{"id":79205,"date":"2025-01-29T05:00:13","date_gmt":"2025-01-29T13:00:13","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79205"},"modified":"2025-01-29T07:29:42","modified_gmt":"2025-01-29T15:29:42","slug":"seattle-rent-report","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/seattle-rent-report\/","title":{"rendered":"Downtown Seattle Rents Rise for the First Time in 17 Months as Amazon Workers Go Back to the Office Full Time"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">The median asking rent for an apartment in downtown Seattle grew 2.5% year over year in December to $2,000\u2014the first rise in 17 months.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Seattle has built more new apartments than most major metros over the past few years, helping to keep rents in check, but demand may start to increase as companies like Amazon require staff to work in the office more frequently.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Of Seattle\u2019s inner neighborhoods, Capitol Hill (7.2%) saw rents rise the most in December, while Queen Anne fell the most (-13.7%).<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Downtown Seattle apartment rents grew for the first time in 17 months in December, rising 2.5% year over year to a median $2,000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The slight uptick in the median asking rent came ahead of the January implementation of Amazon\u2019s return-to-work policy, requiring staff to work in the office five days a week.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-7w8XG\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Downtown Seattle Rents Grow For The First Time In 17 Months\u00a0\" src=\"https:\/\/datawrapper.dwcdn.net\/7w8XG\/1\/\" height=\"441\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">This is according to an analysis of median asking rent figures for newly listed units in apartment buildings with five or more units. The median is calculated based on a three-month period ending December 31, 2024. In this analysis, <\/span><a href=\"https:\/\/www.redfin.com\/neighborhood\/741\/WA\/Seattle\/Downtown-Seattle\/apartments-for-rent\"><span style=\"font-weight: 400;\">downtown Seattle<\/span><\/a><span style=\"font-weight: 400;\"> incorporates the central business district, the waterfront along Alaskan Way, First Hill, Pioneer Square, Belltown, the International District and Denny Triangle (see map below).<\/span><\/p>\n<p><iframe src=\"https:\/\/www.google.com\/maps\/d\/u\/0\/embed?mid=11ZS1rWoibBUGQEHKjN0mDYAgBfB2Tcg&amp;ehbc=2E312F&amp;noprof=1\" width=\"750\" height=\"480\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">Over the past few years, rent trends in downtown Seattle followed a similar pattern to the pandemic-era real estate cycle observed in many major metros.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After climbing to nearly $2,500 prior to the pandemic in 2020, the median asking rent for downtown Seattle fell all the way to $1,399 in February 2021 as Seattle\u2019s tech-driven workforce moved away from the city center and transitioned to working from home. As offices started to re-open, demand increased and the median rent rose all the way to $3,118 in August 2022. Since then, rents have fallen by roughly 36% to where they are today thanks to a major uptick in apartment construction.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-eHLYI\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Downtown Seattle Rents Down 36% From 2022 Peak\" src=\"https:\/\/datawrapper.dwcdn.net\/eHLYI\/2\/\" height=\"424\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<h2><b>Too early to tell if Amazon\u2019s return-to-work policy is impacting rents<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In late 2024, Seattle-based tech company Amazon <\/span><a href=\"https:\/\/www.aboutamazon.com\/news\/company-news\/ceo-andy-jassy-latest-update-on-amazon-return-to-office-manager-team-ratio\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> that all staff were required to work in the office five days a week from January 1, up from three days a week previously. <\/span><a href=\"https:\/\/www.seattletimes.com\/seattle-news\/transportation\/amazon-workers-slow-the-seattle-area-commute-after-returning-to-office\/\"><span style=\"font-weight: 400;\">Anecdotally<\/span><\/a><span style=\"font-weight: 400;\">, the increase in Amazon workers traveling downtown daily has led to longer commute times and heavier traffic on the roads over the first few weeks of the year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But it remains to be seen whether the policy will impact rental demand.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\"> said it\u2019s too early to tell whether Amazon\u2019s return-to-work policy effected the uptick in Seattle\u2019s downtown rents in December, given that most workers already live within commuting distance of their office.