According to a recent article by Lindsey Schober in Seattle Met titled “Rent Growth in Seattle Outpacing Last Year,” Seattle’s rental market is showing signs of growth, outpacing last year’s rates despite an overall cooling in the national market. Data from Apartment List shows that Seattle’s rent grew by 2.2% from January to March 2024, compared to just 1.3% during the same period in 2023. This steady increase is a mixed blessing for renters in one of the country’s most expensive cities.
In March 2024, Seattle’s median rent hit $2,019, making it the 16th highest in the nation. Despite the slow and steady growth, the city’s rental prices continue to rise, reflecting strong demand in a competitive market. This trend is echoed throughout the broader Seattle metro area, where 13 of the 22 tracked cities have experienced annual rent increases.
Mill Creek, a small town in Snohomish County, has become a hot spot for renters, with prices rising more than in Seattle. The median one-bedroom rent in Mill Creek is now $1,878, while a two-bedroom averages $2,203.
Auburn, known for its affordability within King County, also saw rent increases. Median rents in Auburn stand at $1,320 for a one-bedroom and $1,625 for a two-bedroom, with year-over-year growth at 2.2%. However, it needs to be clarified how long Auburn will retain its title as the most affordable in the county as demand continues to grow.
Puyallup, a small-town charm city in Pierce County, has also seen rent hikes. With one-bedroom rents at $1,588 and two-bedroom rents at $1,816, this city is becoming increasingly popular among renters.
Redmond’s rent growth aligns with major cities like Chicago and Pittsburgh. Here, median rents are $2,045 for a one-bedroom and $2,301 for a two-bedroom. Meanwhile, Bellevue remains one of the priciest Eastside cities, with rents reaching $2,016 for a one-bedroom and $2,442 for a two-bedroom, showing a substantial year-over-year growth of 5.0%.
Issaquah, which attracts renters from Seattle and Bellevue, has seen its rent prices soar. The median rent for a one-bedroom in Issaquah is $2,187, while a two-bedroom costs $2,574, marking a year-over-year increase of 5.4%.
Topping the list is Sammamish, where rent prices have seen the most significant rise. The median one-bedroom rent is now $2,336, and a two-bedroom is $2,580. This picturesque suburb would rank fifth in rent costs compared to the largest U.S. cities.
On the flip side, some areas have seen a decline. Federal Way, Edmonds, Kent, and Shoreline reported year-over-year rent decreases, offering some relief in an otherwise expensive rental market.
For a more detailed analysis, read Lindsey Schober’s full article, Rent Growth in Seattle Outpacing Last Year.
