States / Washington

State rental intelligence

Washington rental market data

A source-traced view across 21 metro markets and 39 counties. State figures below are labelled medians and totals—not a made-up statewide investment score.

20/21 metros scored39/39 counties with FEMA risk15 sources used in this analysis

Median scored metro43.0out of 100 · 20 measured metros

Washington identity diorama showing regional landscape, cities, housing, and infrastructure

Median metro home value$457kmedian across published metro values

Median metro rent$1,777monthly · published metro values

Median gross yield4.3%annual rent ÷ price · before costs

Median job trend▲ 0.1%trailing 12-month metro employment

Direct monthly rental evidence

Washington rent market dynamics

Apartment List measures recent leases, rental vacancy and listing time separately. These figures do not replace Zillow, Census or Realtor measures elsewhere on this page.

Recent-lease rent$1,7802026-07 · ▼ 1.1% year over year

Rental Vacancy Index6.0%2026-07 · +0.3 pp in 12 months

Time on market30 days2026-07 · +4 days in 12 months

US recent-lease rent$1,3882026-07 · ▼ 1.1% year over year

Rent and rental vacancy through timesolid state series · dashed national series · no interpolation across missing observations

State research brief

The median measured metro posted 2.9% asking-rent growth against 0.3% home-value growth, yet Washington's separate recent-lease series fell 1.1% as rental vacancy and marketing time increased.

Updated 2026-08-08 · evidence current to the releases listed below.

Washington presents two materially different rental signals. Zillow data show asking rents rising across measured metros while home values were nearly flat: the median changes were 2.9% and 0.3%, respectively. Apartment List's separate statewide measure of recent lease transactions moved the other way, falling 1.1% to $1,780. Its distinct Vacancy Index rose from 5.7% to 6.0%, while its separate time-on-market measure increased from 26.0 to 30.3 days.

The screening implication is to distinguish advertised rent momentum from achieved recent-lease conditions, then verify both locally. Positive net migration and a few stronger job markets are counter-signals to a uniformly soft interpretation, but median employment growth was only 0.15%. These figures describe distributions across covered metros and counties or, where identified, a direct state series. They do not establish the rent, vacancy, expenses, insurability or exit liquidity of a specific property.

Median metro asking-rent growth of 2.9% versus 0.3% value growth → identify markets where the gross rent-to-value relationship improved, but verify achieved leases

State recent-lease rent down 1.1%, Vacancy Index up 0.3 percentage points and time on market up 4.3 days → stress-test concessions, turnover and lease-up

Median resale supply of 3.25 months versus 6.1 months in Moses Lake → use local exit assumptions rather than the metro distribution median

Net migration of 9,821 alongside median job growth of 0.15% → treat demand support as positive but modest and uneven

Gross-yield range of 3.9% to 5.0% across the 10th-to-90th percentiles → require expense-level underwriting because headline yields leave limited room for unmeasured costs

Price and rent momentum

Asking rents outpaced nearly flat values across most measured metros

Among the measured metros, asking-rent growth ran from 1.0% at the 10th percentile to 5.8% at the 90th, with a 2.9% median. Home-value changes ranged from -1.0% to 1.4%, with a 0.3% median. The supplied median rent-minus-price growth gap was therefore 2.6 percentage points.

Aberdeen shows the sharpest selected separation: asking rent rose 7.6% while value fell 1.1%, and its indicated gross yield was 5.7%. Pullman combined 6.9% rent growth with 0.3% value growth and a 5.4% gross yield. Centralia's rent rose 5.7% against 1.9% value growth, but its gross yield was lower at 3.9%. These spreads can improve the gross rent-to-value relationship, but they do not establish achieved rent, operating costs or net return.

Evidence: Zillow ZHVI — metro home values · Zillow ZORI — metro market rents

Direct state rental dynamics

Recent leases and rental liquidity give a softer statewide reading

Apartment List's statewide recent-lease rent declined from $1,799 to $1,780, a 1.1% annual decrease. Its separate Vacancy Index rose by 0.3 percentage points, from 5.7% to 6.0%. Its separate time-on-market series increased by 4.3 days, from 26.0 to 30.3 days. These measures align directionally toward weaker rental liquidity, but they remain distinct series and should not be combined into one vacancy or rent metric.

