Seattle apartment rents are still rising year over year, but only modestly. Kidder Mathews’ Q3 2026 Seattle series puts average asking rent at $2,041 per unit per month, up 1.1% from a year earlier and slightly below Q2 2026. In the same series, vacancy eased and fewer apartments were delivered or remained under construction. The figures point to a market settling into slower rent growth—not a rent freeze or a uniform weakening across every segment.
Are Seattle apartment rents going up or down?
They are up year over year, though the latest quarter’s figure was a little lower than the prior quarter. Kidder Mathews Research Group, using CoStar data, reported average Seattle asking rent of $2,041 per unit per month in Q3 2026, 1.1% higher than in Q3 2025. Its Q2 2026 figure was $2,053, so the Q3 figure was slightly lower sequentially.
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That distinction matters: a small quarter-to-quarter dip does not cancel out annual growth. “Stabilizing” describes modest growth and a relatively steady level, not rents being flat or falling across the board.
What changed in construction and vacancy?
Kidder Mathews’ Q3 2026 Seattle series shows fewer recent completions and a smaller active construction pipeline than a year earlier, alongside a modestly lower vacancy rate.
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| Measure | Seattle figure | Change and period |
|---|---|---|
| Average asking rent | $2,041 per unit per month | Up 1.1% year over year; slightly below Q2 2026’s $2,053 |
| Multifamily vacancy | 6.6% | Down 0.4 percentage points year over year from 7.0% |
| Units delivered | 6,906 year to date through Q3 | Down 38.4% from 11,212 in the same period of 2025 |
| Units under construction | 19,059 in Q3 | Down 6.9% year over year from 20,469 |
These figures are from Kidder Mathews Research Group’s Q3 2026 Seattle multifamily report, which identifies CoStar as the underlying data source. Deliveries are completed units; units under construction are an active pipeline count. Neither figure is a count of permits.
Why might rents stabilize as construction slows?
Apartment rents reflect the balance between available homes and renter demand, as well as the mix and location of units being measured. A large wave of completions can add supply faster than renters absorb it, putting pressure on vacancy and rent growth. When fewer units are completed, that source of new supply may ease over time. But a year-over-year decline in construction does not by itself prove that slower building caused a particular rent change: demand, existing vacancies, concessions, and property mix also matter.
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HUD’s July 2025 Seattle-Bellevue-Kent profile describes an earlier phase of that cycle: deliveries had outpaced absorption since 2022, vacancy had risen, and rent growth had slowed. By Q2 2025, the region’s average monthly rent was $2,168, up 2% year over year, and HUD noted stronger recent absorption. That is regional historical context, not the same geography or rent series as Seattle’s Q3 2026 asking-rent figure. See the HUD PD&R Seattle-Bellevue-Kent profile.
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How do other recent rent estimates compare?
Other providers offer useful context, but their figures should not be combined into a single average or treated as direct contradictions. They cover different periods, geographies, and rent definitions.
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| Source and period | Published measure | How to interpret it |
|---|---|---|
| CBRE, Q2 2026; published August 5, 2026 | 95.4% occupancy and $2,250 average rent per unit per month; rent up 1.6% quarter over quarter | A different provider and period from Kidder Mathews’ Q3 asking-rent series. CBRE Seattle Multifamily Figures. |
| Yardi Matrix, data through May 2026; published July 15, 2026 | $2,226 average advertised asking rent, up 0.2% on a trailing three-month basis | A separately defined advertised-rent measure and data window. Yardi Matrix Seattle report. |
| HUD PD&R, Q2 2025; published July 1, 2025 | $2,168 average monthly rent and 7.3% vacancy for Seattle-Bellevue-Kent; rent growth of 2% year over year | Older regional context, not a current Seattle city-market estimate. HUD profile. |
Asking rent, average rent, and effective rent are not interchangeable. Provider coverage and definitions can differ, including treatment of unit mix and concessions. Occupancy and vacancy are related, but their figures may not be exact complements when datasets or definitions differ.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the construction slowdown does—and does not—show
The Q3 2026 figures establish that Seattle had fewer year-to-date deliveries and fewer units under construction than in the comparable year-earlier measures. They do not establish that the city has stopped building, that all neighborhoods face the same supply conditions, or that future rents will rise by a particular amount.
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Regional pipeline numbers also need their geography kept clear. Colliers reported 16,551 units under construction across Puget Sound in Q2 2026, including 2,544 in Downtown Seattle and 2,489 in University District/Ballard. Those are regional and submarket counts, not an alternative citywide total for Kidder Mathews’ Q3 series. See Colliers’ Q2 2026 Puget Sound multifamily report.
Likewise, a specialized affordable-housing vacancy measure should not be read as the vacancy rate for Seattle’s full apartment market. Seattle’s Office of Housing reported 5.1% vacancy in 2025 among City-funded buildings operated by six large affordable-housing providers, compared with 5.9% in the private market in that defined comparison. The portfolio and comparison are narrower than a citywide commercial multifamily series. Details are in the Seattle Office of Housing’s 2025 vacancy report.
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What renters and builders should watch next
- Rents within a consistent series: Compare later Seattle quarters with Kidder Mathews’ own figures to distinguish annual growth from quarter-to-quarter movement.
- Completions versus the pipeline: Deliveries show units entering the market; units under construction indicate potential future supply, not guaranteed completion dates.
- Vacancy and absorption together: A lower vacancy rate alongside modest rent growth suggests conditions have tightened somewhat, but it does not reveal how every neighborhood or price tier is performing.
- Geography and rent definition: Check whether a new figure covers Seattle, a broader regional market, advertised asking rents, or another measure before comparing it with city data.
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