Puget Sound’s apartment market is moving off the sidelines as pricing clarity and steadier fundamentals support increased activity, according to a recent report by Kidder Mathews.

While performance remains uneven by submarket, 2025 reflected a post-reset environment defined by disciplined underwriting and selective growth. “Across the Puget Sound, the apartment market is settling into a more functional recovery characterized by improving transaction activity and largely stable operating fundamentals,” said Simon, Executive Vice President.

Key insights from the report produced by Kidder’s multifamily team, led by Dylan Simon and Jerrid Anderson, include that average rents reached $2,032 in Q4 2025, rising 1% year-over-year despite a modest 1% quarter-over-quarter dip, signaling stable but measured pricing momentum. Vacancy in Q4 remained at 7.4% year-over-year, up 10 basis points from Q3, reflecting steady absorption amid ongoing supply deliveries and a competitive leasing environment heading into 2026.