Seattle Rental Market Report for Houses November 2024

According to Zillow, the rental market exhibited notable fluctuations when comparing November 2024 to November 2023. While several cities experienced substantial rent increases, others saw declines, reflecting a diverse housing landscape shaped by varying demand and supply dynamics.

Highlights of the report

Cities with the highest annual rent increases:

1. Newcastle: +8.73%
2. Woodinville: +8.03%
3. Issaquah: +6.25%
4. Sammamish: +6.10%
5. Seattle: +5.71%
6. Everett: +5.35%
7. Redmond: +4.18%
8. Lynnwood: +3.45%
9. Edmonds: +2.15%
10. Shoreline: +1.69%
11. Mercer Island: +1.01%
12. Bothell: 0.00% 

Cities experiencing the most significant annual rent declines: 

1. Bellevue: -4.76%
2. Renton: -4.62%
3. Kirkland: -2.38%

The contrasting trends across cities highlight the complexity of the regional rental market. Areas with robust demand and limited supply, such as Newcastle and Woodinville, continue to drive rent increases, whereas cities like Bellevue and Renton face challenges that are reshaping their rental landscapes. These dynamics underscore the importance of localized market analysis for stakeholders navigating the evolving housing market.

Staying informed about rental market trends is critical for property managers and real estate investors aiming to refine their strategies, boost profitability, and adapt to evolving market demands. Please feel free to reach out to us if you have any questions or concerns regarding the current rental market.