Seattle Rental Market Report for Apartments and Condos May 2024

According to Zillow, rents in the Seattle metropolitan area have risen for several months, with year-over-year rent growth resuming. Seattle tops the list with a significant year-over-year rental growth of 19.79%, reflecting ongoing strong demand within the city. Following closely, Mercer Island has experienced 14.25% year-over-year rental growth, making it one of the most competitive rental markets in the region.

To review how the rental market has changed year-over-year in cities around Seattle, please refer to the maps provided below.

Highlights of the report

Cities with the highest annual rent increases include:

1. Seattle: +19.79%
2. Mercer Island: +14.25%
3. Edmonds: +7.17% 
4. Lynnwood: +6.96%
5. Bellevue: +4.99%
6. Redmond: +2.46%

Cities experiencing the most significant annual rent declines:

1. Issaquah: -18.21
2. Woodinville: -17.71%
3. Everett: -5.85%
4. Sammamish: -4.21%
5. Bothell: -4.04%
6. Kirkland: -2.40%
7. Shoreline: -1.73%
8. Newcastle: -0.36%
9. Renton: -0.05%

The rise in rental prices across these areas highlights the continued appeal and demand for apartments and condos in the Seattle region. The robust job market, thriving tech industry, and high quality of life contribute to this trend.