Seattle Apartment Cap Rates Climb to 5.7%, Highest Since at Least 2018, as Prices Sit 29% Below 2019 Peak

Seattle's average apartment cap rate rose nearly a full percentage point in a year to 5.7 percent in the second quarter of 2026, the highest figure in Kidder Mathews' Seattle data going back to 2018, even as dollar volume rebounded and later figures from the firm show pricing climbing in the third quarter.