Rents are right about where Mercer Island's 10-year trend predicts.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $2,796 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
December. Asking rents in Mercer Island usually run 2.3% below trend in December and 2.7% above it in July, about $140 a month apart at today's median. Based on 8 years of data.
Rent in Mercer Island is at its highest level since Zillow's records here began in February 2018.
Rent in Mercer Island changed +6.0% over the year to September 2026. Across the 97 Washington cities Zillow tracks, the typical change was +2.6%.
From 2019 to 2024, rent in Mercer Island rose 25.5% while median household income rose 48.5% ($147,566 to $219,069). Income kept ahead of rent.
Rent in Mercer Island is 33% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 5 months in a row, and rose in 8 of the last 12 months.
30% of the median household income ($219,069) is $5,477 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($5,070).
Newcastle, 4 miles away, rents for 12% less ($2,461/mo), about $4,000 a year in savings.
From Zillow's monthly rent index (ZORI) for Mercer Island. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
Is your rent fair?
Compare your rent to the local median.
Who lives here
Mercer Island, WA is majority owner-occupied, has a large retiree population, has a median income above the national average, 81.4% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Mercer Island, WA has changed in 5 years
Rent in Mercer Island, WA has climbed 34.9% since 2021, going from about $2,073 per month to roughly $2,796 today. On the earnings side, the typical household in Mercer Island, WA now reports about $219,069, up from $170,000 in 2021. Rent outpaced income growth by roughly 6.0 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 77.5% to 81.4%. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and Mercer Island, WA reflects that arc in its own way.
Discussions about Mercer Island
No discussions yet. Start the conversation.
Can you afford rent in Mercer Island on your salary?
At $2,796/mo, how Mercer Island rent compares to typical pay (30% rule).
Mercer Island rent by bedroom count
Median rent for each apartment size in Mercer Island. Click any size for full breakdown.
Tips for renters in Mercer Island
Last updated: October 17, 2026
The median rent in Mercer Island is $2,796/mo as of October 2026. A studio apartment averages $2,770/mo while a 2-bedroom runs $3,300/mo. One-bedroom apartments average $2,830/mo and 3-bedroom units go for $4,350/mo.
At 15% of local median household income ($219,069/yr), Mercer Island ranks as affordable compared to the national benchmark of 30%. Rents have increased 6.0% over the past year.
Frequently asked questions
How much income do you need to rent in Mercer Island?
Is rent going up or down in Mercer Island?
When is the cheapest time to rent in Mercer Island?
Has rent outpaced income in Mercer Island?
How does Mercer Island rent compare to other cities in Washington?
Which nearby cities are cheaper to rent in than Mercer Island?
At $2,796/mo, rent takes ~15% of Mercer Island's median household income ($219,069/yr). The standard benchmark is 30%.
How does this area stack up?
Pick another city or ZIP to compare.
Estimated from ZIP-level data
Be the first to submit your rent for Mercer Island.
No discussions yet.