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City Report · WA

Mercer Island

Pop. 25,307·16th most expensive in Washington·One of the pricier rental markets in the US
Median rent (all units)
$2,746/mo
Year-over-Year
+3.3%
Month-over-Month
+3.5%
vs US Median
+$784
Rising (Monthly)
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Most AffordableMost Expensive
Mercer Island · $2,746
More expensive than 86% of US cities · National median $1,962/mo
Rent Reality Score
53/100
Fairly priced
OverheatedFairGreat value

Rents are right about where Mercer Island's 10-year trend predicts.

Actual rent
$2,746/mo
Expected by trend
$2,785/mo
The Rent Reality Score compares today's median rent to where Mercer Island's own long-run trajectory projects it should be. See the full rankings →
Medians by bedroom

Rent by unit size

Studio
$2,117
1 BR
$2,163
2 BR
$2,522
3 BR
$3,325
4 BR+
$3,875
Research median
$2,522/mo

Bedroom figures are derived from HUD Fair Market Rents and scaled to match Mercer Island's market median, because the published HUD values all ran above it. They are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: August 17, 2026

Annual cost
$32,952/yr
At $2,746/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 3.3% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+3.3% YoY, +3.5% MoM), not inventory.
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Demographics

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.

Population
25,307
Median income
$219,069
Median age
46.4
Renters
33%
Age distribution
21.5%
14.9%
27.5%
14%
22.2%
Under 1821.5%
18–3414.9%
35–5427.5%
55–6414%
65+22.2%
Gender
47.6%
52.4%
Male47.6%
Female52.4%
Race & ethnicity
63.6%
24.5%
White63.6%
Black0.9%
Hispanic2.4%
Asian24.5%
Other8.6%
Education (25+)
81.4%
No HS diploma1.6%
HS diploma5%
Some college11.9%
Bachelor's+81.4%
Housing tenure
67%
33%
Owner67%
Renter33%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Mercer Island, WA has changed in 5 years

Rent
$2,083 → $2,746
up 31.8%
Income
$170,000 → $219,069
up 28.9%
Population
25,506 → 25,307
down 0.8%
Renter share
32.3% → 33%
+0.7 pts
Bachelor's+
77.5% → 81.4%
+3.9 pts
Median age
45.5 → 46.4
+0.9 yrs

Rent in Mercer Island, WA has climbed 31.8% since 2021, going from about $2,083 per month to roughly $2,746 today. On the earnings side, the typical household in Mercer Island, WA now reports about $219,069, up from $170,000 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.

Community

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View Mercer Island rent history (2015–2026) →
Salary vs rent

Can you afford rent in Mercer Island on your salary?

At $2,746/mo, how Mercer Island rent compares to typical pay (30% rule).

By apartment size

Mercer Island rent by bedroom count

Median rent for each apartment size in Mercer Island. Click any size for full breakdown.

Local insights

Tips for renters in Mercer Island

About renting in Mercer Island, WA

Last updated: August 17, 2026

The median rent in Mercer Island is $2,746/mo as of August 2026. A studio apartment averages $2,117/mo while a 2-bedroom runs $2,522/mo. One-bedroom apartments average $2,163/mo and 3-bedroom units go for $3,325/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 3.3% over the past year.

FAQ

Frequently asked questions

Is Mercer Island an affordable city for renters?

Mercer Island is considered very affordable for renters. At $2,746/mo, rent takes approximately 15% of the local median household income ($219,069/yr). The standard benchmark is 30%. Mercer Island falls comfortably within that range.

How much income do you need to rent in Mercer Island?

To keep rent at or below 30% of gross income, you would need to earn at least $110,000/year (~$53/hour full-time) to afford the median rent of $2,746/mo in Mercer Island. The local median household income is $219,069/yr, meaning the typical Mercer Island household meets that threshold.

Is rent going up or down in Mercer Island?

Rent in Mercer Island has increased 3.3% over the past year as of August 2026, putting upward pressure on renter budgets.

How does Mercer Island rent compare to other cities in Washington?

Mercer Island is one of the pricier cities in Washington for rent, ranking #16 out of 110 tracked cities at $2,746/mo.

Which nearby cities are cheaper to rent in than Mercer Island?

Several nearby cities have lower median rents than Mercer Island ($2,746/mo): Bryn Mawr-Skyway ($1,956/mo), Tukwila ($2,024/mo), Renton ($2,212/mo).

What percentage of Mercer Island residents rent vs. own?

According to Census data, approximately 33% of Mercer Island households are renters, while 67% are owner-occupied. Mercer Island leans toward homeownership, which can mean a smaller rental inventory.

How does Mercer Island rent compare to the national average?

Mercer Island's median rent of $2,746/mo is $784 (40%) above the US national median of $1,962/mo. Within Washington, it ranks #16 out of 110 tracked cities.
Income Affordability
15%
VERY AFFORDABLE

At $2,746/mo, rent takes ~15% of Mercer Island's median household income ($219,069/yr). The standard benchmark is 30%.

Mercer Island 15%Benchmark 30%
State income taxNone
Run the Mercer Island affordability calculator →
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Neighborhoods

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Schools nearby

Public schools near Mercer Island, WA

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