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cSeattle has been building more <\/span><a href=\"https:\/\/www.redfin.com\/news\/america-building-fewer-apartments-2024\/\"><span style=\"font-weight: 400;\">new apartments<\/span><\/a><span style=\"font-weight: 400;\"> than almost any metro outside of the Sun Belt these past few years. That has helped keep rents in check\u2014even after workers returned to hybrid or full-time office work following the pandemic,\u201d Bokhari said. \u201cBut as new construction levels off and workers from large companies like Amazon increasingly expect their staff to work daily in downtown offices, rents may start ticking up in Seattle\u2019s inner-ring neighborhoods where commuting is made easier.\u201d<\/span><\/p>\n<h2><b>Capitol Hill rents rose 7.2%, while South Lake Union and Queen Anne fell more than 13%<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Among Seattle\u2019s inner neighborhoods, Capitol Hill rents rose the most in December, climbing 7.2% year over year to $1,825. Next came the Central District (+1.2%) and Westlake (+1%). (Note: This report only analyzed neighborhoods with sufficient data.)<\/span><\/p>\n<p><b>Asking rents in Seattle\u2019s inner neighborhoods<\/b><\/p>\n<table>\n<tbody>\n<tr>\n<td style=\"text-align: center;\"><\/td>\n<td style=\"text-align: center;\"><b>Asking Rent (December)<\/b><\/td>\n<td style=\"text-align: center;\"><b>Asking Rent YoY Change<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Downtown Seattle<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$2,000<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">+2.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Capitol Hill<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,825<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">+7.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Central District<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,895<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">+1.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Westlake<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$2,265<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">+1%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Queen Anne<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,981<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-13.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">South Lake Union<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$2,385<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-13.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><b>Seattle Metro Area<\/b><\/td>\n<td style=\"text-align: center;\"><b>$2,017<\/b><\/td>\n<td style=\"text-align: center;\"><b>+0.5%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">At the other end of the spectrum, Queen Anne (-13.7%) and South Lake Union (-13.5%) saw falls in asking rents in December, from a year earlier.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Results were mixed on the east side, where many of Seattle\u2019s tech employees work. The median asking rent in downtown Redmond rose 4.3% to $2,350, but fell 3% in downtown Bellevue to $2,579.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the overall Seattle metro area, the median asking rent was <\/span><a href=\"https:\/\/www.redfin.com\/news\/rental-tracker-december-2024\/\"><span style=\"font-weight: 400;\">up 0.5%<\/span><\/a><span style=\"font-weight: 400;\"> in December to $2,017.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The median asking rent for an apartment in downtown Seattle grew 2.5% year over year in December to $2,000\u2014the first rise in 17 months. Seattle has built more new apartments than most major metros over the past few years, helping to keep rents in check, but demand may start to increase as companies like Amazon [&hellip;]<\/p>\n","protected":false},"author":13568,"featured_media":79207,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[563],"tags":[20,697,645,88,647],"dashboard":[],"coauthors":[682,115],"class_list":["post-79205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rental-market","tag-housing-affordability","tag-rentals","tag-rentals-only","tag-renting","tag-seattle-wa"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Seattle Rents Rise as Amazon Workers Return to the Office Full Time<\/title>\n<meta name=\"description\" content=\"The median asking rent for an apartment in downtown Seattle grew 2.5% year over year in December to $2,000\u2014the first rise in 17 months. Seattle has built more new apartments than most major metros over the past few years, helping to keep rents in check, but demand may start to increase as companies like Amazon require staff to work in the office more frequently.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/seattle-rent-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Downtown Seattle Rents Rise for the First Time in 17 Months as Amazon Workers Go Back to the Office Full Time\" \/>\n<meta property=\"og:description\" content=\"The median asking rent for an apartment in downtown Seattle grew 2.5% year over year in December to $2,000\u2014the first rise in 17 months. 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