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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’s rent growth over the past year is similar to the state average (0.7%) and has outpaced the national average (-0.8%). 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 of its major industries. Rental rates are expected to climb in the second quarter as we head into the summer, which is the most desirable time to move. In South Lake Union, the current median rent for a one bedroom apartment is $2,497.


Bellevue’s rent growth over the past year has has outpaced both state (0.7%) and national (-0.8%) averages. After the expected dip in rental prices over the winter, prices are expected to rise once again. Rent prices in Bellevue are +62% higher than the national average and +19% higher than the greater Seattle metropolitan area. The current median rent in downtown Bellevue for a one bedroom is $2,695.


Kent remains the most affordable of the rental markets in the Seattle region. Rates for studio units have decreased over the last two quarters, with one and two-bedroom units dipping slightly in price over the winter months. 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. Rent prices in Kent are 13.7% lower than the whole Seattle metropolitan area, yet 24% higher than the national average. The current median rent is $1,545 for a one bedroom.

Apartment Options

Fremont Village

  • Studio/1 bath
  • Sq Ft: 315
  • Rent: $1,595

Ascent South Lake Union

  • 1bed/1bath
  • Sq Ft: 803
  • Rent: $2,797

One Lakefront

  • 2 bed/2 bath
  • Sq Ft: 1039
  • Rent: $3,552

Connection on Broadway

  • 3 bed/2 bath
  • Sq Ft: 1231
  • Rent: $5,094


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