Seattle Rental Market Report for Houses February 2024
According to the most recent rental data from Zillow for February 2024, annual growth in single-family rental prices continues to significantly trail pre-pandemic averages.
Rent prices in Seattle have surged by 29.9% compared to pre-pandemic levels. However, there has been a deceleration in rental growth compared to the substantial spikes observed in 2021. In February 2024, rents were 3.5% higher than the same period last year, indicating a moderation in the rate of increase.
Several factors contribute to the deceleration in rental price growth. There has been a noticeable increase in construction activity for rental housing, leading to a rise in available rental units. Additionally, a general slowdown in economic growth may impact the demand for rental properties. However, despite these factors, vacancy rates remain relatively stable due to swift occupancy of newly constructed multifamily buildings by the growing population.
The latest Seattle rental market report highlights significant shifts in the rental landscape compared to February 2023. The maps below detail the percentage changes in rental prices compared to February 2023 for various cities around Seattle.
