Redmond remains one of the higher-cost rental markets on the Eastside, but landlords are facing more competition in August 2026. Zillow reported an average asking rent of approximately $3,166 per month across property types in late July, with 294 rentals available.
For landlords, the important story is not simply whether average rent is going up or down. Redmond’s rental market is becoming more segmented. Apartments near Downtown and Overlake, townhomes, and larger single-family homes can face very different competition.
Key takeaway:
Redmond still has strong long-term rental demand drivers, but landlords should price from comparable properties rather than assuming the city’s technology employment and high household incomes will support any asking rent.
How Much Is Rent in Redmond Right Now?
The answer depends heavily on what type of rental property you are looking at.
Several major rental platforms reported different Redmond averages in July 2026:
| Source | Approx. Rent | Market Measured |
|---|---|---|
| Zillow | $3,166 | Multiple property types and bedroom counts |
| RentCafe | $2,559 | Primarily apartments |
| Apartments.com | $2,413 | Apartments |
These figures should not be treated as contradictory estimates of exactly the same thing. Each platform uses its own inventory and methodology.
For example, RentCafe reported approximately:
- Studio: $1,923
- 1 bedroom: $2,306
- 2 bedrooms: $2,903
- 3 bedrooms: $3,528
Apartments.com reported a similar progression by property size, with studios around $1,952, one-bedrooms around $2,413, two-bedrooms around $3,053, and three-bedrooms around $3,519.
What does this mean for a Redmond landlord?
Citywide averages are useful for understanding direction, but they are usually not precise enough to price an individual property.
A three-bedroom house in Education Hill should not be priced from the average rent for Redmond apartments. Likewise, a newer apartment near Downtown Redmond Station competes differently from a detached home with a garage and yard.
The better question is:
What are renters paying for properties that genuinely compete with mine?
That requires looking at property type, bedrooms, bathrooms, square footage, condition, location, parking, amenities, and currently available competing rentals.
Are Redmond Rents Going Up or Down in 2026?
Current sources do not point in exactly the same direction.
Zillow’s Observed Rent Index showed Redmond rents approximately 1.7% higher year over year through June 2026.
Apartments.com reported apartment rents approximately 4.6% higher year over year in July.
RentCafe, meanwhile, reported its Redmond apartment average approximately 2% lower than a year earlier.
So, are rents rising or falling?
The most responsible answer is:
Redmond’s rental market is mixed.
The variation between datasets is itself useful information. It suggests landlords should be cautious about statements such as “Redmond rents are up 5%” or “Redmond rents are falling.”
Different properties are experiencing different conditions.
Is Redmond Still a Strong Rental Market?
Redmond continues to have several structural advantages that support rental demand.
Microsoft’s headquarters remains one of the city’s most important employment anchors, while Redmond’s position within the broader Eastside technology economy connects it with employment throughout Bellevue, Kirkland, and surrounding communities.
Redmond is also planning for substantial long-term population and housing growth. According to the City of Redmond, the city’s population is projected to reach approximately 128,400 by 2050.
Transportation has improved as well. Sound Transit’s Downtown Redmond extension opened in May 2025, adding Marymoor Village and Downtown Redmond stations to the 2 Line.
These are meaningful long-term demand drivers.
But a strong city does not automatically mean an easy leasing market.
Zillow classified Redmond renter demand as “cool” in its late-July market data. That means landlords should distinguish between Redmond’s long-term attractiveness and the conditions facing a rental listing today.
A desirable market can still have periods where renters have more negotiating power and more homes to choose from.
Why Can Redmond Have Strong Demand and Still Feel Competitive?
Because rental demand is only half of the equation.
Supply matters too.
Redmond is planning for approximately 24,800 net new homes between 2019 and 2050.
A significant portion of that housing growth is expected in three major centers:
- Overlake: approximately 8,350 additional homes
- Downtown: approximately 6,680
- Marymoor: approximately 3,170
Together, those areas account for roughly 18,200 planned additional homes.
This creates an important distinction for rental owners.
Redmond can continue attracting residents while simultaneously adding more housing for those residents to choose from.
That does not necessarily mean rents will fall. It means landlords may have to compete more actively for renters.
Is New Apartment Construction a Problem for Single-Family Landlords?
Not necessarily.
A new apartment building and a detached four-bedroom house usually serve different renter needs.
Someone looking for a one-bedroom apartment near light rail may prioritize walkability, amenities, and commute convenience.
A household searching for a three- or four-bedroom home may prioritize additional space, parking, storage, a yard, neighborhood characteristics, or proximity to particular destinations.
However, there can still be overlap.
