ZIP 98116
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Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).
12-month history
Last updated: October 17, 2026
What the numbers show
February. Asking rents in ZIP 98116 usually run 1.2% below trend in February and 1.1% above it in July, about $53 a month apart at today's median. Based on 9 years of data.
Rent in ZIP 98116 is at its highest level since Zillow's records here began in January 2017.
Rent in ZIP 98116 changed +2.7% over the year to September 2026. Across the 193 Washington ZIP codes Zillow tracks, the typical change was +2.5%.
From 2019 to 2024, rent in ZIP 98116 rose 19.2% while median household income rose 4.1% ($121,208 to $126,151). Rent outpaced income.
Rent in ZIP 98116 is 20.2% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent rose in 9 of the last 12 months.
30% of the median household income ($126,151) is $3,154 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($2,600); a 3-bedroom is $3,400.
13th cheapest of 22 ZIP codes in Seattle.
ZIP 98126, 2 miles away, rents for 11% less ($2,045/mo), about $3,100 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 98116. 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.
Who lives here
ZIP 98116 (Seattle, WA) is roughly split between renters and owners, has a median income above the national average, 67% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 98116 in Seattle, WA has changed in 5 years
Across the past five years, the going rent in ZIP 98116 in Seattle, WA has shifted from $1,709 to $2,301, up 34.6% since 2021. Local incomes tracked alongside that move, going from a median of $124,795 in 2021 to $126,151 more recently. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show ZIP 98116 in Seattle, WA adding about 1,521 residents over the five-year window, up 5.6% on net. The renter share has risen from 43.8% to 50.3%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 69.4% to 67% across the same window. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 98116 in Seattle, WA market of 2021.
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Tips for renters in ZIP 98116
Last updated: October 17, 2026
ZIP code 98116 covers Seattle, WA. The median rent here is $2,301/mo as of October 2026. A 1-bedroom rents for a median of $2,230/mo. A 2-bedroom rents for a median of $2,600/mo.
At 22% of local median household income ($126,151/yr), ZIP 98116 ranks as affordable compared to the national benchmark of 30%. Rents have increased 2.7% over the past year.
Frequently asked questions
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How does ZIP 98116 compare to other ZIPs in Washington?
How does ZIP 98116 compare to the rest of Seattle?
At $2,301/mo, rent takes ~22% of ZIP 98116's median household income ($126,151/yr). The standard benchmark is 30%.
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