The Spokane Multi Family sales market is seeing an influx of inventory, compared to the amount of sales. After a steady start to the year, the spring data signals a dramatic shift in momentum. YTD, we have seen a 2/1 ratio of multi family properties hitting the market vs those that have sold. Compared to YTD 2025, there have been 200 Spokane multi family properties that have hit the market, compared to 63 in 2025, a 320% increase!
We are seeing an increase in long term Spokane investors pulling the trigger on liquidating their Spokane rental properties, citing increased government regulations like HB 1217, known as the rent control legislation and local Spokane municipalities increasing city and county oversight.
📈 Multi-Family Market Surges Then Settles Following steady sales in January (10 units) and February (11 units), March proved to be a powerhouse month with multi-family volume nearly doubling to 21 closed sales. The momentum was short-lived as April saw sales volume settle back down to 14 units. This is comparable to 2024 sales YTD. The concern we are seeing in the Spokane Rental Market Sales is the amount of inventory coming to market is 2x the sales over the same period of time. Meaning the increase in inventory is softening sales. In fact, in reviewing the YTD sales, a significant number of the sales are selling below 90% of their asking price, which indicates a softening market.
📉 Duplexes See a slow down Two-unit duplex sales completely mirrored the broader market's wild ride. After maintaining a highly consistent baseline of 7 units in both January and February, March saw a massive spike, rocketing to 18 units closed. In the same period, 73 duplexes have hit the market. Over a 2 to 1 ratio of new listings vs closings. April’s ratio of listings/sales softened even more by a 4 to 1 ratio.
The Bottom Line: Increase in local government oversight and statewide legislation are promoting an unfavorable Spokane landlord environment. Based on my daily conversations with Spokane investors, I would estimate a continuance of available inventory to outpace the sales. The amount of investors willing to sell multi family, far exceeds what’s currently on the market. Its common for landlords to start selling pieces of their portfolio, with the plan to sell their entire portfolio over the coming years.
The supply/demand curve favors buyers, with properties selling far below asking price on average, and CAP rates in the 7-9% range, depending on condition and location.
🔗 Cobalt Property Management is providing existing clients and prospective clients with a detailed Rent vs Sell report that provides the data Spokane landlords are looking for to make an educated decision on when/how to liquidate their portfolio. Find us at https://www.rentcobalt.com/rent-sell-calculator to complete your own assessment
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