134 Apartments under 1400 for rent in Mercer Island, WA

Last updated November 19 at 8:56am UTC
Results within 5 miles of Mercer Island, WA
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November 2017 Mercer Island Rent Report

Welcome to the November 2017 Mercer Island Rent Report. In this report, we'll evaluate trends in the Mercer Island rental market, including comparisons to cities throughout the metro, state, and nation.

View full Mercer Island Rent Report
Rent Report
Mercer Island

November 2017 Mercer Island Rent Report

Welcome to the November 2017 Mercer Island Rent Report. In this report, we'll evaluate trends in the Mercer Island rental market, including comparisons to cities throughout the metro, state, and nation.

Mercer Island rents increase sharply over the past month

Mercer Island rents have increased 0.7% over the past month, and have increased sharply by 8.3% in comparison to the same time last year. Currently, median rents in Mercer Island stand at $1,980 for a one-bedroom apartment and $2,470 for a two-bedroom. This is the fifth straight month that the city has seen rent increases after a decline in May. Mercer Island's year-over-year rent growth leads the state average of 4.5%, as well as the national average of 2.7%.

Rents rising across the Seattle Metro

Throughout the past year, rent increases have been occurring not just in the city of Mercer Island, but across the entire metro. Of the largest 10 cities that we have data for in the Seattle metro, all of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.

  • Puyallup has seen the fastest rent growth in the metro, with a year-over-year increase of 14.3%. The median two-bedroom there costs $1,860, while one-bedrooms go for $1,490.
  • Over the past month, Redmond has seen the biggest rent drop in the metro, with a decline of 3.2%. Median two-bedrooms there cost $2,170, while one-bedrooms go for $1,740.
  • Tacoma has the least expensive rents in the Seattle metro, with a two-bedroom median of $1,530; rents went down 0.2% over the past month but rose 5.3% over the past year.
  • Bellevue has the most expensive rents of the largest cities in the Seattle metro, with a two-bedroom median of $2,290; rents decreased 1.5% over the past month but were up 3.4% over the past year.

Many large cities nationwide show more affordable rents compared to Mercer Island

As rents have increased sharply in Mercer Island, large cities nationwide have seen rents grow more modestly, or in some cases, even decline. Compared to most large cities across the country, Mercer Island is less affordable for renters.

  • Rents increased significantly in other cities across the state, with Washington as a whole logging rent growth of 4.5% over the past year. For example, rents have grown by 6.8% in Vancouver and 4.7% in Spokane.
  • Mercer Island's median two-bedroom rent of $2,470 is above the national average of $1,160. Nationwide, rents have grown by 2.7% over the past year compared to the 8.3% increase in Mercer Island.
  • While Mercer Island's rents rose sharply over the past year, some cities nationwide saw decreases, including DC (-0.6%) and New York (-0.2%).
  • Renters will generally find more expensive prices in Mercer Island than most large cities. For example, Spokane has a median 2BR rent of $880, where Mercer Island is more than two-and-a-half times that price.

For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
City Median 1BR price Median 2BR price M/M price change Y/Y price change
Seattle $1,350 $1,690 -0.9% 4.2%
Tacoma $1,230 $1,530 -0.2% 5.3%
Bellevue $1,840 $2,290 -1.5% 3.4%
Everett $1,300 $1,620 -0.3% 3.0%
Kent $1,390 $1,740 -0.5% 6.7%
Renton $1,630 $2,030 -1.0% 7.6%
Federal Way $1,370 $1,700 -0.6% 6.3%
Redmond $1,740 $2,170 -3.2% 0.3%
Kirkland $1,620 $2,020 -1.1% 0.0%
Puyallup $1,490 $1,860 1.8% 14.3%
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Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

Read more about our methodology here.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.