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Puget Sound multifamily rent growth shifted positive in the first quarter

An overhang of supply led to the slowest increase in years
CoStar Analytics
April 3, 2025 | 8:42 P.M.

Preliminary first-quarter data shows that the average apartment rent in the Seattle metropolitan area grew slower in the first quarter than it had over the past few years. Easing vacancy has led to less competition for renters, keeping rent growth positive in the first part of the year. On the flip side, there is still a significant overhang of supply to work through, keeping concessions high and slowing the first-quarter rent growth to its lowest level since the COVID-19 pandemic.
 

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