Seattle / Bellevue Multifamily Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Cushman & Wakefield, Kidder Mathews, Colliers
Quarterly multifamily market indicators for Seattle / Bellevue, aggregated by CREhunt from Cushman & Wakefield, Kidder Mathews, Colliers. As of Q2 2026, vacancy was 23.7%, per Cushman & Wakefield.
Projected current multifamily pricing — Seattle / Bellevue
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Seattle / Bellevue multifamily yet, so this applies the typical cap rate across comparable multifamily markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q4 2023 multiple brokerages asking-rent data (benchmark cap rate 5.1%–6.0%, asking rent held flat). Assumes ~92% occupancy (vacancy not reported) and a 52–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Cushman & Wakefield | — | 23.7% | 0 SF | 18K SF | Cushman & Wakefield |
| Q2 2026 Kidder Mathews | — | 6.7% | 4K SF | 19K SF | Kidder Mathews |
| Q1 2026 Cushman & Wakefield | — | 3.9% | 0 SF | 17K SF | Cushman & Wakefield |
| Q4 2023 Colliers | — | 9.8% | 659K SF | — | Colliers |
| Q4 2021 Cushman & Wakefield | — | 4.7% | 4 SF | — | Cushman & Wakefield |
| Q3 2021 Cushman & Wakefield | — | 4.7% | 3 SF | — | Cushman & Wakefield |
Frequently asked questions
- What is the average asking rent for multifamily space in Seattle / Bellevue?
- CREhunt aggregates multifamily asking-rent data for Seattle / Bellevue from major brokerage market reports; see the quarterly table for the latest available figures.
- What is the multifamily vacancy rate in Seattle / Bellevue?
- The multifamily vacancy rate in Seattle / Bellevue was 23.7% as of Q2 2026 (Cushman & Wakefield).
- Where does CREhunt's Seattle / Bellevue market data come from?
- This report aggregates quarterly multifamily market data for Seattle / Bellevue from Cushman & Wakefield, Kidder Mathews, Colliers.