Occupancy Inches Up Amid High Supply Wave
Seattle’s multifamily fundamentals posted steady performance in 2024, as per the latest Yardi Matrix Seattle multifamily market report. Despite pressure from new supply and job growth registering below the U.S. average, year-over-year average advertised asking rent growth was up 1.8% in December, to $2,216, well above the 0.6% U.S. figure, according to the national multifamily market report. Meanwhile, the occupancy rate in stabilized properties rose 20 basis points year-over-year through November, to 95.4%, in both segments.
Seattle job growth was slow, up 0.9%, or 17,700 jobs, year-over-year through November, 40 basis points below the national rate. Meanwhile, unemployment stood at 4.1%, 10 basis points below the U.S. average and 50 basis points behind the state rate. Sectors leading job gains included education and health services (8,300 jobs) and government (6,500 jobs). Another four sectors lost a combined 3,300 jobs, led by information (-2,500 jobs). Several projects across the metro reached milestones, including Swedish Health System’s $1.3 billion North Tower project and the University of Washington Medicine Center for Behavioral Health and Learning, which opened a new teaching hospital.
Deliveries reached a new decade high in 2024, totaling 12,351 units, while the pipeline had 21,419 units under construction in December. Meanwhile, $2.1 million in multifamily assets traded in 2024, for a per-unit price that dipped 0.3%, to $321,115.
Read the full Yardi Matrix Seattle Multifamily Market Report February 2025
Add Comment