Location: Seattle-Bellevue, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,170 |
| 1 Bedroom | $2,270 |
| 2 Bedrooms | $2,650 |
| 3 Bedrooms | $3,460 |
| 4 Bedrooms | $4,110 |
| 5 Bedrooms | $4,768 |
| 6 Bedrooms | $5,340 |
| 7 Bedrooms | $5,767 |
| 8 Bedrooms | $6,055 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,270 | $262,093 | 0.87% | C |
| 2BR | $2,650 | $404,229 | 0.66% | D |
| 3BR | $3,460 | $623,500 | 0.55% | F |
| 4BR | $4,110 | $768,289 | 0.53% | F |
| 5BR | $4,768 | $854,442 | 0.56% | F |
U.S. Census Bureau data (2024)
The ZIP code 98055, located in Renton, WA, presents a dynamic rental market that reflects both current trends and underlying pressures. The Fair Market Rent (FMR) for the area, set at $2,730 for fiscal year 2024, is notably higher than the actual market rent, which stands at $2,076 according to Zillow's ZORI index. This discrepancy suggests that the rental market in Renton is experiencing downward pressure, likely due to a surplus of available units relative to demand.
A further indication of this trend is the low price-cut share of 0.2%. While this figure is quite small, it still points towards a competitive environment where landlords and property managers may need to adjust their pricing to attract tenants. The median home value of $659,391 provides context for the overall economic landscape, highlighting that homeownership remains a significant factor in the local real estate market.
The 45.2% share of renters in Renton also offers insight into the long-term dynamics of housing pressure. With nearly half of the population renting, there is an ongoing demand for rental properties, which can lead to sustained pressure on vacancy rates and rental prices over time. However, the lack of days on market (DOM) data means we cannot fully assess the speed at which properties are being rented, leaving some ambiguity regarding the immediate absorption rate of new rental listings.
In summary, the current snapshot of the Renton rental market indicates a situation where supply may be slightly outpacing demand, leading to competitive pricing among landlords. The high proportion of renters suggests that there will continue to be a robust demand for rental properties, but the challenge for landlords and small-portfolio investors lies in balancing supply with the willingness of potential tenants to pay the set rents.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.