Location: Seattle-Bellevue, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,950 |
| 1 Bedroom | $2,040 |
| 2 Bedrooms | $2,380 |
| 3 Bedrooms | $3,100 |
| 4 Bedrooms | $3,690 |
| 5 Bedrooms | $4,280 |
| 6 Bedrooms | $4,794 |
| 7 Bedrooms | $5,178 |
| 8 Bedrooms | $5,437 |
The ZIP code 98213 in Unknown, WA, presents a market characterized by significant dynamics that are indicative of ongoing changes in housing demand and supply. The Fair Market Rent (FMR) for the area stands at $2420 for fiscal year 2024, providing a benchmark for rental pricing. Despite the lack of specific market rent data, the FMR suggests that rental properties are likely to be priced around this figure, reflecting the current economic conditions and affordability standards.
The absence of detailed metrics such as price-cut share, days on market (DOM), and median home value indicates a scarcity of recent sales data, which can be interpreted as a relatively stable market with fewer transactions. This stability might suggest a balanced market, but without precise figures, it's challenging to determine if supply outpaces demand or vice versa. However, the lack of substantial price adjustments or extended periods of unsold inventory points towards a market where rental properties are in high demand, given the limited availability of sale data.
A notable aspect of ZIP 98213 is the unspecified percentage of renters in the area. While the exact figure is not available, the presence of renters is a key indicator of long-term housing pressure. In areas where the renter share is high, there tends to be an increased reliance on rental markets due to either unaffordable homeownership costs or lifestyle preferences. This reliance can lead to sustained upward pressure on rents, as seen in many urban and suburban regions across the United States. Landlords and small-portfolio investors should be aware of this potential dynamic, as it could influence future rental income and property values.
In summary, ZIP 98213 appears to be a market where rental demand is strong, evidenced by the established FMR and the lack of extensive price-cutting or prolonged listing times. The unspecified renter share highlights a trend toward renting, which could contribute to ongoing housing pressure and affect rental rates and property investment returns in the long term.
Data Sources: FMR data from HUD (2027).
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.