A counter-signal is that Washington's 6.0% state Vacancy Index remained 1.1 percentage points below the 7.2% national reading supplied in the packet. For screening, the statewide rent decline supports testing concessions and slower lease-up rather than carrying metro asking-rent growth directly into revenue. Because this series has no metro breakdown here, it cannot identify which Washington markets account for the statewide change.

Evidence: Apartment List Rent Estimates — recent-lease rent index · Apartment List Time on Market — listing liquidity · Apartment List Vacancy Index — rental vacancy

Supply and resale conditions

High permitting coexists with sharply uneven resale liquidity

Across measured metros, the medians were 3.25 months of supply, 21.5 days on market, a 32.5% price-drop share and a 99.4% sale-to-list ratio. Those central figures conceal much slower selected markets. Moses Lake had 6.1 months of supply and 60 days on market. Walla Walla had 4.9 months of supply, 43 days on market and a 97.2% sale-to-list ratio.

Permitting intensity also needs local interpretation. Wenatchee recorded 10.36 permitted units per 1,000 residents alongside 4.7 months of supply. Kennewick had 9.58 permits per 1,000, 3.0 months of supply and 46 days on market. Ellensburg had 7.59 permits per 1,000 and 5.7 months of supply, but only 21 days on market. Permits are not completed units, and none of these combinations alone proves oversupply; they identify where pipeline and exit assumptions deserve closer review.

Evidence: Census Building Permits Survey — permitted units · Redfin Data Center — inventory, days on market, and price cuts

Employment and household movement

Positive migration is offset by nearly flat median job growth

The migration data show a net inflow of 9,821 people across 39 counties, equal to 1.26 per 1,000 residents. That is a positive demand-side counter-signal, but measured metro employment was close to flat: the median annual change was 0.15%, with a 10th-to-90th percentile range from -0.9% to 1.2%.

Selected markets were stronger than that median. Employment rose 1.8% in Aberdeen, 1.2% in Centralia and 1.2% in Kennewick. These observations support local demand checks rather than a statewide growth assumption. The migration series also covers a different, earlier period than the current housing indicators, so it cannot confirm present lease absorption or household formation.

Evidence: Census ACS 5-year — population · BLS CES — payroll employment · BLS LAUS — resident employment · IRS SOI — county migration and mover income

Entry cost and affordability

Higher gross yields often come with tighter tenant affordability

Measured metro gross yields had a 4.3% median and a 10th-to-90th percentile range of 3.9% to 5.0%. Price-to-income ratios ranged from 5.1 to 7.1, with a 5.68 median. Rent-to-income ratios ranged from 22.6% to 29.3%, with a 24.6% median. These are market distributions rather than property-level returns or tenant qualification results.

The selected higher-yield markets illustrate the trade-off. Aberdeen's 5.7% gross yield coincided with a 29.0% rent-to-income ratio. Pullman's 5.4% yield coincided with a 32.8% rent-to-income ratio. A higher headline yield therefore does not remove collection, turnover or affordability concerns, and it remains gross of taxes, insurance, maintenance, financing and vacancy.

Evidence: Census ACS 5-year — household income and gross rent · HUD Fair Market Rents — Section 8 standard · Zillow ZHVI — metro home values · Zillow ZORI — metro market rents

Physical risk and property tax

County hazard-loss and tax burdens vary enough to change property screens

County climate-loss ratios ran from 0.13% at the 10th percentile to 0.41% at the 90th, with a 0.23% median. Selected higher-loss counties were Kittitas at 0.50%, Grays Harbor at 0.49% and Okanogan at 0.46%. Effective property-tax rates ranged from 0.60% to 0.84% across the same percentile span, with a 0.73% median; the median county tax amount was $3,050. Pierce County's selected figures were a 0.91% rate and $4,770 median tax.

FEMA's mutually exclusive county-level leading-hazard classification labels 26 counties inland flood, 10 earthquake and 3 wildfire. These counts identify each county's leading hazard only; they do not show overlapping hazards or parcel-level exposure. Property screening still requires address-specific hazard, insurance and tax information rather than applying a county label to every property.

Evidence: FEMA National Risk Index — hazard loss ratios · Census ACS 5-year — effective property tax

State ZIP rental intelligence

How direct rental evidence varies inside Washington

The distribution uses 33 current published ZIP reports across 18 cities and 11 counties. Twelve measured counter-signals are shown below; this is not a statewide neighborhood ranking.

