Figures

Puget Sound Multifamily Figures Q3 2024

November 11, 2024 5 Minute Read

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•   The Seattle multifamily market continued to demonstrate resilience in Q3 2024, with over 5,000 units absorbed and 3,851 new units delivered, balancing new supply with steady demand and strong investment activity.
 
•   Rent growth remained positive, with a 1.3% year-over-year increase, lifting the average monthly rent to $2,193 per unit per month. Post-COVID recovery is evident, with 17% rent growth over the past four years. Market-wide occupancy remains solid at 94.8%.
 
•   The City has experienced 39% population growth since 2005 (from 572,587 to 797,700), primarily driven by tech sector expansion. Seattle Metro’s annual population growth is forecasted to be highest among the 15 most populous MSAs in the US.
 
•   Investment sales picked up and ended the quarter with over $1.2 billion in transactions. The trailing four-quarter average sale price remained steady at $301,481 per unit. This increase reflects renewed investor confidence in the market’s long-term fundamentals, particularly given Seattle’s position as a tech hub with a highly-educated workforce.