Seattle Rental Housing Market Report – December 2024

According to Zillow, the Seattle-area rental market continues to show dynamic shifts, with several cities experiencing significant rent increases while a few saw slight declines. Based on the latest data, Mercer Island leads the pack with an impressive 21.01% annual rent increase, followed by Edmonds (+16.28%) and Redmond (+14.14%). These surges reflect strong demand in suburban and high-end rental markets, likely driven by limited inventory and continued population growth.

Other cities with notable rent hikes include Kirkland (+8.22%), Issaquah (+7.51%), and Renton (+6.42%), all of which remain desirable for renters looking for a balance between urban convenience and suburban living. Meanwhile, Seattle’s rental growth remains relatively modest at 1.41%, signaling more stabilized pricing in the core metro area compared to its suburban counterparts.

Interestingly, Lynnwood and Shoreline reported no change in rental rates over the past year, indicating potential market equilibrium in these areas. On the flip side, some cities experienced slight rent declines, with Newcastle (-1.84%) and Sammamish (-1.28%) seeing the most significant drops. These decreases may be attributed to increased rental supply or shifting demand in these communities.

Highlights of the report

Cities with the highest annual rent increases:

1. Mercer Island: +21.01%
2. Edmonds: +16.28%
3. Redmond: +14.14%
4. Kirkland: +8.22%
5. Issaquah: +7.51%
6. Renton: +6.42%
7. Everett: +5.55%
8. Woodinville: +5.26%
9. Bellevue: +2.56%
10. Bothell: +1.66%
11. Seattle: +1.41%
12. Lynnwood: 0.00%
13. Shoreline: 0.00%

Cities experiencing the most significant annual rent declines:

1. Newcastle: -1.84%
2. Sammamish: -1.28% 

Overall, the data highlights a competitive rental market, with suburban cities experiencing the most growth while urban centers like Seattle remain steady. For renters and investors alike, staying informed on these trends is crucial for making strategic decisions in the evolving market.

Please feel free to reach out to us if you have any questions or concerns regarding the current rental market.