This Spokane County multifamily market update for April 2026 highlights recent policy developments, leasing strategies, and current market insights.
SPOKANE COUNTY MULTIFAMILY MARKET UPDATE – AROUND TOWN
1.
A proposed Spokane ordinance would require rental units to maintain bedroom temperatures at or below 80 degrees, with a City Council vote expected in May or June 2026. If passed, this could create added capital and operating costs for owners, especially older properties without existing cooling systems.
2.
A valuable insight I recently gained from a local property management company: Structure lease expirations in the spring or summer, when leasing activity is strongest. Units leased during these peak months can achieve roughly $50 to $100 higher rents and shorter vacancy periods, and while traditional annual leases still work well, aligning expirations with peak seasons can further enhance net operating income.
3.
Our 2026 Spokane County Multifamily Market Report is now available, along with SVN’s National Multifamily State of the Market Report—both offering insight into current conditions and trends:
2026 Spokane County Market Report
SVN Multifamily National Market Report
MARCH SALES
| Baldwin Apartments | 318 E Baldwin Ave, Spokane | 5 | 1980 |
| Boone Apartments | 1302-1308 E Boone Ave, Spokane | 16 | 1901 |
| River Court Apartments | 3001 E Upriver Dr, Spokane | 21 | 1979 |
LISTING OF THE MONTH
THE HOWARD BUILDING
$1,800,000 | 42 UNITS | $42,857 PER UNIT | 9.01% CAP RATE | 17.73% CASH ON CASH RETURN
AVAILABLE LISTINGS
FELTS TOWNHOMES
UPDATED PRICE!
$3,095,000 | 12 UNITS
EASTSIDE ESTATES
UPDATED PRICE!
$1,495,000 | 5 UNITS
LAKE CDA APARTMENTS
UNDER CONTRACT!
SPOKANE 32 UNIT PORTFOLIO
$3,090,000 | 32 UNITS
UNION APARTMENTS
UNDER CONTRACT!
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 – March 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