Report: Puget Sound Apartments Show Resilient Demand

Report: Puget Sound Apartments Show Resilient Demand
News| May 23, 2025| Jasmine Kilman
Seattle & Northwest + Apartment Buildings

In the second quarter of 2025, Seattle and the broader Puget Sound apartment market showed signs of resilience and cautious recovery, according to a recent report by Kidder Mathews‘s multifamily team led by Dylan Simon and Jerrid Anderson.

Occupancy rates across Puget Sound held up this quarter despite the historic levels of new development that occurred both during and shortly after the pandemic, which highlights the resilient demand in the region.

“Given the recent interest rate volatility—and now tariff-related market uncertainty—many investors are waiting for more signs of stability before deploying more capital,” said Simon. “However, amid this uncertain market backdrop, rents continued to climb, and vacancy remained at manageable levels—making now a terrific time to buy.”

New projects continued to lease up steadily, holding occupancy rates firm across the region. The city saw 29 transactions totaling $283 million, signaling a shift in momentum. Vacancy rates saw minor fluctuations, with a region-wide uptick of just 10 basis points to 7.6%.

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