Large apartments and townhomes can compete with smaller single-family homes, particularly when apartment communities offer concessions or newer amenities.
This is why GPS Renting generally looks at direct competing listings when evaluating rental pricing rather than relying entirely on an overall city average.
How Has Light Rail Changed Redmond's Rental Market?
The opening of Downtown Redmond light rail is one of the most significant recent changes to the city’s transportation network.
Sound Transit’s Downtown Redmond extension opened on May 10, 2025, adding:
- Marymoor Village Station
- Downtown Redmond Station
This expanded the existing Eastside 2 Line service that already included Redmond Technology Station.
For renters, that changes how location can be evaluated.
A renter may now consider not only driving time but also access to light rail when comparing properties in Downtown, Marymoor, Overlake, and surrounding neighborhoods.
For landlords, proximity to transit can therefore become another part of a property’s rental positioning.
It should not, however, automatically justify a higher rent. The property still needs to be compared with similar rentals offering similar access.
What Is Happening in Downtown Redmond?
Downtown Redmond continues to develop into a denser, more walkable residential and commercial center.
For renters, Downtown can offer proximity to restaurants, shopping, trails, parks, employment, and light rail.
For rental owners, those advantages come with a tradeoff:
more housing competition.
Downtown is expected to absorb approximately 6,680 additional homes under Redmond’s long-term growth plans.
A landlord with an older apartment or townhome therefore needs to pay attention to newer alternatives renters can choose from.
Condition, presentation, parking, layout, and pricing can become increasingly important when a renter can compare several properties within the same area.
Why Is Overlake Important to Redmond Landlords?
Overlake is one of Redmond’s most significant employment and housing centers.
Its proximity to Microsoft’s campus has historically made location a major advantage. Transit improvements and continued development are reinforcing its importance.
The City of Redmond plans for approximately 8,350 additional homes in Overlake, more than any of the other major Redmond centers.
That creates both opportunity and competition.
More residents and development can support local activity and housing demand, but additional rental inventory also gives renters more options.
Owners in Overlake should therefore watch competing inventory particularly closely.
What Should Landlords Know About Marymoor?
Marymoor is another area undergoing significant change.
The opening of Marymoor Village Station improved regional transit access, while the area also benefits from proximity to Marymoor Park and Downtown Redmond.
Redmond’s long-term plan calls for approximately 3,170 additional homes in the Marymoor center.
For landlords, this is worth monitoring because new development and improved transportation are happening together.
Properties that once competed primarily on driving convenience may increasingly be compared based on transit access, walkability, amenities, and newer housing alternatives.
How Is Education Hill Different From Downtown and Overlake?
Education Hill represents a different segment of Redmond’s rental market.
The neighborhood contains more traditional residential housing than Redmond’s major urban centers.
That can make the renter profile different as well.
A renter comparing homes in Education Hill may place more weight on:
- Number of bedrooms
- Interior and storage space
- Garage or driveway parking
- Yard space
- Neighborhood setting
- Property condition
- Access to Downtown Redmond and employment centers
For a single-family landlord, this reinforces why apartment averages should be used carefully.
A house should primarily be compared with other houses and townhomes that appeal to similar renters.
How Should a Redmond Single-Family Home Be Priced?
Start with comparable properties, not the citywide average.
For the homes we manage, the factors we would examine include:
Property type: A detached house should primarily be compared with similar houses.
Bedroom and bathroom count: A four-bedroom home serves a different market from a two-bedroom apartment.
Square footage: Larger homes generally command more rent, but renters still compare value per dollar.
Condition: Updated kitchens, flooring, paint, appliances, and overall cleanliness can affect renter perception.
Parking: Garages and reliable parking can distinguish suburban rentals from denser alternatives.
Outdoor space: A usable yard or patio can matter for renters seeking alternatives to apartment living.
Location: Distance to major employers, Downtown Redmond, transit, shopping, parks, and other destinations affects competition.
Current inventory: What is available right now often matters more than what rented six months ago.
Days on market: Comparable homes sitting unsold or unrented at a particular price can provide useful information about what renters are rejecting.
Owners can learn more about our approach on our Redmond Property Management page.
How Can a Landlord Tell If the Asking Rent Is Too High?
The market usually provides signals.
Suppose a property receives substantial online visibility but very few showing requests. That can indicate renters are rejecting the listing before visiting it.
If the property receives showings but few applications, renters may like the property but believe another option provides better value.
If applications are coming in consistently, the listing is probably closer to where the market is willing to transact.
Landlords should therefore monitor more than the number of days a listing has been active.
