Demand drove rent growth up in Seattle, according to Yardi Matrix’s November report, with advertised asking rents up 1.2 percent year-over-year to $2,216, outperforming the 0.9 percent U.S. rate as of September.
The occupancy rate also rose, up 20 basis points to year-over-year 95.5 percent, as construction moderated.
Occupancy is also healthy as new construction is absorbed.
“Seattle’s multifamily fundamentals maintained generally healthy performance in 2024, despite ongoing challenges in the financial landscape,” the report says:
- Seattle employment was good, up 1.1% in the past 12 months.
- Nearly half of the 27,600 jobs added during the first seven months of 2024 were registered in the education and health services sector.
- Apartment construction delivered 8,758 units in 2024 through September and had another 22,846 units under construction.
- Investment activity surpassed last year’s total, amounting to $1.3 billion, with the per-unit price dropping below the $300,000 mark.
Rent growth across the metro
Year-over-year through September Seattle rent growth was positive in 28 of the 53 submarkets tracked by Yardi Matrix. Bellevue–West (up 4.0% to $3,052), Issaquah (up 4.9% to $2,810) and Belltown (up 2.3% to $2,765) were the most expensive.
Overall, 28 submarkets had average advertised asking rents above the $2,000 mark. The largest rent declines were reported in Burien (-2.1% to $1,792) and Greenlake/Wallingford (-2.0% to $2,180).
Read the full report at https://www.yardimatrix.com/Publications
About Yardi Matrix
Yardi Matrix researches and reports on multifamily, office and self-storage properties across the United States, serving the needs of a variety of industry professionals. Yardi Matrix Multifamily provides accurate data on 18+ million units, covering more than 90 percent of the U.S. population. Contact the company at (480) 663-1149.
