Seattle Rental Market Report for Apartments and Condos October 2024

The apartment and condo rental market in October 2024 has shown varied performance across cities compared to the same period last year. While some cities experienced notable rent increases, others saw significant declines. These shifts highlight the dynamic nature of the rental market, driven by factors such as local economic conditions, housing demand, and regional developments.

Highlights of the report

Cities with the highest annual rent increases: 

1. Shoreline: +13.49%
2. Sammamish: +12.59
3. Mercer Island: +6.58%
4. Seattle: +6.31%
5. Bellevue: +5.41%
6. Newcastle: +4.25%
7. Lynnwood: +1.78%
8. Bothell: +1.40%
9. Issaquah: +1.38%
10. Kirkland: +0.71

Cities experiencing the most significant annual rent declines:

1. Everett: -8.40%
2. Edmonds: -6.02%
3. Renton: -5.43%
4. Redmond: -3.83%
5. Woodinville: -1.28%

The rental market in October 2024 reveals contrasting trends, with strong growth in cities like Shoreline and Sammamish, while others, such as Everett and Edmonds, faced declines. These variations underscore the importance of localized market analysis.

For property managers and investors, cities with rising rents offer opportunities for higher returns, while those with declining rents may require strategic adjustments, such as competitive pricing or targeted marketing. Monitoring these trends will be crucial for adapting to shifting market dynamics and maximizing value in an evolving rental landscape.

Please reach out to us if you have any questions about the current rental market or need assistance listing your property for rent.