The Seattle and Portland metropolitan areas both experienced a sharp pullback in apartment demand over the past year. After peaking in the first half of 2025, 12-month trailing absorption — the net change in occupied units — is on track to fall by more than half in both regions.
CoStar Insight
Seattle and Portland apartment markets experience a slowdown
Multifamily completions peaked last year, but vacancies remain elevated as leasing slows
CoStar Analytics
May 7, 2026 | 6:14 P.M.
RELATED ARTICLES
This news story is available exclusively to CoStar subscribers.
Watch the video to learn how you can access industry leading CRE news and the data analytics you need to drive success.
This news story is available exclusively to CoStar subscribers.
Ready to Learn More?
Sign Up For a Personalized Demo.
Sign Up For a Demo To Learn More.
Already A Subscriber? Sign In