Published ZIP rent range$1,481–$2,983full direct-ZORI report cohort

Median rent / income23.2%annual asking rent ÷ ACS household income

Median one-year growth▲ 0.9%exact direct Zillow endpoints

Renter households covered305,087across published ZCTA matches

01 · RENT DISPERSIONRepresentative direct ZIP ZORI

02 · AFFORDABILITY PRESSURERent / income × observed burden

03 · PATH QUALITYOne-year growth × variability

WHAT THE STATE DISTRIBUTION SAYS

Among the 33 current published direct-evidence ZIP reports, the Zillow ZORI—an observed asking-rent index—runs from $1,481 to $2,983, a $1,502 span around a $1,964 median. Moses Lake anchors the low end and Bellevue the high end, so a statewide figure would obscure the practical question: which published ZIP-report range fits a renter's budget, rather than a claim about the cost of a typical Washington property? This is a distribution of current published direct-evidence reports, not every delivery ZIP, neighborhood, or rental property; it is measured coverage rather than a statewide enumeration. This distinction keeps the central comparison focused on observed area-level asking-rent conditions, not a statewide rent-paid estimate.

Affordability and renter burden provide related but noninterchangeable screens. The current ZORI-to-income ratio ranges from 17.8% to 39.2%, with a 23.2% median, while the ACS share of renter households reporting rent burdens at or above 30% ranges from 26.3% to 63.0%, with a 49.3% median. In Bellingham, the current index equals 36.0% of area median household income and implies $76,640 of annual income at that threshold, versus an ACS median household income of $63,941. The first comparison places an observed current asking index against an area income median; the second is a five-year survey estimate of reported household burden. Neither converts the other into a household budget result.

Momentum adds a counter-signal to the price levels. Direct monthly ZORI-series one-year growth ranges from -2.9% to 9.0%, with a 0.9% median; annualized volatility ranges from 1.8% to 5.7%, with a 2.7% median. Bremerton pairs 9.0% one-year growth with 2.9% volatility, whereas Spokane combines 1.9% growth with the 5.7% distribution high. The largest reported peak-to-trough drawdown is 20.4%, reinforcing that a single annual change does not describe the path. Use the direct-series history categories as descriptive labels: a low-volatility increase and a high-volatility increase are distinct measured patterns, neither a forecast nor an explanation of why rents moved.

HUD comparison answers a separate administrative question. For the listed ZIP reports, the current asking-index-to-HUD two-bedroom benchmark ranges from 72.3% to 137.0%, with a 99.8% median. The HUD figure is an FMR/SAFMR-based administrative bedroom standard linked through the HUD ZIP framework, not an observed asking-rent index; being above or below it does not establish a unit's rent or a renter's eligibility. ZORI and the HUD standard are area-level measures, and the packet supplies no property listing, bedroom-specific ZORI quote, lease terms, or unit-level features. They therefore cannot price or characterize a particular rental home. It also does not identify whether any available property matches either area-level measure at a given time.

DECISION NOTES

Use the distribution as a search screen

Published reports show a broad current ZORI range, so compare a renter's budget with the relevant ZIP-report values instead of relying on a single statewide central figure. Coverage remains limited to current published direct-evidence reports: it cannot represent every Washington delivery ZIP, neighborhood, available rental, or rent paid by a particular household.

Keep the affordability signals separate

Current ZORI-to-income compares an observed asking-rent index with an ACS area income median. The ACS renter-burden share instead records a surveyed household outcome over its multi-year estimate period. Use the first as an income screen and the second as separate burden context; neither identifies the payment share for an individual lease.

Read rent change with its path

Growth, volatility, and maximum drawdown are all derived from the monthly direct Zillow series, so they should be read together. Stronger annual movement can coexist with lower volatility, while modest growth can accompany a more variable path. The history category is descriptive evidence about the observed series, not a prediction of future rent movement.

Representative direct evidence

Twelve useful contrasts, every one traceable

The statewide summaries use all 33 qualifying reports. The table preserves measured extremes in rent, affordability, burden, momentum, volatility and the HUD benchmark gap.

