Seattle Rental Market Report for Apartments and Condos March 2024

In March 2024, Zillow reported that the average market-rate rent in Seattle was $1,808/month, surpassing the national average of $1,690/month by a notable margin. This marked a 1% increase from March 2023. Regions experiencing substantial new construction often witness heightened concession levels during property lease-ups. Moreover, the surge in new constructions has influenced rent growth dynamics, leading to slower rent growth and increased concessions in submarkets with significant new deliveries.

In addition to Seattle, other cities that experienced rent growth compared to the same period last year include Sammamish, Mercer Island, Issaquah, Everett, Bothell, Redmond, and Renton.

Some cities that saw a decline in rent last month compared to the same period last year include Bellevue, Shoreline, Lynnwood, Edmonds, Kirkland, Woodinville, and Newcastle.

Please refer to the maps below to evaluate the fluctuations in rental rates compared to March 2023 for the cities neighboring Seattle.

Rent growth is expected to continue throughout 2024. However, new construction in cities like Shoreline could temper this growth, at least in the short term. Stronger rent growth can be expected in areas with tight vacancy, such as Redmond, and in those with little new
apartment construction but strong demand, such as downtown Bellevue.

Don’t hesitate to contact us if you have any inquiries or if you’d like to delve deeper into the rental market. We’re here to assist you!