Report: Momentum Shifts in Puget Sound Apartment Development Pipeline

Report: Momentum Shifts in Puget Sound Apartment Development Pipeline
News| August 13, 2025| Jasmine Kilman
Seattle & Northwest + Apartment Buildings

The Seattle multifamily market looks to be entering a new phase, with development momentum shifting beyond the urban core, according to Kidder Mathew’s 2025 Seattle Apartment Development Pipeline report.

While Seattle’s apartment inventory grew 82% between 2010 and 2020, recent years have seen suburban King County outpace the city in both deliveries and future pipeline. Since 2021, King has added 21,966 units compared with Seattle’s 18,973. Kitsap County has expanded inventory by 30% since 2020 and maintains one of the region’s most balanced pipelines, with more than 10% of its future supply already under construction or entitled.

Across the region, however, current construction activity remains subdued amid higher costs, tighter lending, and economic uncertainty. Seattle has more than 25,000 units entitled and another 25,900 in review, but just 5,051 are actively underway.

“Today’s market is not standing still, but recalibrating,” said Executive Vice President Dylan Simon. “Once capital becomes more accessible and costs stabilize, a significant wave of entitled and in-review units will be ready to move.”

Be there for insights from multifamily industry leaders on Sept. 11, when Connect Conferences will hold a nationwide in-person event. Register here for Connect Apartments 2025, taking place in Los Angeles at the Fairmont Century Plaza. 

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