Apartment owners, buyers, and sellers should stay informed about ongoing Spokane County multifamily construction projects to anticipate potential impacts on vacancy rates, especially for properties nearby.
Currently, only 879 apartment units are under construction in Spokane County, compared to 2,053 units delivered in 2024 and 1,699 in 2023.
So far this year, 703 units have been delivered, with another 358 expected by year end, marking a significant decline from the previous two years.
Vacancy rates, which peaked at over 9% in Q3 of 2024, have since declined to 7.2% and are expected to continue normalizing toward a typical range of 5–6% heading into 2026.
Largest Multifamily Projects Under Construction
Below is a list of the five largest multifamily projects currently under construction in Spokane County, highlighting where development remains active even as new starts slow.
Property: Mirabeau Place
Address: 2605 N Robie Rd, Spokane Valley, WA 99206
Submarket: Mirabeau
Developer: Whitewater Creek Inc.
Units: 322
Expected Completion Date: December 2025
Property: Koz on West 4th Avenue
Address: 308 W 5th Ave, Spokane, WA 99204
Submarket: Cliff Cannon
Developer: Koz Development
Units: 210
Expected Completion Date: October 2026
Property: The James (Motel Conversion)
Address: 1503 S Rustle St, Spokane, WA 99224
Submarket: West Spokane
Developer: Fortify Holdings
Units: 140
Expected Completion Date: February 2025
Property: Peyton Building (Office Conversion)
Address: 10 N Post St, Spokane, WA 99201
Submarket: City Center Spokane
Developer: Jordan Tampien
Units: 96
Expected Completion Date: May 2026
Property: Thrive International Apartments
Address: 6980 N Nevada St, Spokane, WA 99208
Submarket: Nevada Lidgerwood
Developer: Millennium Northwest
Units: 48
Expected Completion Date: March 2027
The slowdown in Spokane County multifamily construction may help bring the market back into balance. As fewer units enter the pipeline, existing properties could see stronger occupancy and steadier rent growth. Owners and investors watching new development can better anticipate supply shifts and identify opportunities in submarkets where projects remain limited.
For recent sales activity and pricing data, explore my 2025 Q3 Spokane Multifamily Sales Quick Statistics Snapshot!
Stay up to date on additional Spokane County development news from the Spokane Journal of Business Real Estate section.
Jordan Lester, CCIM, MBA specializes in advising clients with the acquisition and disposition of multifamily investment properties. With a primary focus in Spokane County and an expert understanding of the latest market trends, Jordan is committed to maximizing his client’s financial goals to achieve their real estate objectives. To get in touch with Jordan, email jordan.lester@svn.com or call 509.496.6922