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min read

Seattle Market Rental Trends Report

Relocity's rental trends report shows you how the nation’s major rental markets stack up and reveals 2024 pricing trends.

Seattle
Rent prices for all bedroom counts and property types in Seattle, WA, have decreased by 9% in the last month and 1% in the previous year. Median rental prices dropped for studios and 2 to 3-bedroom units this past quarter, while 1-bedroom unit prices consistently increased. As typical for the winter months, rental costs overall were slightly lower. However, Seattle remains attractive for newcomers, and the city is experiencing an increase in hiring for many major industries in Seattle. Rental rates are expected to climb in the 2nd quarter as we head into the summer, which is the most desirable time to move.

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Bellevue
Rent prices for all bedroom counts and property types in Bellevue have continued to rise, even during the typically slower winter months. Factors include rising interest rates for home purchases, which results in a high demand for 2-bedroom and 3-bedroom apartments. Bellevue continues to have a low vacancy rate on larger units, which suggests continued rent increases. Rent prices in Bellevue are +31% higher than the national average.

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Kent
Kent remains the most affordable of the rental markets in the Seattle region. Rates for studio and 1 BR units decreased last quarter with an increase in two and three-bedroom apartment rates. The population of Kent has flattened in the previous quarter as hiring slowed down in the major industries in the area. With hundreds of new rental units currently under construction in the city, the increased availability with new construction and slowed hiring pace may decrease rental rates over the next few months before picking up for the busy summer months.

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Apartment Options

Modera SLU
• Studio/1 bath
• Sq Ft: 506
• Rent: $2,001

The Cue Apartments
• 1bed/1bath
• Sq Ft: 570
• Rent: $2,355

LeeAnn Apartments
• 2 bed/2 bath
• Sq Ft: 939
• Rent: $3,199

Relocity

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