Puget Sound Multifamily Figures Q4 2023

February 12, 2024 5 Minute Read

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Despite the seasonal fluctuations typically observed in the multifamily market, the Puget Sound region exhibited healthy demand in the fourth quarter, marking the second consecutive quarter of positive absorption with 2,787 units absorbed.
The influx of new deliveries in Puget Sound suppressed asking rents, resulting in an average rental rate decrease of 1.6% from last quarter to $2,114 per unit per month.
Market-wide occupancy softened slightly at the end of 2023, falling 40 basis points (bps) year-over-year to 94.4%. Luxury Class A properties were the only product classification to show a vacancy rate below the long-term average.
Puget Sound multifamily sale volume in Q4 2023 was $659 million, a 31% increase from the previous quarter. The trailing four quarter average price per unit stood at $322,142, a 4% decrease than the previous trailing quarter.