The Seattle multifamily market closed Q3 2025 with an occupancy rate of 95.5%, representing a nominal decrease of 30 basis points from Q2 2025, according to a recent report by CBRE.
Fourteen out of 20 submarkets experienced positive year-over-year rent growth, led by South Lake Union/Queen Anne and West Bellevue/Mercer Island. The average rental rate increased to $2,247 per unit per month, which was up only 20 basis points from Q2 2025. Quarterly deliveries saw 2,273 units delivered in Q3 2025, compared to 1,932 units in Q2 2025.
Quarterly net absorption saw 728 units absorbed in Q3 2025, compared to 4,366 units in Q2 2025. Investment sales continued to grow, evidenced by a steady year-over-year increase in total transaction volume and average sale price per unit. Homeownership in the Seattle metro area remained 2.65 times more expensive than a multifamily rental due to limited supply and high mortgage costs.
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