Seattle’s rental market is showing signs of cooling in November 2026, although the trend varies depending on which report you follow.
Apartment List reports a 2.1% annual decline in median rent, while Zillow’s average asking rent remains nearly unchanged. Apartments.com reports a slight increase in its apartment rent series.
Meanwhile, newly published rental listings have increased across the Seattle metro area, creating another reason for landlords to evaluate their pricing and marketing strategies.
Seattle Rent Prices Decline in November 2026
Seattle rents are showing signs of cooling after several years of significant changes in the housing market.
According to Apartment List’s November 2026 Rent Report, the median rent in Seattle reached $2,073, reflecting a 0.7% decrease over the previous month and a 2.1% decline over the past year.
That annual decline is larger than Washington state’s 0.6% decrease. Nationally, rents increased slightly by 0.1% over the same period.
Seattle also ranked as the 17th most expensive large city in the United States, with rents approximately 49.8% above the national median.
Other rental platforms show a similar pattern of stable or slightly declining prices.
Zillow’s Seattle Rental Market Tracker, updated November 8, 2026, reports an average asking rent of $2,175 across all bedrooms and property types. That represents a $25 decrease over the previous month and a $5 decrease over the past year.
Trulia reports an average rent of $2,195, also showing a slight annual decline.
Apartments.com presents a somewhat different picture. Its November 2026 report lists average rents of $2,094 for a one-bedroom apartment and $2,814 for a two-bedroom apartment. Its apartment rent series increased 0.4% over the past year.
Why Are Seattle Rental Reports Showing Different Prices?
These differences come from how each platform measures rent.
Apartment List tracks median rent using Census benchmarks and changes in rents for comparable units. Zillow and Trulia report prices using their rental listing data. Apartments.com focuses on apartment rentals, while other sources include houses, condos, and townhomes.
As a result, you shouldn’t treat any single citywide rent figure as the correct asking price for your property.
A three-bedroom house in Ballard will compete with different rentals than a one-bedroom apartment in Capitol Hill.
What matters is how your property’s asking rent compares with similar homes in the same neighborhood.
For a broader look at how Seattle’s rental market has changed, see our October 2026 Seattle Rental Market Analysis.
New Seattle Rental Listings Increase as Landlords Face More Competition
Rental competition is one of the biggest developments in Seattle’s housing market this November.
According to Parcl Labs data cited in Belong’s November 2026 Seattle Market Analysis, 16,333 new rental listings entered the Seattle metro market during the 30 days ending November 2, 2026.
That’s a 44.4% increase from the 11,315 new listings recorded during the comparable period a year earlier.
This figure measures newly listed rentals across the metro area, not the number of vacant homes in Seattle itself.
For comparison, Zillow reported 4,582 available rentals within its Seattle market dataset as of November 8.
Zillow also classified Seattle’s rental market temperature as “cool,” indicating weaker renter demand relative to its national benchmark.
Together, these indicators point toward a market where renters have more choices and property owners face greater competition.
What Does More Rental Inventory Mean for Landlords?
When more properties become available, tenants can compare rent, location, condition, and amenities before submitting an application.
That makes it harder for overpriced homes to attract attention.
Consider two similar rental houses in the same neighborhood. One is advertised at $3,500 per month, while another offers comparable features at $3,350.
The higher-priced home needs to give renters a clear reason to pay the difference. That could be a more convenient layout, updated appliances, better parking, or another feature that genuinely adds value.
Otherwise, prospective tenants may simply choose the less expensive option.
Higher rental inventory doesn’t mean every Seattle property will struggle to find a tenant. It means the market gives tenants more alternatives.
For landlords, the goal isn’t necessarily to offer the lowest rent. It’s to make sure your asking price reflects what your property actually offers.
Seattle Single-Family Rental Homes Continue to Command Higher Rents
Citywide apartment averages don’t tell the full story for owners of single-family rental homes.
The RexMont Seattle Rental Market Report for November 2026 reports a median single-family rent of $3,150 per month, approximately 4.4% below its October 2025 comparison.
