Coeur d’Alene Multifamily Market Report — Q2 2026
As of the close of Q2 2026, Coeur d’Alene’s multifamily vacancy fell to 6.8% (down ~280 bps year over year), market asking rent reached $1,619/month (+0.9% YoY), and about $17.6M in apartments traded at a 6.2% cap rate. Demand absorbed ~570 units against just 47 delivered, and the construction pipeline has thinned to ~225 units — the setup for continued vacancy compression through 2026.
Coeur d’Alene Multifamily Market Report — Q2 2026
Coeur d’Alene’s apartment market spent the last two years digesting a wave of new supply. As of the close of Q2 2026, that work is paying off. Multifamily vacancy has fallen to 6.8%, down roughly 280 basis points from about 9.6% a year ago, and it now sits below both Spokane’s 7.5% and the national figure near 7.2%. Rents are holding with modest growth, the construction pipeline has gone quiet, and demand is outrunning new deliveries by a wide margin. This is not a boom — it is a market quietly rebalancing.
Coeur d’Alene Multifamily Market — Key Stats (Q2 2026)
| Metric | Q2 2026 | Detail |
|---|---|---|
| Multifamily vacancy rate | 6.8% | Down 280 bps year over year |
| Average asking rent | $1,619/mo | +0.9% year over year |
| Market cap rate | 6.2% | In line with the national average |
| Trailing 12-mo sales volume | $17.6M | 12 transactions; 315 units |
| Net absorption | 570 units | Against just 47 delivered |
| Outlook | Vacancy → high-5% / low-6% | Continued compression |
Coeur d’Alene Apartment Vacancy Is Tightening
Vacancy is the clearest good-news story this quarter. At 6.8%, the market has recovered meaningfully from roughly 9.6% at the end of 2025 and the mid-teens peaks of 2024. The improvement runs across quality tiers: newer 4 & 5 Star product still carries the most vacancy at 8.6% as it leases up, the workhorse 3 Star segment sits at 6.5%, and older 1 & 2 Star stock is effectively full at 4.2%. The softness is concentrated at the top of the market, where the new supply landed — which means well-located 3 Star and value product is in the tightest part of this market.
Rents Are Holding With Modest Growth
Market asking rent stands at about $1,619 per unit per month ($1.63/SF), up 0.9% year over year — roughly in line with the national pace. Effective rents, which fold in renewals, grew a healthier 2.2% to about $1,558 per unit. Coeur d’Alene rents remain a relative value at roughly $1,619 against about $1,800 nationally, and that gap is part of what keeps drawing residents to North Idaho. For owners, the practical read is that renewals are carrying performance right now: in a market that is still firming, holding a good tenant at a sensible renewal usually beats chasing a few extra dollars on a new lease.
The Construction Pipeline Has Gone Quiet
This is the structural reason to be constructive on the next several quarters. Just 47 units delivered over the trailing twelve months — a fraction of the roughly 300-unit annual pace of recent years. Only about 225 units are under construction, equal to 2.3% of the roughly 9,800-unit market, across two projects: the 192-unit Westwood Pines Apartments and the 33-unit Nonna. Behind those, there is very little in the ground. When supply slows this sharply while demand holds, vacancy compresses and pricing power returns.
Demand Is Doing the Work: Absorption
The market absorbed about 570 units over the trailing twelve months against those 47 deliveries — demand outpacing new supply more than tenfold. That is the mechanism pulling vacancy down, and it is grounded in real fundamentals: the Coeur d’Alene metro has grown roughly 11% since 2020, adding on the order of 3,500 residents a year, and elevated for-sale home prices are keeping would-be buyers in the rental pool longer than they planned.
Coeur d’Alene Multifamily Sales & Capital Markets
Investment activity remains measured, which is normal for a small, mature market. Twelve transactions closed over the trailing year, totaling about $17.6 million and 315 units, at a market cap rate of 6.2% — right in line with the national average. Modeled pricing sits near $157,000 per unit, well below the roughly $230,000 national figure. A caution on the year-over-year price-per-unit figure (up 18.6%): this is a thin market where a single large deal moves the average, so read that number as a reflection of what traded, not a market-wide re-rating. Buyers were 100% private and 100% national capital, and deals closed about 6.4% below asking.
Notable Q2 2026 Transactions
- The Overlook at Falls Park — 74 units, Post Falls, built 1994; sold for $14.75M ($199,324/unit) at 98% leased. 11 Capital acquired it from FPM Partners; brokered by JLL.
- Lake CDA Apartments — 12 units, built 2023; traded for ~$1.96M ($163,583/unit) at a 6.7% cap rate, fully leased. Brokered by SVN | Cornerstone.
- 904 N 23rd Street — 6 units, built 1948; sold for $931,000 ($155,166/unit), fully leased. Brokered by Kiemle Hagood.
With Coeur d’Alene apartment vacancy compressing to 6.8% and demand far outpacing new supply, well-run properties are gaining value. Want to know what your multifamily property is worth in today’s market?
