Puget Sound Rental Market Report
Current trends, vacancy rates, and rent growth across the region.
Executive Summary
The Puget Sound rental market has largely stabilized in mid-2026, with the regional average rent near $2,000 and growth essentially flat compared with a year ago. The rapid increases of 2022-2023 are well behind us as new apartment supply has caught up with demand. More affordable submarkets like the Kitsap Peninsula (Bremerton, Port Orchard) and the South Sound continue to hold up better than the Seattle core, helped by relative affordability and commuter demand. Vacancy has ticked up from the historic lows of recent years, giving renters more choice and making competitive pricing and presentation more important than ever.
Data sources: RentCafe, Rentometer, Redfin, and local MLS (2026). Rates shown are averages for 3-bedroom properties and vary by property type, condition, and exact location.
| Region | Avg. Rent | YoY Change | Vacancy |
|---|---|---|---|
| Tacoma | $2,250 | 0.0% | 5-7% |
| Gig Harbor | $2,875 | +1.5% | 4-6% |
| Bremerton | $1,725 | +1.2% | 5-7% |
| Port Orchard | $1,825 | +1.0% | 5-6% |
| Seattle | $2,325 | -0.5% | 6-8% |
| Bellevue/Eastside | $2,825 | +0.8% | 5-7% |
| Federal Way | $1,800 | 0.0% | 5-6% |
| Everett | $1,750 | +0.5% | 5-7% |
Regional Insights
Tacoma
0.0%Prices have leveled off after several strong years. Downtown and North End still command the highest rents, but landlords are pricing carefully as renters gain more options.
Gig Harbor
+1.5%One of the more resilient submarkets thanks to limited inventory. Well-presented single-family homes still lease steadily.
Bremerton
+1.2%Relative affordability and Navy base employment keep demand steady, though growth has cooled from prior years.
Port Orchard
+1.0%Quieter, residential feel with spillover demand from Bremerton. Family-friendly neighborhoods remain popular.
Seattle
-0.5%A wave of new apartment supply has softened rents slightly in the urban core. Concessions like free weeks are more common.
Bellevue/Eastside
+0.8%Tech employment still supports premium rents, but new construction has added supply and tempered growth.
Federal Way
0.0%An affordable alternative to Seattle. Light rail access continues to support steady demand.
Everett
+0.5%Boeing employment remains stable and waterfront development continues to attract renters.
2026 Outlook
- Rent growth expected to stay flat (roughly 0-2% annually) as new supply keeps the market balanced
- South Sound and Kitsap expected to outperform Seattle metro in appreciation
- Single-family rentals continue to command premiums over multifamily
- Remote work flexibility keeps demand strong in suburban and exurban markets
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