Puget Sound Multifamily Figures Report Q4 2025

• The Seattle multifamily market closed Q4 2025 with an occupancy rate of 94.7%, representing a 0.8% decrease from Q3 2025.

• The overall average rent per unit per month in Seattle ended Q4 2025 at $2,206, representing a 0.30% increase from a year prior (Q4 2025), but a 1.9% decline from Q3 2025.

• There were 1,853 new units delivered in Q4 2025, compared to 2,414 units delivered in Q3 2025.

• Q4 2025 saw 1,938 units of negative net absorption, compared to the 900 units of positive net absorption in Q3 2025, as the market rebalances from 11 consecutive quarters of growth.

• Homeownership continued to outweigh monthly rents in the region by roughly 2.3 times, with the cost of homeownership averaging $5,067 per month.

• Total Puget Sound multifamily investment sales in Q4 2025 amounted to $1.79 billion, with $5.96 billion in annual investment volume for 2025.