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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.

Rental prices for all unit types in Seattle have increased slightly over the last 3-6 months which is typical for the area due to increased spring and summer moves as well as strong hiring in the area. With increased demand, 2 bedroom units have seen the steepest continual price incline over the last year. Overall, Seattle rental prices are 3% higher than the national median despite a 9% drop in the last year (this is not reflected in the above graph, as it includes rentals larger than the scope of data included here). The current median rent in Seattle is $1,995; within this range the median rent is highest in South Lake Union at $3,096.

Bellevue

Rental prices for all unit types in Bellevue have increased steadily over the last year. Prices will likely continue to rise beyond the summer, as this region remains the most popular in the Seattle area. Rental prices are 44% higher than the national median despite a 3% drop in the last year (this is not reflected in the above graph, as it includes rentals larger than the scope of data included here). The current median rent in Bellevue is $2,795; within this range the median rent is highest in Eastgate at $3,551.

Kent

Rental prices for studio and 1 bedroom units in Kent have increased slightly over the 3-6 months, while 2 and 3 bedroom units have seen a drop in price. This price dip despite the Summer season reflects increased nearby employment opportunities and the number of new rental options in the area. Rental prices are 2% lower than the national median despite a 6% increase in the last year, which has been seen primarily in studio and 1 bedroom units. The current median rent in Kent is $1,901; within this range the median rent is highest in South Kent at $2,215.

Everett

Rental prices for all unit types except 1 bedroom units in Everett have decreased slightly over the 3-6 months, while 1 bedroom units have risen slightly. This price dip despite the Summer season reflects increased nearby employment opportunities and a range of new apartment complexes in the area opening before the expansion of the Link Light Rail public transit system in the North Sound. Rental prices are 8% lower than the national median, and have decreased by 5% in the last year. The current median rent in Everett is $1,789; within this range the median rent is highest in Everett Mall South at $1,992.

Apartment Options

4730 California

  • Studio/1 bath
  • Sq Ft: 524
  • Rent: $1,674

Cascade South Lake Union

  • 1bed/1bath
  • Sq Ft: 741
  • Rent: $2,854

One Lakefront

  • 2 bed/2 bath
  • Sq Ft: 912
  • Rent: $3,709

Augusta Apartments

  • 3 bed/2 bath
  • Sq Ft: 1,361
  • Rent: $4,345

Relocity

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