2026年第三季度普吉特湾多户住宅数据报告

FIGURES|PUGETSOUNDMULTIFAMILY|Q32026

Rentsedgetorecordhighasquarterlysalesvolumerises

95.1%

OccupancyRate

$2,265

1,945

Avg.RentalRate(Unit/Mo.)

QuarterlyNetAbsorption(Units)

Note:Arrowsindicatechangefrompreviousquarterunlessotherwiseindicated.

MARKETSUMMARY

-TheSeattlemultifamilymarketclosedQ32026withanoccupancyrateof95.1%,amarginal10basis-point(bps)declinefrom95.2%inQ22026.

-Deliveriesreached2,578units,upfrom2,189unitsinQ22026,andcontinuedasteadytrendofnewconstructionsupply.

-Netabsorptionreached1,945unitsinQ32026,up139%year-over-year(YoY)despiteaquarter-over-quarter(QoQ)declinefromarecenthighinQ22026.

-TheaveragemonthlyrentperunitinSeattleendedQ32026at$2,265,up0.5%fromQ22026,adifferenceofroughly$10perunitpermonth.

-Investmentsalesroseto$1.5billioninQ32026,upfrom$570.4millioninQ22026,markingthestrongestquarterfortransactionvolumesinceQ42025.

2,578

QuarterlyDeliveries(Units)

$4.1B

Trailing12-month

TransactionVolume

(7.2%)

Trailing12-month

ChangeinTransactionVolume

FIGURE1:OccupancyandAverageAskingRentalRate

Occupancy(%)Rent($/Unit/Mo.)

97

96

96

95

95

94

94

93

93

$2,300

$2,250

$2,200

$2,150

$2,100

$2,050

$2,000

$1,950

$1,900

OccupancyRent($/unit/month)

Source:CBREResearch,CBREEconometricAdvisors,Q32026

1CBRERESEARCH©2026CBRE,INC.

FIGURES|PUGETSOUNDMULTIFAMILY|Q32026

2CBRERESEARCH©2026CBRE,INC.

FIGURE2:RentChangeYearoverYear

RentChangeY-o-Y(%)MonthlyRentPerUnit($)

16

12

8

4

0

-4

2300

2250

2200

2150

2100

2050

2000

1950

1900

RentChangeY-o-YMonthlyRentPerUnit

Source:CBREResearch,CBREEconometricAdvisors,Q32026.

SeaTac/Burien

Redmond

WestSeattle/SouthSeattle

Renton

DowntownSeattle

FIGURE3:Top5SubmarketsbyRentGrowth

0.0%0.5%1.0%1.5%2.0%2.5%3.0%

%RentGrowth

Source:CBREResearch,CBREEconometricAdvisors,Q32026.

MarketFundamentals

-Averageaskingrentedgeduptoarecord$2,265perunitpermonthinQ32026.

-Rentsgrew0.5%QoQ,anincreaseofroughly$10.40perunitpermonth.

-YoYgrowthremainedmodestat0.2%,againof$4.69perunitpermonthfromQ32025.

-Halfoftheregion’ssubmarketspostedYoYrentgainsasmarket-widerentgrowthturnedpositiveagaininQ32026.

-SeaTac/Burienledtheregionat2.7%,followedby

Redmondat2.2%,whichalsopostedtheregion’slargestYoYoccupancygain(+112bps).

FIGURES|PUGETSOUNDMULTIFAMILY|Q32026

3CBRERESEARCH©2026CBRE,INC.

FIGURE4:OccupancyRateChangeYearoverYear

Growth(%)Occupancy(%)

3.0%

2.0%

1.0%

0.0%

-1.0%

-2.0%

-3.0%

96.5

96.0

95.5

95.0

94.5

94.0

93.5

93.0

92.5

OccupancyGrowth(%)OccupancyRate(%)

Source:CBREResearch,CBREEconometricAdvisors,Q32026.

Units 8,000 6,000 4,000 2,000 0(2,000)(4,000)

FIGURE5:CompletionsandAbsorption

Completions

NetAbsorption

-Occupancylandedat95.1%inQ32026,holdinggroundabovethefive-yearaverageof94.8%.

-Totaloccupiedunitsreachedarecord439,230inQ32026,up2.3%YTD.

-Deliveriesroseto2,578unitsinQ32026,themostinaquartersinceQ42024.Rentersabsorbed1,945units,downfrom4,800inQ22026,butmorethandoublethe

813unitsfromthesamequarteroftheprioryear.

