Seattle Rental Market Report for Apartment and Condos January 2024
February 14, 2024
According to Zillow data, the average market rate rent in Seattle is currently $1,793/month, exceeding the national average of $1,670/month. This represents a decrease of 14.78% compared to January 2023. Rent disparities are evident across different tiers, with luxury units commanding an average of $2,330/month, mid-tier properties averaging $1,840/month, and lower-rated properties at $1,390/month. Rental prices also vary significantly across submarkets, with urban areas such as Lake Union, Bellevue, and Downtown Seattle at the higher end of the spectrum.
In contrast, submarkets south of Seattle tend to offer more affordable rents. For instance, the average rent in Renton has decreased by 7.38% compared to last January. Redmond, Bellevue, Newcastle, Lynnwood, Shoreline, and Woodinville were among the cities that experienced a decline in rent last month compared to the same period last year.
On the other hand, cities like Sammamish, Mercer Island, Everett, Bothell, Kirkland, and Edmonds have all experienced an increase in rent when compared year over year (please see maps below).