Useful leasing signals include:
- Listing views
- Inquiries
- Showing requests
- Completed showings
- Applications
- Applicant feedback
- Comparable listings
- Price reductions by competing properties
The longer a property remains vacant, the more important it becomes to determine whether price, condition, presentation, or another factor is limiting demand.
Is It Better to Reduce Rent or Wait for a Higher-Paying Tenant?
This is ultimately a financial calculation.
Consider a hypothetical Redmond rental listed at $3,500 per month.
If reducing the rent by $100 helps secure a qualified resident one month earlier, the annual difference in rent is $1,200.
But one additional month of vacancy at $3,500 costs $3,500 in lost gross rent.
That does not mean landlords should immediately reduce their price.
It illustrates why vacancy cost should be considered alongside asking rent.
Holding out for the highest possible rent is not always the strategy that produces the highest annual income.
Should Redmond Landlords Raise Rent in 2026?
A landlord should first determine whether the current rent is actually below market.
The legal maximum and the market-supported increase are two different numbers.
Washington’s statewide rent stabilization law limits annual increases for most covered residential tenancies. The 2026 maximum is 9.683% for covered properties, subject to applicable requirements and exemptions.
But 9.683% is a legal ceiling, not a pricing recommendation.
For example, if comparable properties are renting for $3,200 and an existing resident is already paying $3,175, increasing rent by the full legal maximum would put the property substantially above current competition.
The landlord should consider:
- Current market rent
- Resident payment history
- Length of tenancy
- Turnover risk
- Potential vacancy
- Turn costs
- Leasing expenses
- Property condition
- Applicable Washington and local requirements
Sometimes retaining a reliable resident at slightly below the maximum achievable rent can produce a better financial outcome than maximizing the monthly rate.
What Should Redmond Landlords Do Before a Lease Renewal?
Start the analysis early.
Before determining a renewal rent, compare the property’s current rent with similar active and recently marketed rentals.
Then evaluate the potential cost of turnover.
A resident leaving can create expenses beyond vacancy, including cleaning, repairs, utilities, marketing, leasing preparation, and time without rental income.
The question should therefore not simply be:
“How much can I raise the rent?”
A better question is:
“What renewal strategy gives this property the strongest expected return while managing turnover risk?”
Washington’s rent-increase rules also need to be considered before any increase is issued.
What Should Redmond Landlords Expect for the Rest of 2026?
We would characterize Redmond’s August 2026 rental market as valuable but increasingly competitive.
Several long-term fundamentals remain favorable:
- A major technology employment base
- Microsoft’s headquarters
- Continued population growth
- Significant household purchasing power
- Expanded light rail
- Continued investment in Downtown, Overlake, and Marymoor
At the same time, landlords cannot ignore increasing housing supply and renter choice.
The most important change may therefore be how precisely a property needs to be positioned.
A Redmond address alone is not a pricing strategy.
Property type, neighborhood, condition, transit access, competing inventory, and renter demand should determine the asking rent.
What Is the Bottom Line for Redmond Rental Owners in August 2026?
Redmond remains one of the Eastside’s important rental markets, but the current data does not support treating every Redmond rental the same way.
Citywide rent estimates range substantially depending on the source and type of housing measured. Rent-growth estimates also disagree, while Zillow’s renter-demand indicator describes the current market as cool.
At the same time, Redmond continues to benefit from major employers, population growth, light rail expansion, and long-term investment.
For landlords, that creates a straightforward strategy:
Price locally, compare like-for-like properties, watch actual renter response, and consider vacancy cost before holding out for a higher asking rent.
If you’re preparing to list a Redmond rental or deciding what to do at renewal, you can request a Free Rental Analysis to evaluate your property against current market conditions.
You can also learn more about Redmond Property Management and review GPS Renting’s Services and Pricing if you’re comparing professional management options.
Sources
Zillow Rental Manager
Redmond, WA Rental Market Trends
https://www.zillow.com/rental-manager/market-trends/redmond-wa/
RentCafe
Redmond, WA Rental Market Trends
https://www.rentcafe.com/average-rent-market-trends/us/wa/king-county/redmond/
Apartments.com
Redmond, WA Rent Market Trends
https://www.apartments.com/rent-market-trends/redmond-wa/
City of Redmond
Housing and long-term housing growth information
https://www.redmond.gov/612/Housing
Sound Transit
Downtown Redmond Link Extension
https://www.soundtransit.org/get-to-know-us/news-events/news-releases/light-rail-to-downtown-redmond-opens
Rental-market figures represent publicly available data available through July and August 2026. Different sources use different property samples and methodologies, so figures should not be interpreted as the expected rent for a specific property. This article provides general market information and is not legal, financial, or investment advice.