Seattle Rental Market Report for Apartments and Condos February 2024
In the previous year, the rental market experienced a modest 1.2% growth over 12 months, a notable drop from the record high of 10.0% observed at the beginning of 2022. However, by the first quarter of 2024, this figure has risen to 1.7%. Despite relatively stagnant growth in rent over the past year, this marks an improvement from the period when rents declined last summer.
Seattle’s average market-rate rent stands at $1,800/month, which is 2.07% less than February 2023. Rent disparities exist across tiers, with luxury units averaging $2,350/month, mid-tier units at $1,860/month, and lower-rated properties at $1,390/month. Submarket locations also significantly affect rental rates, with urban areas such as Lake Union, Bellevue, and Downtown Seattle commanding higher rents, while southern submarkets tend to offer more affordable options, with Tacoma and McChord having the lowest average rents.
Kindly refer to the maps below to assess the changes in rental rates compared to February 2023 for the cities surrounding Seattle.
Based on information from Zillow, cities such as Bellevue, Everett, Kirkland, Issaquah, Mercer Island, and Sammamish have all seen a rise in rental rates compared to the previous year. Conversely, Shoreline, Lynnwood, Edmonds, Bothell, Redmond, Woodinville, Newcastle, and Renton were among the areas where rents decreased last month compared to the same period last year.