ZIP report	Place	Zillow rent	1Y growth	Rent / income	Burden 30%+	Variability	HUD 2BR gap
98052 →	Redmond	$2,630	▲ 1.8%	19.3%	34.6%	2.3%	▲ 105.2%
98109 →	Seattle	$2,461	▼ 0.7%	22.1%	31.1%	3.2%	▲ 98.4%
98225 →	Bellingham	$1,916	▲ 1.1%	36.0%	63.0%	2.6%	▲ 106.8%
98004 →	Bellevue	$2,983	▲ 0.6%	19.6%	29.0%	2.4%	▲ 119.3%
98115 →	Seattle	$2,316	▲ 0.4%	17.8%	40.6%	2.3%	▲ 92.6%
98012 →	Bothell	$2,640	▲ 1.5%	21.7%	45.2%	1.8%	▲ 105.6%
98104 →	Seattle	$2,009	▼ 2.6%	39.2%	45.1%	4.3%	▲ 80.3%
98002 →	Auburn	$1,808	▲ 1.9%	27.6%	58.2%	2.9%	▲ 72.3%
98837 →	Moses Lake	$1,481	▼ 2.9%	23.8%	42.8%	2.6%	▲ 120.2%
99223 →	Spokane	$1,824	▲ 1.9%	23.2%	49.3%	5.7%	▲ 137.0%
98199 →	Seattle	$2,757	▲ 7.5%	18.3%	26.3%	2.0%	▲ 110.2%
98337 →	Bremerton	$1,717	▲ 9.0%	30.1%	59.0%	2.9%	▲ 84.5%

READ BEFORE USING

Zillow ZORI is an observed asking-rent index from the direct monthly series, not a quoted rent for a particular available home. Its growth, volatility, and drawdown metrics describe measured index history and cannot forecast rents, lease terms, or a property's characteristics.

ACS values are multi-year ZCTA survey estimates, and ZCTAs are statistical areas rather than USPS delivery ZIPs. HUD FMR/SAFMR is an administrative bedroom benchmark linked through the ZIP framework, not a market asking-rent observation or a property-level eligibility determination.

SOURCE LEDGERCensus ACS five-year — ZCTA housing and incomeACS 2024 5-year ZCTA · pulled 2026-08-08 HUD USPS crosswalk and Small Area FMRs — ZIP rent fallbackZIP-CBSA 2025Q4 + SAFMR FY2026 · pulled 2026-07-26 Zillow ZORI — ZIP market rentsZORI ZIP 2026-06 · pulled 2026-08-08

Evidence selected for Washington

The ranges behind the analysis

Each row keeps its own unit and shows the measured 10th percentile, median and 90th percentile. A single-value row is labelled directly.

Price and rent momentumAre home values and asking rents moving together or separating?

Supply and resale conditionsWhat do permits, inventory, marketing time and price cuts say about pressure?

Employment and household movementDo jobs, household movement and mover income point in the same direction?

Shape of the state

Distribution before conclusion

A statewide median can hide a wide spread. These SVG charts render at build time and carry no chart library or browser-side data request.

Metro score distribution20 scored metros · median 43.0

County evidence coverageEvery gap stays visible as missing—not estimated

Highest measured metro gross yieldsscreening metric only · before expenses and financing

Metro leaderboard

Markets touching Washington

Multi-state CBSAs appear in every member state. Score is still a metro score; no value is reweighted into a statewide ranking.

#	Metro	Score	Price	Rent	Yield	Jobs
1	Centralia, WA	62	$438k	$1,411	3.9%	▲ 1.2%
2	Pullman, WA	60	$334k	$1,515	5.4%	▼ 0.5%
3	Oak Harbor, WA	59	$647k	$2,052	3.8%	▲ 0.8%
4	Aberdeen, WA	56	$327k	$1,559	5.7%	▲ 1.8%
5	Shelton, WA	54	$457k	$1,911	5.0%	▲ 1.0%
6	Mount Vernon, WA	53	$590k	$2,143	4.4%	▲ 0.5%
7	Kennewick, WA	52	$443k	$1,704	4.6%	▲ 1.1%
8	Spokane, WA	49	$425k	$1,547	4.4%	▲ 0.1%
9	Yakima, WA	48	$358k	$1,450	4.9%	▲ 0.2%
10	Bremerton, WA	44	$588k	$2,084	4.3%	▼ 0.4%
11	Ellensburg, WA	42	$499k	$1,777	4.3%	▲ 0.8%
12	Longview, WA	42	$424k	$1,374	3.9%	▲ 0.1%

Showing the top 12 scored metros of 21. Unscored metros remain discoverable through the national rankings.