Its November 4 snapshot also identified 57 active single-family rental houses listed through the Northwest Multiple Listing Service, with a median asking rent of $4,295.
These figures measure different groups of homes. The broader $3,150 figure comes from licensed rental market data, while the higher asking rent reflects a smaller sample of active brokerage listings.
Trulia provides another perspective, reporting an average Seattle house rent of $3,800 in November 2026, compared with $1,916 for apartments.
The takeaway is straightforward. Single-family rental homes generally occupy a higher-priced segment of Seattle’s market, but that doesn’t mean every house can command the same rent.
What Determines Your Single-Family Rental Price?
Your property’s location, bedroom count, condition, layout, and amenities all affect how much tenants are willing to pay.
RexMont’s November report, credited to property manager Grisel Castro and designated broker Adriano Tori, offers a practical guideline:
“Start from $3,150, this month’s single-family median, then move for bedrooms, condition and parking.”
That’s a useful starting point, but the final asking price should come from comparable homes near your property.
For example, a renovated three-bedroom house with an attached garage may justify a higher price than an older three-bedroom rental with limited parking.
However, you still need to consider what similar homes are currently asking and how long they have remained available.
You can learn more about this process in our guide on how to accurately price your rental in today’s market.
Seattle's Cooling Sales Market Is Changing the Rent-Versus-Sell Decision
Seattle homeowners are facing another important decision in late 2026.
Should you sell your property now or keep it and earn rental income?
The sales market has become more challenging for some sellers.
According to Parcl Labs figures published by Belong, 52.5% of Seattle for-sale listings had experienced a price cut as of November 2, 2026.
That’s up from 46.4% a year earlier.
The median reduction among listings with price cuts also increased from 2.59% to 3.13%.
These figures don’t mean Seattle home values have fallen by the same percentages. They show that sellers are increasingly adjusting their asking prices to attract buyers.
For homeowners who don’t need to sell immediately, renting may be worth considering.
Instead of selling during a period of greater price competition, you could retain ownership and collect rental income while evaluating future market conditions.
But renting isn’t automatically the better financial decision.
You still need to account for mortgage payments, property taxes, insurance, maintenance, vacancy, and management expenses. You also need to consider how much cash you would receive from selling and whether you need that money for another purpose.
Seattle Reports Growth in High-Income Renter Households
Another development is worth watching.
In a November 4, 2026 article, the Puget Sound Business Journal reported a surge in millionaire renters across the Seattle metro area between 2020 and 2024.
The available article preview describes growth substantially faster than the national average and points to high home prices and mortgage rates as factors changing housing decisions.
The report highlights an important distinction: not everyone rents because they can’t afford to buy.
Some households have the financial resources to purchase property but prefer the flexibility of renting.
This creates another reason for owners of well-maintained rental homes to pay attention to the needs of their target market.
Still, affluent renter growth doesn’t guarantee higher demand for every property. Location, price, and the type of home remain critical.
What Seattle Landlords Should Do Before the End of 2026
A cooling rental market doesn’t require landlords to make drastic changes.
It does require closer attention to pricing, marketing, and vacancy.
Set Your Rent Based on Current Competition
Start by reviewing comparable rental listings in your neighborhood.
Focus on homes with similar bedroom counts, square footage, condition, and amenities.
Look beyond the asking prices. Where possible, review how long competing properties have been listed and whether owners have reduced their rents.
If several similar homes are advertised below your asking price, understand what makes your property different.
A higher price needs a clear reason.
Review your asking rent regularly while the property is vacant, particularly when inquiries or applications slow down.
Small, timely adjustments can be more effective than waiting until a property has spent weeks on the market.
Focus on Vacancy Costs, Not Just Monthly Rent
A higher asking rent doesn’t always produce more rental income.
Consider a home advertised at $3,300 per month.
If that home sits vacant for an additional 30 days while the owner holds out for the asking price, the potential lost rent is approximately $3,300.
