Renter demand remains robust in Seattle, with Q2 2025 absorption of 4,558 units, marking the second-strongest second-quarter performance in the past decade and the eighth consecutive quarter or rising demand.
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Despite record-high deliveries over the past 12 months (15,091 units), steady absorption has kept market conditions balanced, while a shrinking construction pipeline suggests additional supply-side relief is upcoming.
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Rent growth has reaccelerated to 1.5% annually, its strongest pace since mid-2022, as occupancy improves to 94.6% and tightens further in high-demand submarkets like Bellevue and Gig Harbor.
