Rent Growth in Seattle Outpacing Last Year
Image: Seattle Met Composite
Seattle rents are more tortoise than hare these days, yet they’re still moving quicker than last year. From January to March, citywide rent grew 2.2 percent. During the same time period in 2023 growth was just 1.3 percent, according to new Apartment List data.
City rent has continued to grow slowly and mostly steadily, even as the rental market as a whole has cooled. Last month, for instance, city rent grew 1.4 percent over the previous March, a stark contrast to the national average, where annual rent growth has remained negative since last summer.
But slow and steady doesn’t mean a W for area renters, since Seattle remains one of the most expensive places in the country to live. Median rent reached $2,019 in March—the 16th highest in the nation.
The broader Seattle market doesn’t offer much relief. Apartment List reports annual rent increases for 13 of the 22 metro-area cities it tracks. Here’s a look at where rents have increased or dropped the most year-over-year.
Going Up
7. Mill Creek
This small suburb in Snohomish County has drawn some serious renter demand, with prices up more than Seattle and rents nearly as high.
Median one-bedroom rent: $1,878
Median two-bedroom rent: $2,203
Month-over-month rent growth: 0.4 percent
Year-over-year rent growth: 1.5 percent
6. Auburn
Even with rent growth clipping along, Auburn’s rent is the most affordable in King County. The question: how long will it last?
Median one-bedroom rent: $1,320
Median two-bedroom rent: $1,625
Month-over-month rent growth: 1.5 percent
Year-over-year rent growth: 2.2 percent
5. Puyallup
If small-town vibes are your thing, you better move fast. Rents in this Pierce County city are tracking up.
Median one-bedroom rent: $1,588
Median two-bedroom rent: $1,816
Month-over-month rent growth: 0.3 percent
Year-over-year rent growth: 2.4 percent
4. Redmond
Rents in the small King County city are growing at the same pace as Chicago and Pittsburgh.
Median one-bedroom rent: $2,045
Median two-bedroom rent: $2,301
Month-over-month rent growth: 2.1 percent
Year-over-year rent growth: 2.6 percent
3. Bellevue
This Eastside city is consistently one of the most expensive, and its likely to remain that way.
Median one-bedroom rent: $2,016
Median two-bedroom rent: $2,442
Month-over-month rent growth: 2.0 percent
Year-over-year rent growth: 5.0 percent
2. Issaquah
This suburb attracts renters from both Seattle and Bellevue, making it the second-most expensive city for rent in the metro-area.
Median one-bedroom rent: $2,187
Median two-bedroom rent: $2,574
Month-over-month rent growth: 3.8 percent
Year-over-year rent growth: 5.4 percent
1. Sammamish
First and highest isn’t always a winner, especially when it comes to rent. If you compare the median two-bedroom rent in this picturesque suburb to the largest cities in the country, it would rank fifth most expensive, after San Francisco ($2,659 median rent).
Median one-bedroom rent: $2,336
Median two-bedroom rent: $2,580
Month-over-month rent growth: 2.7 percent
Year-over-year rent growth: 6.4 percent
Headed Down
3. Federal Way (tied)
The latest monthly decline is more in line with Indianapolis and Detroit than its fast-growing neighbor, Auburn.
Median one-bedroom rent: $1,392
Median two-bedroom rent: $1,762
Month-over-month rent growth: -0.1 percent
Year-over-year rent growth: -1.9 percent
3. Edmonds (tied)
Edmonds followed the national rent in March—year-over-year prices down, though compared to February, rents ticked up.
Median one-bedroom rent: $1,727
Median two-bedroom rent: $1,930
Month-over-month rent growth: 1.5 percent
Year-over-year rent growth: -1.9 percent
2. Kent
The small month-over-month increase signifies Kent has likely fully transitioned to the busier spring rental market.
Median one-bedroom rent: $1,390
Median two-bedroom rent: $1,717
Month-over-month rent growth: 0.7 percent
Year-over-year rent growth: -2.8 percent
1. Shoreline
Seattle’s neighbor to the north experienced the steepest year-over-year rent decline. But March’s small uptick likely means more increases are on the way. The warmer the weather, the higher the rent.
Median one-bedroom rent: $1,639
Median two-bedroom rent: $2,051
Month-over-month rent growth: 0.6 percent
Year-over-year rent growth: -3.6 percent
