Puget Sound Multifamily Fundamentals Hold Steady, Occupancy Improves
Across Puget Sound, the first few months of 2026 revealed a more selective investment environment as deal flow slowed and pricing continued to adjust amid a gap between buyer and seller expectations.
Puget Sound recorded 58 sales of apartment buildings totaling $664 million in Q1 2026, down 36% from the prior quarter, according to a recent report from Kidder Mathews’ multifamily team led by Executive Vice Presidents Dylan Simon and Jerrid Anderson. Vacancy tightened to 7.1% as demand continued absorbing new supply and occupancy trends improved across the region.
“While transaction activity has moderated, occupancy continues to improve across the region as new supply is absorbed,” said Simon. “Overall, the market appears to be stabilizing with conditions supporting a continued focus on disciplined, yield-driven investment.” Pricing held steady quarter-over-quarter at $239,000 per unit and $312 per square foot, while cap rates were also fairly flat at 5.7%, rising just two basis points.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout