Apartments in 98040

Mercer Island:
February Rent Report

Welcome to the February 2026 Mercer Island Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the February 2026 key findings and figures for the Mercer Island rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Mercer Island and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Mercer Island average rent prices in the chart below.

February Prices: Mercer Island vs. Surrounding Areas

Rent Prices in Mercer Island and Surrounding Areas

Rent prices have decreased in Mercer Island over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 0 of the Mercer Island suburbs increased last month. On the other hand, 0 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

• Rents did not increase in any of the Mercer Island suburbs

• Rents did not decrease in any of the Mercer Island suburbs.

Data set for Mercer Island and suburbs

Methodology

Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.