Seattle Multifamily Demand Surges Amid Homebuyer Delays
Key Takeaways There is a significant increase in demand for multifamily units in Seattle as homebuyers face delays, with interest shifting away from downtown areas to suburbs such as Bellevue and Gig Harbor. Downtown areas like Kent are experiencing a spike in vacancy rates, nearing 93%, which is causing concern among investors. Apartment occupancy rates are climbing, exceeding 94% in Q4 2024, and rent growth is outstripping national averages. Multifamily Market Trends in Seattle Seattle's multifamily demand is exploding as homebuyers endure delays, with interest pivoting from downtown to suburbs like Bellevue and Gig Harbor. Vacancy rates in downtown areas like Kent spike, nearing 93%, alarming investors. Meanwhile, apartment occupancy soars, surpassing 94% in Q4 2024, with rent growth outpacing national averages. With the Emerald City's economy teetering, property values climb amidst construction slowdowns. Investors fearfully eye trends, ready to act on these evolving dynami...