Seattle Rental Market Report for Apartments and Condos August 2024

Highlights of the report

Cities with the highest annual rent increases: 

1. Seattle: +11.55%
2. Newcastle: +10.06%
3. Sammamish: +7.35%
4. Redmond: +5.30%
5. Lynnwood: 4.73%
6. Bellevue: +4.30%
7. Edmonds: +0.21%

These increases are largely driven by the ongoing tech industry growth and limited supply, particularly in tech-heavy cities like Redmond and Bellevue, where demand remains strong despite the higher prices.

Cities experiencing the most significant annual rent declines:

1. Shoreline: -12.94%
2. Issaquah: -12.34%
3. Kirkland: -8.48%
4. Everett: -7.97%
5. Mercer Island: -7.72%
6. Woodinville: -7.37%
7. Bothell: -6.62%
8. Renton: -2.32%

Declining rents in cities like Shoreline, Issaquah, and Kirkland suggest a cooling in demand, possibly due to higher vacancy rates or oversupply from newly completed units. This trend in more suburban areas reflects shifting housing preferences and local market adjustments.

Please feel free to contact us if you have any inquiries about the rental market or need assistance with renting out your property.