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Seattle:
March Rent Report

Welcome to the March 2024 Seattle Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the March 2024 key findings and figures for the Seattle rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Seattle 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 Seattle average rent prices in the chart below.

Monthly Rent Report

$2,800
$2,100
$1,400
$700
$0
Apr. 2023
May. 2023
Jun. 2023
Jul. 2023
Aug. 2023
Sep. 2023
Oct. 2023
Nov. 2023
Dec. 2023
Jan. 2024
Feb. 2024
Mar. 2024
1 BR       2 BR

Seattle Rent Prices Decrease From February to March

Seattle rent prices decreased over the last month. From February to March, the city experienced a -0.53% decrease for the price of a one-bedroom apartment. The rent price for a Seattle one-bedroom apartments currently stands at $1,880.0.

When we take a look at the two-bedroom comparison from February to March, Seattle experienced a 0.63% increase for the price of a two-bedroom apartment. The rent price for a Seattle two-bedroom apartments currently stands at $2,549.0.

March Prices: Seattle vs. Surrounding Areas

Redmond, WA
Bellevue, WA
Kirkland, WA
Lynnwood, WA
Seattle, WA
Renton, WA
Everett, WA
Kent, WA
$2,250
$2,161
$2,108
$1,918
$1,890
$1,770
$1,741
$1,623
$0
$750
$1,500
$2,250
$3,000
Median 1 BR Rent

Rent Prices in Seattle and Surrounding Areas

Rent prices have decreased in Seattle over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 5 of the Seattle suburbs increased last month. On the other hand, 2 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

  • Rent increased in Bellevue, WA, Renton, WA, Kent, WA, Lynnwood, WA, Kirkland, WA .

  • Rent decreased in Redmond, WA, Everett, WA.

  • 4 suburbs are currently priced higher than the city of Seattle.

  • 3 suburbs are currently priced lower than the city of Seattle.

March 2024 Pricing Trends: Seattle vs. National Comparisons

New York, NY
San Francisco, CA
Los Angeles, CA
Washington, DC
Seattle, WA
Chicago, IL
Minneapolis, MN
Columbus, OH
Pittsburgh, PA
$3,976
$3,029
$2,358
$2,336
$1,890
$1,866
$1,310
$1,235
$1,124
$0
$1,300
$2,600
$3,900
$5,200
Median Rent

Seattle Rent Prices More Affordable Than Major Cities

Rent growth in Seattle over the past year has been declining. When compared to major cities nearby, along with some of the most expensive cities in the country, Seattle average rent prices appear to be relatively affordable for local residents.

The price for a Seattle one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.

For more information about Seattle and surrounding area rent prices, take a look at the complete data set below.

Data set for Seattle and suburbs

1 BR March 1 BR M/M % Change 2 BR March 2 BR M/M % Change
Seattle, WA $1,890.0 -0.68% $2,533.0 -0.16%
Bellevue, WA $2,161.0 0.61% $3,027.0 2.61%
Redmond, WA $2,250.0 -1.40% $2,886.0 0.84%
Everett, WA $1,741.0 0.00% $1,931.0 -0.52%
Renton, WA $1,770.0 0.23% $2,172.0 0.09%
Kent, WA $1,623.0 1.12% $2,001.0 -0.30%
Lynnwood, WA $1,918.0 3.40% $2,178.0 0.09%
Kirkland, WA $2,108.0 0.33% $2,477.0 -1.51%

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.