Now compare that with reducing the monthly asking rent by $100 to secure a suitable tenant sooner.
That $100 reduction represents $1,200 over a 12-month lease, compared with $3,300 in potential rent lost during an additional month of vacancy.
This example assumes the lower price results in a lease 30 days sooner. It illustrates why the amount you collect over the full leasing period matters more than the advertised monthly rent alone.
To understand the financial impact, read our guide on the cost of rental property vacancy in Seattle.
Pricing isn’t the only part of the process.
Clear listing photos, accurate property descriptions, convenient showing options, and timely responses to rental inquiries can all help prospective tenants evaluate your home.
You also need a consistent screening and application process.
Belong reports that its managed Seattle homes leased in a median of 17 days, based on company-specific leasing data. That result shouldn’t be treated as the Seattle-wide average, but it reinforces the value of measuring how efficiently your own leasing process works.
Our guide to reducing vacancy time between tenants explains additional ways to prepare your property and reduce avoidable delays.
For property owners, the priority is simple: attract qualified renters at a competitive market price while keeping unnecessary vacancy to a minimum.
Frequently Asked Questions About Seattle's November 2026 Rental Market
1. What is the average rent in Seattle in November 2026?
Zillow reports an average asking rent of $2,175 per month across all bedrooms and property types as of November 8, 2026.
Apartment List reports a citywide median rent of $2,073. These figures differ because the companies use different data and calculation methods.
2. Are Seattle rents going down in 2026?
Several rental reports show declining rents.
Apartment List reports a 2.1% year-over-year decline in November 2026. Zillow reports an annual decrease of $5 in its average asking rent, while Apartments.com reports a slight 0.4% annual increase in its apartment rent series.
Overall, the data suggests softer conditions, although the direction and size of changes vary by source and property type.
3. How much does it cost to rent a single-family home in Seattle?
RexMont reports a median single-family rent of $3,150 per month in its November 2026 Seattle market report.
Trulia reports a higher average house rent of $3,800.
Actual rental prices depend on the property’s neighborhood, size, condition, and amenities.
4. Is Seattle's rental market competitive for landlords?
Yes. Parcl Labs data cited by Belong indicates that new rental listings across the Seattle metro increased 44.4% year over year in the 30 days ending November 2, 2026.
Zillow also describes Seattle’s rental market as cool.
These figures suggest that property owners need to pay close attention to competitive pricing and listing performance.
5. How long does it take to rent out a house in Seattle?
Leasing times vary significantly by property, asking price, and marketing process.
Belong reports a 17-day median for its managed Seattle homes. RexMont reports a 15-day median in its separate licensed rental dataset.
These are different samples and shouldn’t be combined into one citywide average. Your property’s actual leasing time will depend on its price, condition, location, and local competition.
6. Should I rent or sell my Seattle house in late 2026?
That depends on your finances and long-term plans.
With 52.5% of Seattle for-sale listings reportedly experiencing a price reduction as of November 2, 2026, homeowners may find it worthwhile to compare selling proceeds with potential rental income.
Renting allows you to retain ownership and earn income, but it also comes with ongoing expenses, maintenance obligations, and vacancy risk.
The best choice comes from reviewing both options using realistic estimates for your specific property.
The Bottom Line for Seattle Property Owners
Seattle’s November 2026 rental data points to a market where pricing and competition deserve more attention.
Median rents have declined in several major reports, available rental options have increased, and some homeowners are reconsidering whether to rent or sell.
For landlords, this doesn’t mean rental property ownership has become less worthwhile. It means you need to make decisions based on current conditions rather than last year’s expectations.
A well-maintained property with accurate pricing and an effective leasing process can still compete in a cooler market.
At GPS Renting, we help Seattle-area property owners evaluate rental prices, market their properties, screen applicants, and manage rental operations.
If you’re considering renting out your home or reviewing your current asking price, start with a realistic assessment of what your property can earn.
Request a rental analysis from GPS Renting to better understand your property’s rental potential in today’s market.