Kidder Mathews’ multifamily team, led by Dylan Simon and Jerrid Anderson, has released its third-quarter market research on the Seattle and Puget Sound apartment markets.

Although sales volume was up quarter-over-quarter, the first half of the year saw an over 50% drop from previous averages. Meanwhile, rental rates across the region remain largely flat with some markets showing 2% to 3% growth compared to the last quarter — but still posted declines compared to 12 months ago.

“The attractiveness of Puget Sound — for both employees and employers — keeps the market afloat as far as jobs and incomes are concerned. At the same time, apartment investors continue to wait to find a bottom, which massively affects sales volume,” said Simon. The report analyzes current market trends and 17 years of historical data for rental and vacancy rates and sales across the four major Western Washington counties: King, Pierce, Snohomish, and Kitsap.