{"id":8547,"date":"2024-12-06T13:06:00","date_gmt":"2024-12-06T13:06:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8547"},"modified":"2025-03-18T13:24:35","modified_gmt":"2025-03-18T13:24:35","slug":"seattle-multifamily-market-report-november-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/seattle-multifamily-market-report-november-2024\/","title":{"rendered":"Seattle Multifamily Market Report \u2013 November 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/seattle-multifamily-market-report\/\">Seattle Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Occupancy Healthy Amid Strong Deliveries<\/h2>\n<p>Seattle\u2019s multifamily fundamentals maintained generally healthy performance in 2024, despite ongoing challenges in the financial landscape, as per the latest Yardi Matrix Seattle multifamily market report. At the end of the third quarter, average advertised asking rents were down 0.3% on a trailing three-month basis, to $2,216, while the national rate flattened, at $1,750, according to the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>U.S. multifamily market report<\/strong><\/a>. Meanwhile, the occupancy rate in stabilized properties rose 0.2% year-over-year, to 95.5%, in September.<\/p>\n<p><iframe id=\"datawrapper-chart-ocXC1\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Seattle vs. National Rent Growth \" src=\"https:\/\/datawrapper.dwcdn.net\/ocXC1\/1\/\" height=\"328\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Employment growth improved, up 1.1% in the 12 months ending in July, but still trailed the 1.3% national average. Meanwhile, the jobless rate clocked in at 4.8% in August, outperformed by the 4.2% U.S. figure, according to data from the Bureau of Labor Statistics. Nearly half of the 27,600 jobs added during the first seven months of 2024 were registered in the education and health services sector (12,700 jobs), followed by government (6,300 jobs). Information was the only sector that recorded a loss, down 7,300 positions. Notable projects underway in Seattle include Amazon\u2019s Bellevue 600, a 1.5 million-square-foot office development, and FRED310, an industrial campus that will total 4 million square feet.<\/p>\n<p><iframe id=\"datawrapper-chart-iJmIy\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Seattle Employment Share by Sector \" src=\"https:\/\/datawrapper.dwcdn.net\/iJmIy\/1\/\" height=\"417\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Developers delivered 8,758 units in 2024 through September and had another 22,846 units under construction. Meanwhile, investment activity surpassed last year\u2019s total, amounting to $1.3 billion, with the per-unit price dropping below the $300,000 mark.<\/p>\n<p>Read the full Yardi Matrix Seattle Multifamily Market Report <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/6507-MatrixMultifamilySeattleReport-November2024\"><strong>November 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Occupancy Healthy Amid Strong Deliveries Seattle\u2019s multifamily fundamentals maintained generally healthy performance in 2024, despite ongoing challenges in the financial landscape, as per the latest Yardi Matrix Seattle multifamily market report. At the end of the third quarter, average advertised asking rents were down 0.3% on a trailing three-month basis, to $2,216, while the national [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":8176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[511,468],"class_list":["post-8547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2024","tag-seattle"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Seattle Multifamily Market Report \u2013 November 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Demand drove improvement in Seattle, with advertised asking rents up 1.2 percent YoY to $2,216, Yardi Matrix reports.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/seattle-multifamily-market-report-november-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Seattle Multifamily Market Report \u2013 November 2024\" \/>\n<meta property=\"og:description\" content=\"Demand drove improvement in Seattle, with advertised asking rents up 1.2 percent YoY to $2,216, Yardi Matrix reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/seattle-multifamily-market-report-november-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-06T13:06:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-18T13:24:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/08\/Seattle-iStock-2182184732.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anca Gagiuc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Seattle Multifamily Market Report \u2013 November 2024 - 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