MARKET SNAPSHOT

Seattle q1 2025

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AVERAGE RENT

$2,051 Q1 2025

OCCUPANCY RATE

94.2% Q1 2025

QUARTERLY NET ABSORPTION

3,512 Q1 2025

ANNUAL RENT CHANGE

1.3% Q1 2025

ANNUAL OCCUPANCY CHANGE

-20 BPS Q1 2025

QUARTERLY COMPLETIONS

4,018 Q1 2025

KEY TAKEAWAYS

Net absorption in Q1 2025 reached 3,512 units, the second-highest first quarter level ever recorded in Seattle and 30% higher than last year, highlighting robust renter demand despite elevated new supply.

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Annual rent growth continued to moderate due to new competition, settling at 1.3% in Q1. However, it remains close to the national average, with improvement anticipated in the short-term as construction activity slows rapidly.

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The average occupancy rate of 94.2% is slightly below the market's 10-year average but has shown minimal volatility—just a 30 bps change since late 2022—indicating overall market stability.

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