Seattle Rental Market Report for Apartments and Condos April 2024

Zillow reports that the average market-rate rent for Seattle apartments in April was $2,016, marking a substantial 17.41% increase from the same time last year.

To examine the percentage changes in rental prices compared to April 2023 in the cities surrounding Seattle, please refer to the maps below.

Highlights of the report

• Cities with the highest annual rent increases include:

1. Seattle: +17.41%
2. Lynnwood: +7.46%
3. Mercer Island: +4.42%
4. Issaquah: +2.61%
5. Redmond: +0.78%
6. Everett: +0.12%

• Cities experiencing the most significant annual rent declines are:

1. Woodinville: -22.09%
2. Newcastle: -9.62%
3. Renton: -8.01%
4. Kirkland: -5.56%
5. Edmonds: -5.47%
6. Bellevue: -5.01%
7. Shoreline: -2.44%
8. Bothell: -1.17%
9. Sammamish: -1.03%

Rent growth is projected to continue throughout 2024. However, new construction in cities like Shoreline may moderate this growth in the short term. Stronger rent increases are anticipated in areas with low vacancy rates, such as Redmond, and in locations with limited new apartment construction but high demand, like downtown Bellevue.

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