Seattle Rental Market Report for Apartments and Condos December 2024
January 31, 2025
According to Zillow, Seattle metro area experienced a mixed rental market in December 2024 compared to the same period in 2023. While some cities saw significant rent increases, others experienced notable declines. The region’s rental trends reflect shifting demand, economic conditions, and localized factors influencing pricing.
Several cities saw substantial rent growth over the past year, with Lynnwood leading the way at +23.67%. This sharp rise is likely driven by increased demand for suburban living, new developments, and improved transportation infrastructure.
Seattle itself saw only a 0.98% increase, indicating relatively stable rental rates in the urban core, possibly due to new apartment inventory and shifting demand towards more affordable suburban areas.
On the other end of the spectrum, Everett experienced the most significant rent decline at -6.55%, followed closely by Woodinville at -5.84%. These decreases suggest softening demand, potential over-supply, or economic factors affecting rental affordability in these areas.
The rental declines in tech-driven markets like Kirkland and Redmond may be linked to changing workforce trends, such as remote work flexibility and shifts in employment growth within the tech sector.
Highlights of the report
Cities with the highest annual rent increases:
- Lynnwood: +23.67%
- Issaquah: +13.09%
- Newcastle: +7.05%
- Sammamish: +6.76%
- Shoreline: +5.75%
- Bellevue: +4.50%
- Mercer Island: +4.50%
- Edmonds: +2.60%
- Seattle: +0.98%
- Bothell: +0.52%
Cities experiencing the most significant annual rent declines:
- Everett: -6.55%
- Woodinville: -5.84%
- Kirkland: -3.54%
- Redmond: -0.39%
- Renton: -0.21%
As we move into 2025, rental trends will likely be influenced by economic conditions, interest rates, and ongoing housing supply changes. Investors and renters alike should monitor these shifts to make informed decisions in the evolving Seattle rental market. Please feel free to reach out to us if you have any questions regarding the current rental market.
