Seattle Rental Market Report for Houses May 2024

According to Zillow, Seattle’s rental market is growing, outpacing last year’s rates despite a national market cooldown. Zillow data reveals Seattle’s rent increased by 0.41% compared to the same period last year. Newcastle, a popular destination for renters from Seattle and Bellevue, experienced the highest year-over-year rent increase at 36.36%. Other cities, including Issaquah, Redmond, Everett, Shoreline, and Sammamish, have also seen rent increases exceeding 10% year-over-year.

Report Highlights: 

Cities with the highest annual rent increases include:

1. Newcastle: +36.36%
2. Issaquah: +18.58
3. Everett: +15.84%
4. Redmond: +15.38%
5. Shoreline: +14.29%
6. Sammamish: +11.40%
7. Woodinville: +3.45%
8. Lynnwood: +0.91%
9. Seattle: +0.41%
10. Mercer Island: +0.00%
11. Renton: +0.00%

Cities experiencing the most significant annual rent declines include:

1. Edmonds: -16.01%
2. Bothell: -2.86%
3. Kirkland: -1.27%
4. Bellevue: – 0.61%