Figures

Puget Sound Multifamily Figures Report Q1 2025

Significant Supply Drop Off, Rising Rents and Stable Occupancy

May 22, 2025 7 Minute Read

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•The Seattle multifamily market demonstrated continued strength in Q1 2025, with a solid occupancy rate of 95.2% remaining flat quarter-over-quarter (QoQ).

•The average rental rate increased to $2,188 per unit per month, despite a QoQ decline in net absorption to 1,459 units.

•Quarterly deliveries saw a decrease to 1,424 units, but a robust 12-month transaction volume of $4.3 billion indicates rising investment activity in the market.

•Demand continues to be fueled by a return to office and tech expansion in the Eastside, reinforcing the fundamentals of the market despite interest rate volatility.

•The overall market sentiment remains stable with continuous growth, as evidenced by a steady year-over-year rent increase and strong investor confidence in Seattle's long-term economic prospects.