The Economy Behind Coeur d’Alene’s Rental Demand
The demand story is durable. Metro population is about 193,000 and still growing near 1% a year on top of a decade of expansion. Median household income of roughly $85,700 runs slightly above the U.S. median, and unemployment sits near 4.6%. Employment is anchored by education and health services — Kootenai Health and North Idaho College are foundational — and by leisure and hospitality, the market’s main swing factor. The 30-acre Prairie Medical Campus that Kootenai Health and MultiCare are building in Post Falls will add stable healthcare jobs as it comes online. For-sale housing remains stretched, with the county’s median home price well over $550,000, which continues to feed rental demand.
Coeur d’Alene vs. Spokane and Boise
Zoom out and Coeur d’Alene looks more like the disciplined, supply-constrained markets outperforming nationally than the overbuilt ones still correcting. Spokane ran a heavier construction cycle and is working vacancy back down from a higher peak, now around 7.5%. Boise — a larger Idaho market — overbuilt and carries elevated vacancy. North Idaho’s much lighter pipeline is the difference. Add Kootenai County’s lower carrying costs — property taxes near 0.5% of value versus about 1% across the state line, plus lighter landlord regulation — and the investment case holds up well against its neighbors.
Coeur d’Alene Multifamily Outlook
The base case is cautious optimism. With the pipeline this thin and demand this steady, vacancy should keep compressing — toward the high-5% to low-6% range over the coming quarters — and rent growth should firm modestly. The risks are honest: rent growth is still only around 1% near term, debt remains expensive with the 10-year Treasury near 4.5% and the Fed signaling higher-for-longer, and this remains a thin transaction market. None of that changes the direction of travel; it argues for underwriting to today’s rates and this market’s real fundamentals.
What Q2 2026 Means If You Own Coeur d’Alene Apartments
If you own Coeur d’Alene apartments, you own into a small, mature market where demand is doing the work. At a 6.2% market cap rate, every $10,000 of net operating income is worth roughly $161,000 in value. With vacancy down 280 basis points to 6.8%, rents at $1,619 per month, and absorption of 570 units running far ahead of just 47 new deliveries, well-occupied properties are positioned for further compression.
- Thinking about selling? Start with a broker opinion of value to see where your property prices today, then our seller representation team runs the process.
- Holding for income? Compressing vacancy is a good moment to review property management and unit-level performance.
- Repositioning or leasing up? See how our leasing team supports Coeur d’Alene multifamily owners.
- Compare your asset class: office, retail, and industrial.
Frequently Asked Questions
What is the multifamily vacancy rate in Coeur d’Alene in Q2 2026?
Coeur d’Alene’s multifamily vacancy rate is 6.8% as of the close of Q2 2026, down roughly 280 basis points from about 9.6% a year earlier. That places it below both Spokane (~7.5%) and the national average (~7.2%).
Are apartment rents rising in Coeur d’Alene?
Yes, modestly. Market asking rent is about $1,619 per unit per month, up 0.9% year over year, while effective rent (which includes renewals) rose 2.2%. Coeur d’Alene rents remain a value versus the national average of roughly $1,800.
How much multifamily property sold in Coeur d’Alene over the past year?
About $17.6 million in apartment properties traded across 12 transactions and 315 units over the trailing twelve months, at a 6.2% market cap rate — in line with the national average. Modeled pricing is near $157,000 per unit, below the ~$230,000 national figure.
Is Coeur d’Alene a good multifamily investment market in 2026?
Fundamentals are supportive: vacancy is compressing, the construction pipeline has thinned to about 225 units (2.3% of stock), demand absorbed 570 units against 47 delivered, and carrying costs are lower than neighboring Spokane. Investors should still underwrite to current debt costs, and note that the thin transaction market makes comps scarce and pricing lumpy.
How does Coeur d’Alene compare to Spokane and Boise for apartments?
Coeur d’Alene (6.8% vacancy) is tighter than Spokane (~7.5%) and far more supply-disciplined than Boise, which overbuilt and carries elevated vacancy. Kootenai County also offers lower property taxes (~0.5% vs. ~1% in Spokane County) and lighter landlord regulation.
Coeur d’Alene Multifamily Real Estate Broker — Eric Peterson, ACTIV8 Real Estate, LLC
Eric Peterson is the Designated Broker and President of ACTIV8 Real Estate, LLC, based in Liberty Lake, Washington, serving the Inland Northwest and North Idaho commercial real estate markets. ACTIV8 provides market research, broker opinions of value, and acquisition, disposition, and leasing advisory across the office, retail, industrial, and multifamily sectors in Coeur d’Alene, Post Falls, Hayden, Spokane, and the surrounding region.
Talk to a Coeur d’Alene Multifamily Broker
Whether you own multifamily property in Kootenai County or you’re looking to invest, I’ll give you a straight, data-driven read on your position — including a complimentary broker opinion of value.
Eric Peterson | 509-255-3476 | [email protected] | ACTIV8RE.com
