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Market Report

Seattle-Tacoma Multifamily Market Report

3Q 2021

Young Tech Workers Drive Demand;
New Supply Pressures Urban Core

Seattle’s multifamily outlook remains bright. Ample opportunities in the region’s tech industry are attracting Gen Z and millennial workers to the market. The prime multifamily renter cohort, ages 20 to 34, accounts for nearly a quarter of the metro’s population, and it’s expected to expand at five times the national rate next year. Meanwhile, the median home price in the metro has increased by 27 percent over the past year, which has created challenges for young adults to become homeowners. Instead many are taking advantage of the additional flexibility and opting to rent, especially upper-tier apartments in the suburbs. Class A vacancy in Southwest Pierce County, East Pierce County and Redmond was at least 220 basis points below the metro average.
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