Key Takeaways
- Bellevue’s multifamily pipeline jumped 19% year-over-year, delivering over 2,800 new units.
- Occupancy remains strong at 94.1%, supporting stable rental income and rent growth.
- Investors are targeting both Class A and value-add mid-market properties for buy-and-hold plays.
Bellevue, WA — Bellevue’s multifamily market is heating up fast this spring, with developers rushing to meet surging leasing demand across downtown and the Eastside.
According to the latest report from Kidder Mathews, over 2,800 new apartment units are either under construction or recently delivered in Bellevue—a 19% jump compared to last year.
As job growth stabilizes and tech layoffs appear to slow, young professionals and relocating families are pouring back into the rental market, creating fresh momentum for both Class A and mid-market multifamily assets. This renewed interest in rental properties is driving up prices and fueling competition among prospective tenants. Additionally, as employers continue to adapt to hybrid work models, cities like Boise are seeing notable shifts in housing demand. The latest reports on boise housing demand trends indicate a clear preference for rental units that offer modern amenities and convenient access to urban centers. This increased demand is driving competition among renters, leading to rising prices and a tightening market. In particular, Tampa multifamily rent trends reflect this shift, as landlords respond to heightened interest with price adjustments. As a result, the overall rental landscape is becoming increasingly dynamic, benefiting property owners and investors alike.
Developers Double Down on New Projects
Leading the charge are projects like Avenue Bellevue, The Eight, and the Spring District expansions.
Several mid-rise developments are also filling in surrounding neighborhoods like BelRed and Crossroads, targeting renters priced out of Seattle but still craving high-end amenities and strong connectivity.
Bellevue Multifamily Market Metrics – April 2025:
- Units Under Construction/Recently Delivered: 2,800+
- Average Effective Rent: $2,440/month
- Occupancy Rate: 94.1%
- Top Growth Areas: Downtown Bellevue, BelRed, Spring District, Crossroads
Investor Strategies: Class A and Mid-Market Focus
For real estate investors, Bellevue’s multifamily surge offers two clear lanes of opportunity.
First, prime Class A properties are stabilizing quickly, offering reliable income with modest rent growth.
Second, there’s strong value potential in mid-market properties where light upgrades can yield healthy rent premiums without chasing luxury trends.
Despite ongoing regulatory conversations around rent control at the state level, Bellevue’s pro-growth policies and expanding transit access continue to make it one of the safest multifamily bets in the Northwest.
Assessment
Bellevue’s multifamily market is firing on all cylinders as spring demand surges.
For investors, the combination of rising leasing activity, limited inventory pressure, and strong tenant fundamentals makes this a prime window for acquisition and repositioning.
In a regional market facing headwinds in other sectors, Bellevue’s multifamily momentum stands tall, and smart money is already moving in to capture it.
3 Responses
Anyone else think Bellevues boom is a bubble waiting to burst? Investors focusing on Class A seems a bit risky, no?
While the Bellevue boom is exciting, arent we worried about over-saturation? Too many new projects could lead to a glut, then what? Just a thought.
Is this Bellevue boom sustainable, or are we just creating another real estate bubble? Investors need to play it smart, not hard.