This Spokane County multifamily market update for May 2026 highlights recent regulatory changes, interest rate trends, and housing affordability factors impacting multifamily owners and investors throughout the region.
SPOKANE COUNTY MULTIFAMILY MARKET UPDATE – AROUND TOWN
1.
Within Spokane city limits, a new law called Ordinance C36808 will go into effect on June 1, 2026. Before filing an eviction for unpaid rent, landlords will be required to participate in the City’s eviction prevention program. This program is expected to be free, although the City is expected to release additional details and guidance on its implementation.
2.
At its April 28-29, 2026 meeting, the Federal Reserve kept interest rates unchanged as inflation and broader economic uncertainty continue to persist. As shown in the chart below, the 10 Year Treasury, which serves as a key benchmark for multifamily loan interest rates, has historically traded at levels well above where it stands today. While rates feel elevated compared to the unusually low levels seen in recent years, current interest rates remain relatively normal from a long term historical perspective. Because inflation remains above the Federal Reserve’s target, meaningful decreases in interest rates are not expected in the near future, and multifamily loan rates are therefore likely to remain relatively stable. At this point, buyers and sellers should make decisions based on current market conditions rather than waiting for substantially lower interest rates.
3.
High home prices and elevated mortgage rates have made renting significantly more affordable than owning for many households, helping keep rental demand strong. Even with the large amount of new apartment supply delivered over the past five years, the affordability gap between renting and owning has allowed the multifamily market to continue absorbing units at a healthy pace nationwide. As shown in the charts below, owning was often less expensive than renting in 2020 when mortgage rates were around 3%. Today, with mortgage rates generally in the 6% to 7% range, renting is the more affordable option. In 2026, the average monthly mortgage payment nationwide is approximately $2,390 compared to an average monthly rent of $1,781, a difference of $609 per month.
MARCH SALES
| Mission Apartments | 1518 W Mission Ave, Spokane | 6 | 1904 |
| 5th Avenue Apartments | 2128 W 5th Ave, Spokane | 5 | 1900 |
| 11th Avenue Apartments | 1412 W 11th Ave, Spokane | 9 | 1962 |
| River City Apartments | 2513 N Regal St, Spokane | 30 | 2023 |
| Union Apartments | 5312 E Union Ave, Spokane | 8 | 1912 |
| Adams Apartments | 801 S Adams St, Spokane | 15 | 1947 |
| Barker Apartments | 304 E Barker, Medical Lake | 10 | 1966 |
| Carlisle Apartments | 515 E Carlisle Ave, Spokane | 3 | 1961 |
LISTING OF THE MONTH
SPOKANE 29 UNIT PORTFOLIO
$2,640,000 | 29 UNITS
FEATURED LISTINGS
BOONE APARTMENTS & MINI STORAGE
UNDER CONTRACT!
$1,350,000 | 8 UNITS
SIXTH AVENUE APARTMENTS
$699,000 | 6 UNITS
CARLISLE APARTMENTS
JUST SOLD!
ASH APARTMENTS
$550,000 | 7 UNITS
HOGAN DUPLEX AND STORAGE UNITS
$425,000 | 4 UNITS
QUEEN APARTMENTS
$395,000 | 8 UNITS
For a monthly comparison, see our Spokane County Multifamily Market Update – April 2026.
For broader rental market context, national vacancy data can be reviewed here. 👉 Rental Vacancy Rate in the United States
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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. Jordan began his real estate career as a broker’s assistant for three years with SVN Cornerstone, which gave him valuable knowledge and experience to jumpstart his career as a broker. To get in touch with Jordan, email jordan.lester@svn.com or call 509.496.6922