-Netabsorptiontotaled9,931unitsYTD,outpacingthe6,585unitsdeliveredYTDin2026.

*NetAbsorption:Thechangeinoccupiedunitsfromoneperiodtothenext,recognizedatthetenantmove-indate.Source:CBREResearch,CBREEconometricAdvisors,Q32026.

FIGURES|PUGETSOUNDMULTIFAMILY|Q32026

4CBRERESEARCH©2026CBRE,INC.

FIGURE6:MonthlyRentalPaymentandMonthlyHomeownershipCost

MonthlyHomeownershipCostApartmentRent

$7,000$6,000$5,000$4,000$3,000$2,000$1,000$0

*Monthlyhomeownershipcostwasderivedfromthemediansingle-familyhomeprice,witha10%downpayment,andcurrent30-yearfixedmortgagerate.

FIGURE7:MedianHouseholdIncomeandNationalComparison

MedianHouseholdIncomeAverageMonthlyRentPerUnit

$140,000

$120,000

$100,000

$80,000

$60,000

$40,000

$20,000

$0

$2,500

$2,000

$1,500

$1,000

$500

$0

201820192020202120222023202420252026

SeattleMSANationalSeattleAvg.RentEANationalAvg.Rent

-HomeownershipintheSeattlemetroareacostsan

averageof2.34timesasmuchasrentingasofQ32026,orabout$5,293permonth,comparedwithanaveragerentof$2,265perunitpermonth.

-Theaffordabilitygapnarrowedslightlyfromthe2.41

multiplerecordedinQ32025,buthighmortgageratesandlimitedfor-saleinventorycontinuetokeepmany

householdsrenting.

-Seattle’sMSAmedianannualhouseholdincomeof$118,610exceedsthenationalmedianannualhouseholdincomeof$87,290,adifferenceof36%.

-TheSeattleMSArent-to-incomeratiocomesinatroughly

22.9%vs.anationalrent-to-incomeratioof31.4%,basedonthesurveyedmajormultifamilymetros.

-At$2,265perunitpermonth,averageSeattle-arearents

remainedwellbelowWestCoastpeerssuchasSan

Francisco($4,180),LosAngeles($2,913)andSanDiego($2,895).

*EA’snationalaveragerentisaweightedcalculationofthe69largestmultifamilymarketsintheUS.

Source:CBREResearch,OxfordEconomics,CBREEconometricAdvisors,FreddieMacPrimaryMortgageMarketSurvey,Q32026.

FIGURES|PUGETSOUNDMULTIFAMILY|Q32026

5CBRERESEARCH©2026CBRE,INC.

FIGURE8:2025-2026AnnualPopulationGrowthamongthe15MostPopulousMSAsinUS

1.5%

1.0%

0.5%

0.0%

-0.5%

-1.0%

Source:CBREResearch,OxfordEconomics,Q32026.

FIGURE9:NotableTransactions

PropertyName

City

Units

YearBuilt

Price

SalePrice($/Unit)

SalePrice($/SF)

SaleDate

WindsorNorthCreek

(FormerlyKnownAs-GriffisNorthCreek)

Bothell

524

1999

$195,000,000

$372,137

$446

Sep-26

IslandSquare

MercerIsland

235

2007

$157,000,000

$668,085

$636

Jul-26

Arrivé(ApartmentOnly)

Seattle

344

2019

$155,000,000

$450,581

$570

Aug-26

BoulderCreek

Sammamish

204

2002

$102,000,000

$500,000

$449

Sep-26

LangaraApartments&Townhomes

Issaquah

134

2001

$55,100,000

$411,194

$395

Jul-26

ChambersReserve

Lacey

125

2023

$53,000,000

$424,000

$244

Sep-26

Woodcreek

Lynnwood

164

2000

$53,000,000

$323,171

$318

Aug-26

Source:CBREResearch,CBREPNWMultifamily,Q32026

FIGURES|PUGETSOUNDMULTIFAMILY|Q32026

6CBRERESEARCH©2026CBRE,INC.

3,000

2,500

2,000

1,500

1,000

500

0

FIGURE10:TransactionVolume

$Volume

TotalVolume($)TotalUnitsSold

Source:MSCIRealCapitalAnalytics,CBREResearch,Q32026.

