Pressure on Rents

Seattle’s multifamily fundamentals were a mixed bag at the end of 2025, with average advertised asking rents down 0.7%, on a trailing three-month basis through December, to $2,197, lagging the national rate, which declined 0.3% to $1,737, according to the national multifamily market report. Rents fell 0.9% year-over-year, while the national rate remained unchanged. The occupancy rate in stabilized properties continued to improve, up 30 basis points year-over-year, to 95.5% in November.

Employment growth decelerated to 0.6% year-over-year through September, trailing the 0.8% U.S. rate. Unemployment rose to 5.1% in November, underperforming both the state (4.6%) and national rates (4.5%). Seattle lost 1,800 net jobs in the 12 months ending in September, with gains in four sectors, led by education and health services (8,500 jobs) and professional and business services (2,200). The other six sectors lost 14,400 jobs overall, led by manufacturing (-6,700) and mining, logging and construction (-5,300). Major CRE drivers included the completion of the 20- acre Waterfront Park and continued upgrades at Seattle-Tacoma International Airport under the Upgrade SEA program.

Supply growth moderated in 2025 with 9,122 units delivered and 14,426 underway. New construction fell 20% year-over-year, and Yardi Matrix expects deliveries to ease further, to 8,434 units. Investment activity totaled $3.9 billion in 2025, with the average price per unit up 6.3% year-over-year, to $335,600 in December.

Read the full Yardi Matrix Seattle Multifamily Market Report February 2026