Seattle Rental Market Report for Apartments and Condos November 2024

According to Zillow, the rental market exhibited notable fluctuations when comparing November 2024 to November 2023. While several cities experienced substantial rent increases, others saw declines, reflecting a diverse housing landscape shaped by varying demand and supply dynamics.

The rental market for condos and apartments saw striking differences in annual price changes from November 2023 to November 2024. Lynnwood led with an extraordinary 26.03% surge in rents, reflecting a sharp increase in demand likely driven by affordability relative to nearby cities. Sammamish followed with a 9.82% rise, underscoring its appeal for families and professionals seeking high-quality housing. Issaquah (+7.60%) and Mercer Island (+5.91%) also saw notable growth, driven by their premium amenities and proximity to urban centers. Shoreline (+4.10%), Newcastle (+3.51%), and Bothell (+3.06%) reported moderate increases, suggesting stable demand. Bellevue, while experiencing a smaller 1.87% rise, maintained its position as a desirable hub for luxury apartments.

Highlights f the report

Cities with the highest annual rent increases: 

1. Lynnwood: +26.03%
2. Sammamish: +9.82%
3. Issaquah: +7.60%
4. Mercer Island: +5.91%
5. Shoreline: +4.10%
6. Newcastle: +3.51%
7. Bothell: +3.06%
8. Bellevue: +1.87%

Cities experiencing the most significant annual rent declines: 

1. Edmonds: -8.99%
2. Everett: -8.57%
3. Renton: -6.86%
4. Woodinville: -5.56%
5. Redmond: -2.93%
6. Kirkland: -2.56%
7. Seattle: -1.09%

Keeping up with rental market trends is essential for property managers and real estate investors to optimize their strategies, enhance profitability, and stay responsive to changing market conditions. For tailored advice or inquiries about the current rental market, contact our team today and take the first step toward maximizing your success.