While flat at the regional level, some Puget Sound submarkets see large rent growth swings

Last year, the Puget Sound region's apartment market saw a rapid pullback in demand in the second half, driven by a weaker job market and slower immigration. Absorption — the net change in occupied units — came in at about 2,600 units over the second half of 2025, about half the number absorbed for the same six-month period in 2024.