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.
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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, except 3-bedroom units, in Seattle have increased slightly over the last 3-6 months, peaking through spring and summer due to increased demand. Studio units have seen the steepest continual price incline over the last year, while 3-bedroom units have decreased slightly in cost. It is expected that prices will decline throughout the winter, and begin to increase with the onset of spring. Overall, Seattle rental prices are about the same as the national median despite an 8% drop in the last year. The current median rent in Seattle is $1,924; within this range the median rent is highest in South Lake Union at $2,837.
Bellevue
Rental prices for all unit types in Bellevue have stayed relatively consistent over the last 3-6 months, and are just beginning to drop again as autumn approaches. 1 and 3-bedroom unit prices have already begun to decline, while studio and 2-bedroom unit prices increased slightly through the end of summer. It is expected that prices will continue to decline throughout the winter, and begin to increase with the onset of spring. Rental prices are 37% higher than the national median despite a 12% drop in the last year. The current median rent in Bellevue is $2,650; within this range the median rent is highest in North Bellevue at $3,400.
Kent
Rental prices for all unit types in Kent have decreased slightly over the last 3-6 months, following the construction of a number of new housing developments in the area. It is expected that prices will continue to decline throughout the winter, and begin to increase with the onset of spring. Rental prices are 3% lower than the national median and have decreased by 1% in the last year, which has been seen primarily in studio and 3 bedroom units. The current median rent in Kent is $1,875.
Everett
Rental prices for all unit types in Everett have risen slightly over the last 3-6 months. This price increase reflects increased demand in the area with the expansion of the Link Light Rail public transit system in the North Sound. Despite the price surge through the summer, prices have begun to drop in the last month and are expected to decline into the winter, and begin to increase again with the onset of spring. Rental prices are 7% lower than the national median, and have decreased by 3% 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.
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