Puget Sound Multifamily Figures Report Q1 2026

• Q1 2026 was marked by consistency and resilience in the market. Occupancy, Asking Rates, and Deliveries stayed stable Quarter-over-Quarter (QoQ).

• There was positive net absorption of 2,046 units in Q1 2026, compared to the 1,961 units of negative net absorption in Q4 2025. As a result, occupancy ticked up 10 basis points (bps). 

• There were 1,553 units delivered in Q1 2026, down from the 1,681 units delivered in Q4 2025.

• The overall average rent per unit per month for multifamily in Seattle ended Q1 2026 at $2,213, which was up 0.2% from Q4 2025.

• Multifamily investment sales in Q1 2026 amounted to $572.2 million in total volume, compared to $597.6 million Year-over-Year (YoY) in Q1 2025.