Seattle Rental Market Report for Houses April 2024

According to Zillow, Shoreline is the fastest-growing area in the region, with rent increases exceeding 24% compared to the same time last year. This significant growth is driven by transit development near upcoming light rail stations. The first completed projects in this development phase are already affecting vacancy rates and rent growth. The new light rail stations set to open in late 2024 are expected to further boost demand in Shoreline.

To examine the percentage changes in rental prices compared to April 2023 in the cities surrounding Seattle, please refer to the maps below.

Major Increases and Decreases in Single Family Rental Prices in Washington State:

Cities with the highest annual rent increases include:

1. Shoreline: +24.53
2. Kirkland: +10.39%
3. Newcastle: +6.01%
4. Redmond: +5.26%
5. Bellevue: +4.87%
6. Lynnwood: +2.97%
7. Bothell: +2.94%

Cities experiencing the most significant annual rent declines include:

1. Mercer Island: -22.48%
2. Everett: -11.65%
3. Issaquah: -10.26%
4. Sammamish: -8.24%
5. Seattle: -1.81%
6. Renton: -0.62%

If you have any questions about the rental market, please feel free to reach out. We are happy to assist.