Units

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

FIGURE11:PugetSoundTrailingAverageSalePriceperUnitvs.PrimeCapRate

$400,000

$350,000

$300,000

$250,000

$200,000

$150,000

$100,000

AverageSalePrice/UnitPrimeGoing-inCapRate(%)PrimeGoing-OutCapRate(%)

8%

7%

6%

5%

4%

3%

2%

InvestmentSales

-MultifamilysalesinthePugetSoundregiontotaled$4.1billionintrailing12-monthinvestmentvolume,including$1.5billioninQ32026alone.

-Anestimated5,139multifamilyunitstransactedthisquarter.

-Thetrailing4-quarteraveragesalespriceperunitfellto$288,176inQ32026,downroughly$1,714perunitfromthe$289,890trailingaveragerecordedinQ22026.

-Bothgoing-inprimecapratesandexitcapratesexpandedby25bpsto4.75%and5.00%,

respectively.

*EstimatesarebasedonopinionoflocalCBREInvestmentprofessionals.Source:MSCIRealCapitalAnalytics,CBREResearch,Q32026.

FIGURES|PUGETSOUNDMULTIFAMILY|Q32026

7CBRERESEARCH©2026CBRE,INC.

FIGURE12:MarketStatisticsbySubmarket

SUBMARKET

Inventory

(Units)

VacancyRate

(%)

Quarterly

NetAbsorption

(Units)

Avg.Rent

($/Unit)

Avg.Rent

($/SF)

YoYRent

Growth(%)

YTDNet

Absorption

(Units)

YTDDeliveries

(Units)

Close-inSeattle(Belltown,Downtown,PioneerSquare,DennyTriangle)

32,830

5.1

71

2,920

3.86

1.5%

345

-

SouthLakeUnion/QueenAnne/Interbay/Magnolia

28,411

5.3

288

2,802

3.75

-0.3%

463

201

CapitolHill/Eastlake/FirstHill/YeslerTerrace/Central

43,320

5.8

869

2,107

3.40

-2.3%

1,137

256

UniversityDistrict/Greenlake/Wallingford/Fremont/Ballard

43,204

5.6

(95)

2,351

3.72

1.0%

572

407

NorthSeattle/Shoreline

25,113

6.1

(15)

1,974

2.54

-2.1%

1,159

893

WestSeattle/SouthSeattle

21,932

5.9

20

2,182

3.16

1.7%

383

329

Seattle

194,810

5.6

1,138

2,391

3.45

-0.1%

4,059

2,086

Redmond

19,852

4.4

480

2,566

3.01

2.2%

891

693

Bellevue/Issaquah/Newcastle

32,922

4.7

(29)

2,759

2.99

-0.5%

632

376

Kirkland/Bothell/Woodinville

27,274

4.6

(148)

2,408

2.69

0.1%

859

642

Eastside

80,048

4.6

303

2,591

2.89

0.3%

2,382

1,711

Everett

28,558

5.1

65

1,939

2.24

0.3%

370

223

Lynnwood/Edmonds/Mukilteo

22,506

4.7

(23)

2,067

2.42

-0.3%

441

379

SnohomishCounty

51,064

4.9

42

1,996

2.32

0.0%

811

602

SeaTac/Burien

16,209

4.9

356

1,881

2.32

2.7%

443

289

Renton

15,248

4.7

(14)

2,181

2.40

1.7%

108

-

FederalWay/DesMoines

16,155

3.9

(7)

1,825

2.12

-0.9%

401

426

Kent/Auburn

25,361

4.5

(20)

1,924

2.17

-0.4%

268

-

SouthKingCounty

72,973

4.5

315

1,946

2.24

0.6%

1,220

715

SouthTacoma/UniversityPlace

10,559

5.3

94

1,731

2.04

-0.5%

373

343

NorthTacoma

21,852

4.7

111

1,837

2.52

0.3%

514

129

EastPierceCounty

13,140

4.9

171

1,937

2.09

-0.2%

178

232

SouthwestPierceCounty

17,600

4.7

291

1,692

2.05

0.2%

706

767

PierceCounty

63,151

4.9

667

1,800

2.20

0.0%

1,771

1,471

PUGETSOUND

462,046

4.9

1,945

2,265

2.76

0.2%

9,931

6,585

*Note:Thevacancyrateinthistablerepresentsthevacancyrateofstabilizedunits.Source:CBREResearch,CBREEconometricAdvisors,Q32026

FIGURESIPUGETSOUNDMULTIFAMILYIQ32026

MarketA