Seattle Market Report for Houses June 2024

According to Zillow, the rental market is experiencing significant fluctuations across various cities, with some areas witnessing substantial rent increases while others see declines compared to the same time last year.

Everett leads with a notable 12.28% rise, followed by Mercer Island at 9.00% and Bellevue at 8.70%. These increases indicate a strong demand for rental properties in these cities, possibly driven by economic growth or limited housing supply. Sammamish, Renton, Issaquah, and Bothell also show appreciable rent hikes, ranging from 7.02% to 4.11%. Redmond, Edmonds, Woodinville, and Lynnwood have more modest increases, with Kirkland remaining stable at 0.00%.

In contrast, cities like Newcastle, Seattle, and Shoreline are experiencing rent declines of 9.64%, 5.19%, and 4.47%, respectively, suggesting a decrease in demand or an increase in available rental units. These trends reflect the dynamic nature of the rental market, influenced by various economic, social, and demographic factors.

Report Highlights:

Cities with the Biggest Rent Increases: 

1. Everett: +12.28%
2. Mercer Island: +9.00%
3. Bellevue: +8.70%
4. Sammamish: +7.02%
5. Renton: +6.25%
6. Issaquah: +4.90%
7. Bothell: +4.11%
8. Redmond: +3.53%
9. Edmonds: +3.30%
10. Woodinville: + 0.25%
11. Lynnwood: +0.16%
12. Kirkland: 0.00%

Cities with the Biggest Rent Declines: 

1. Newcastle: -9.64%
2. Seattle: -5.19%
3. Shoreline: -4.47%