Seattle\u2019s multifamily fundamentals began moderating in response to the deteriorating economic landscape. Rent growth turned negative in September<\/strong><\/a>, and by December, it had posted a 0.6% decline on a trailing three-month basis, outperformed by the 0.2% U.S. rate contraction. Robust stock expansion has played a role, but demand is fairly robust, as the average occupancy rate in stabilized properties declined just 50 basis points year-over-year as of November, to 95.4%.<\/p>\n