We are well into the winter slog where everything feels dark and dreary and slow. Even Seattle's rental market is experiencing a seasonal slump.

According to the most recent data released from Apartment List, Seattle rents started the year flat, with median rates coming in at $1,970 in January. That’s relatively the same price as the median rent in December 2023, and it’s been flat for the last 12 months—give or take a few tenths of a percent. However, if Punxsutawney Phil is to be believed (not to mention the calendar), spring is around the corner. And with that comes rent increases. 

Just how much pain rent growth can Seattle-area renters expect this year? 

No one is anticipating the scorching hikes Seattle and much of the country experienced in 2021 and 2022. Given the general cooling of rental prices across the country (rents dipped 1 percent in 2023 nationally), Apartment List predicts single-digit rent growth this year. 

However, median rents are still $200 more per month on average than three years ago, before the pandemic squeeze, another Apartment List report notes. And, Seattle remains one of the most expensive cities for rents, ranking no. 17 of the 100 largest cities. The median rent here is 43.4 percent higher than the national average (which is $1,207). 

In other words, Seattle renters are feeling the squeeze. Nearly half (49 percent) of renters here are “cost-burdened,” meaning they spend more than 30 percent of their monthly income on rent and utilities. Of those, close to half are experiencing severe-cost burdens, spending more than 50 percent of their monthly income on rent and utilities, a reports a study by the Harvard Joint Center on Housing Studies. 

The rate of rent increases has outpaced income growth across the country, and even those at the upper end of the income scale are not immune from rent being too damn high. In Washington state, cost-burdened renters with incomes of $75,000 or more increased 25 percent from 2019 to 2022.  

Even with flat growth in the area, and nominal rent increases predicted for this year, Seattle area renters who have flexibility could benefit from getting an early move on to take advantage of slow-season rents while they last.