Seattle Rental Market Report for Houses August 2024
DATE
September 25, 2024
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According to Zillow, in August 2024, the Seattle-area rental market exhibited mixed trends, with some cities experiencing sharp rent increases while others saw notable declines. Mercer Island led with a 29% increase, driven by high demand and limited supply, while Sammamish and Issaquah also saw double-digit growth. Conversely, cities like Newcastle and Kirkland faced significant declines, with rents dropping by 7.11% and 5.95% respectively. Seattle itself saw a slight decrease of 0.13%, suggesting a stabilization after previous years of sharp growth, possibly due to an increase in available units and shifting demand.
Highlights of the report
Cities with the highest annual rent increases:
- Mercer Island: +29.00%
- Sammamish: +10.53%
- Issaquah: +10.00%
- Renton: +9.79%
- Redmond: +8.86%
- Shoreline: +6.50%
- Bellevue: +3.55%
- Bothell: +2.49%
Cities experiencing the most significant annual rent declines:
- Newcastle: -7.11%
- Kirkland: -5.95%
- Woodinville: -1.43%
- Everett: -0.65%
- Seattle: -0.13%
Please feel free to contact us if you have any inquiries about the rental market or need assistance with renting out your property. We are here to help guide you through current trends and offer support in managing your rental needs efficiently.
