Seattle Rental Market Report for Apartments and Condos January 2025

According to Zillow, the Seattle-area rental market has seen notable shifts over the past year, with some cities experiencing significant rent increases while others have faced declines.

Several cities in the greater Seattle area have seen sharp increases in rental prices. Leading the list is Lynnwood, with an 18.34% increase, followed by Newcastle (+11.76%) and Seattle (+11.00%). The rising rents in these cities suggest strong demand, potentially driven by factors such as population growth, job market expansion, and limited housing supply.

While many cities saw rental price growth, others have experienced notable declines. Issaquah saw the steepest drop, with a -13.64% decrease in rent. Everett (-6.98%), Kirkland (-4.97%), and Woodinville (-3.28%) also reported year-over-year rent declines. These decreases may be attributed to factors such as increased housing availability, shifting demand, or economic changes impacting renters in those areas.

Highlights of the report

Cities with the highest annual rent increases: 

1. Lynnwood: +18.34%
2. Newcastle: +11.76%
3. Seattle: +11.00% 
4. Mercer Island: +6.14%
5. Sammamish: +6.08%
6. Edmonds: +5.58%
7. Redmond: +5.31%
8. Bellevue: +2.22%
9. Bothell: +1.78%
10. Shoreline: +1.08%

Cities experiencing the most significant annual rent declines: 

1. Issaquah: -13.64%
2. Everett: -6.98%
3. Kirkland: -4.97%
4. Woodinville: -3.28%

The mixed trends in rental prices across different cities highlight the dynamic nature of Seattle’s rental market. While urban centers like Seattle and Redmond continue to see rising demand, suburban markets such as Issaquah and Everett are experiencing some relief in pricing. Renters and investors should closely monitor these changes as they navigate the evolving landscape of the Seattle housing market.

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