Below the metro line

Largest counties in Washington

County figures join on the five-digit FIPS code. The table uses measured local values and prints “n/a” wherever a publisher has no record.

County	Population	Price	Rent	Yield	Hazard
King County, WA	2,287,171	$858k	$2,330	3.3%	earthquake
Pierce County, WA	930,319	$573k	$1,962	4.1%	earthquake
Snohomish County, WA	844,430	$754k	$2,232	3.5%	earthquake
Spokane County, WA	549,056	$429k	$1,546	4.3%	inland flooding
Clark County, WA	516,959	$554k	$1,874	4.1%	inland flooding
Thurston County, WA	299,067	$534k	$2,084	4.7%	earthquake
Kitsap County, WA	277,881	$588k	$2,084	4.3%	earthquake
Yakima County, WA	257,152	$358k	$1,450	4.9%	inland flooding
Whatcom County, WA	230,503	$622k	$1,998	3.9%	inland flooding
Benton County, WA	212,905	$452k	$1,713	4.5%	inland flooding
Skagit County, WA	131,328	$590k	$2,143	4.4%	inland flooding
Cowlitz County, WA	112,360	$424k	$1,374	3.9%	inland flooding

County yield sample28/39counties have the rent needed to compute yield

Statewide net migration+9,821IRS tax-return households summed across counties

Median investor share5.6%among counties with HMDA purchase records

City markets

Go from Washington to a city record

These links exist only where an official Census place, direct city price and rent series, and a checked city brief are all available.

City · WASeattle$856k home · $2,224 rent · 3.1% yield City · WASpokane$404k home · $1,498 rent · 4.5% yield City · WATacoma$498k home · $1,749 rent · 4.2% yield City · WAVancouver$511k home · $1,818 rent · 4.3% yield City · WAEverett$654k home · $1,946 rent · 3.6% yield City · WAYakima$368k home · $1,369 rent · 4.5% yield City · WABellingham$675k home · $1,976 rent · 3.5% yield City · WAKirkland$1227k home · $2,626 rent · 2.6% yield City · WAAuburn$612k home · $1,953 rent · 3.8% yield City · WAPasco$423k home · $1,665 rent · 4.7% yield City · WARichland$470k home · $1,800 rent · 4.6% yield City · WAOlympia$539k home · $2,013 rent · 4.5% yield

Sources used in this analysis

Measured releases, not a global source count

Only sources supporting the selected evidence modules are listed here.

Bear case

What can break the thesis

Zillow asking rents and Apartment List recent-lease rents use different methods and coverage, so their divergence may partly reflect measurement rather than a uniform market turn.
The direct Apartment List series has no metro detail in this packet; Zillow county rents cover 28 of 39 counties, metro rent growth covers 20 of 21 metros and Realtor county conditions cover 37 of 39 counties.
No county Realtor listing-price observations are supplied, limiting county-level comparisons between asking prices and listing liquidity.
Gross yields exclude operating expenses, financing, concessions, vacancy, repairs and capital expenditure, so they are not net-return estimates.
County leading-hazard labels and loss ratios cannot establish parcel exposure, insurance availability or a property-specific premium.

Investor questions

Before underwriting a property

Which rent measure should anchor acquisition underwriting?

Neither statewide result should be applied without local verification. Zillow's median measured metro asking rent rose 2.9%, while Apartment List's separate statewide recent-lease rent fell 1.1%; signed local leases and current competing listings are needed to reconcile them.

Where is the clearest selected rent-versus-value separation?

Aberdeen: asking rent increased 7.6% while home value declined 1.1%, with an indicated 5.7% gross yield. That supports further screening but does not establish net operating income.

Does positive migration establish broad rental demand growth?

No. Net migration was positive by 9,821 people, or 1.26 per 1,000 residents, but median measured metro job growth was only 0.15% and the migration series covers an earlier period.

Are the higher-yield measured markets also easier on tenants?

Not necessarily. Aberdeen paired a 5.7% gross yield with a 29.0% rent-to-income ratio, while Pullman paired a 5.4% yield with a 32.8% ratio. Higher gross yield can coincide with tighter affordability.

Can the county hazard classification determine whether a property is insurable?

No. The labels identify one leading hazard per county and the loss ratios are county-level measures. Parcel exposure, policy terms and premiums are not provided.