Seattle Rental Market Report for Apartments and Condos February 2025

According to Zillow, the February 2025 rental market report for apartments and condos shows significant rent increases in several cities, with Lynnwood leading the way at 14.99% growth. This surge indicates rising demand for rental housing in more affordable suburban markets, possibly driven by tenants seeking alternatives to higher-priced urban areas. Edmonds followed closely with a 12.59% increase, suggesting strong rental demand in this waterfront community. Renton also saw a substantial 9.11% rise, likely fueled by its growing appeal as a residential hub with convenient access to major employment centers.

Seattle’s rental market continued its upward trend, posting a 6.14% increase, signaling sustained demand for urban living. Luxury and high-end rental markets also experienced gains, with Mercer Island (+5.72%), Bellevue (+5.61%), and Newcastle (+5.60%) all seeing notable rent growth. These areas remain attractive to renters due to their high quality of life, strong local economies, and proximity to major corporate employers. Other cities with moderate rent increases include Issaquah (+3.91%) and Shoreline (+3.39%), reflecting continued rental stability in suburban areas.

On the other hand, a few markets experienced rent declines, indicating shifting tenant demand or increased rental supply. Sammamish recorded the steepest drop at -7.58%, possibly due to an increase in available rental units or a cooling demand in luxury condo markets. Kirkland (-6.58%) and Everett (-4.71%) also saw notable declines, suggesting potential market corrections after previous periods of high rent growth. Woodinville (-1.54%) posted a slight decline, which may reflect softening demand in this area compared to neighboring cities with stronger rent increases.

Highlights of the report

Cities with the highest annual rent increases:

1. Lynnwood: +14.99%
2. Edmonds: +12.59%
3. Renton: +9.11%
4. Seattle: +6.14%
5. Mercer Island: +5.72%
6. Bellevue: +5.61%
7. Newcastle: +5.60%
8. Issaquah: +3.91%
9. Shoreline: +3.39%

Cities experiencing the most significant annual rent declines:

1. Sammamish: -7.58%
2. Kirkland: -6.58%
3. Everett: -4.71%
4. Woodinville: -1.54%

Overall, the February 2025 rental market for apartments and condos remains dynamic, with suburban cities like Lynnwood and Edmonds experiencing rapid growth, while some higher-end markets like Sammamish and Kirkland face corrections. The overall trend indicates that renters are seeking a balance between affordability and convenience, with continued demand in both urban and suburban areas.

If you have any questions or concerns regarding the current rental market, please feel free to reach out to us.