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Market Report

Seattle-Tacoma Multifamily
Market Report

4Q 2024

Record Supply Influx Initially Met With
Encouraging Demand; Second Half Will Test Trend

Recent absorption among the nation’s best. With vacancy at a 12-year high and the local construction pipeline historically sizable, Seattle-Tacoma’s apartment sector faced obvious challenges at the onset of 2024. Since then, however, renter demand has proven resilient. During the first half of this year, a net of nearly 8,200 units were absorbed metrowide, almost matching the record number of units delivered during this interval. Encouraging leasing activity was widespread. The metro represented one of the few markets nationally to note both suburban and CBD vacancy compression during the six-month window, with overall Class A and B vacancy falling by 30 and 10 basis points, respectively. Moving forward, demand for new units will continue to be essential, as roughly 5,600 rentals are slated for second-half delivery and at least 13,000 units are scheduled for completion over the next two years.

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