Based on Costar’s report for 2024, Spokane rental vacancy rates for apartments are trending significantly higher than we have seen since 2011. 2024 ended with a 5.9% vacancy rate for Spokane multi-family properties, and 2025 is continuing that trend, with YTD 2025 seeing a rate of 8.5%. While Q1 tends to be softer and market demand typically increases in Q2 or Q3, we expect to see vacancy rates for Spokane rentals continue to outpace 2024.

Source: https://www.skrerc.com/

Breaking down the Spokane metro market: North Spokane has the highest vacancy rate of 12.8%, almost 3x the vacancy rate of South Spokane, which is currently 4.4%. Spokane Valley comes in slightly above the average at 6.5%.

As we are seeing hundreds of additional apartment units being completed in 2025, we expect to see vacancy rates stay higher than normal as Spokane apartment landlords increase tenant incentives and the flattening of rental rates.