Average Rent in Redmond, WA: What Renters Pay and When a Condo Competes (2026)

by Ranjani Ravi

In Redmond, the real question behind average rent this year is whether to keep renting at all. Condo median sale prices fell 32.1% year over year to $406,958, and those units now sit a median 81 days on the market. If you're renting a one- or two-bedroom apartment, you can benchmark your monthly rent against owning a condo, with real negotiating room on your side.

Single-family homes tell a different story. With a median sale price of $1,541,885 and 10.9% of homes still selling above list price, detached houses stay out of rent-versus-buy reach for most renters. The decision comes down to how long you plan to stay and whether a condo fits what you need.

Key takeaway

The biggest news for renters is that condo sale prices have dropped sharply. Before you renew a one- or two-bedroom lease, compare it with the monthly cost of owning a median-priced condo. If you need flexibility or expect to leave within a few years, renting remains the simpler choice.

Who this guide is for

You're renting in Redmond, or about to, and you're deciding whether to sign or renew a lease, or put that monthly payment toward buying a condo or townhouse instead.

Average rent in Redmond, WA right now

Advertised averages shift constantly based on unit mix and new construction. To find the current benchmark for your budget, check the latest Zillow Observed Rent Index or Apartments.com for one- and two-bedroom units. If rents are flat or falling in those reports, you've got room to push back on a renewal increase.

If rents are rising, locking in a longer lease has real value. Worth knowing: Zillow, Apartments.com, and Zumper often disagree, because they measure different things. Some track asking rents on available units; others observe broader market trends. Compare like with like when you're looking at a specific floor plan, and cross-reference these against our housing market statistics to see where buying might compete.

Renting vs. buying a condo in Redmond

Condos are the only ownership tier where the monthly cost can come near a one- or two-bedroom rent. Right now, the condo market favors buyers who have the patience to work through a longer sales process.

With prices down from last year, renters have a window to buy without the fierce competition that defines the single-family market. You can take time to review HOA documents and secure financing without rushing.

Monthly cost of a median-priced Redmond condo

Here's the math on a median-priced Redmond condo. At 10% down, you're looking at roughly $40,700 on the condo median, leaving a $366,262 loan.

For illustration only: at 7.24%, the 30-year fixed average reported by Freddie Mac on October 29, 2026, you can estimate principal and interest from there. Add property taxes, which run about $8.40 per $1,000 of assessed value based on 2026 King County Assessor data, and get an HO-6 condo insurance quote before you set the two costs side by side.

If the total lands within a few hundred dollars of your current rent, buying deserves a serious look. If it's well above, renting while you save is the rational call. Down payment help or first-time buyer programs may close the gap, and Ranjani Ravi can run this same math on specific listings. One thing the median won't tell you: HOA dues, reserve health, and special assessments can add hundreds a month. Ask the HOA for current monthly dues, what they cover, the latest reserve study, and any planned special assessments before you stack ownership cost against rent.

Room to negotiate on Redmond condos

A Redmond condo now sits on the market nearly three times as long as a single-family house. At a median 81 days on market and a 96.7% sale-to-list ratio, you generally have room to negotiate, whether that's a price cut, seller-paid closing costs, or a rate buydown, rather than competing against multiple offers.

What you give up is short-term certainty. A falling median can partly reflect which units happened to sell, prices may not have bottomed, and if you need to sell in a few years, you could face that same 81-day wait on the other side.

Renting vs. buying a townhouse or house in Redmond

When you need more space, you take on a significant step-up in price. Above the condo tier, the rent-versus-buy math rarely works in your favor, and the market dynamics shift entirely.

Renters looking at larger properties face a different set of trade-offs: more square footage and often a yard, but none of the buyer-friendly conditions you'd find in the condo market.

Townhouses in Redmond

Townhouses offer a middle option for renters outgrowing an apartment. The median sale price is $875,010, which is more than double the condo median. Not one of the 19 Redmond townhouses sold in the latest 90 days went for more than its asking price.

That said, 19 sales is a thin base to draw trends from, and the step up from a condo is close to $470,000. Most townhouses also carry HOA dues, so ask what those cover, whether that's roofs, exteriors, or landscaping, and ask your agent for recent comparable sales rather than leaning on the median alone.

Single-family homes in Redmond

Single-family homes are the tier where renting usually stays cheaper month to month, and where buyers still compete. About one in nine Redmond houses sold above asking, even as condo prices fell.

The sheer cost of entry is the issue. At this price, a renter switching to ownership is taking on a payment several times a typical apartment rent, and unlike condos, houses have not softened enough to give buyers much negotiating room.

Extra costs of renting in Redmond

Advertised rent rarely covers everything you pay each month. Budget for what sits beyond the monthly rate so your rent-versus-buy comparison is fair on both sides.

Landlords often charge separately for services and amenities that homeowners handle directly. Knowing these costs up front prevents surprises at lease signing.

Security deposits and move-in fees

Washington's limit on combined move-in fees and deposits for covered leases helps renters budget the true cash needed to move. Under state law effective in 2025, if a landlord charges any move-in fees or security deposits for a standard residential lease, the combined total can't exceed one month's rent.

Knowing that limit tells you exactly what to push back on at signing. The limits apply to some lease types and not others, so ask the landlord for every move-in charge in writing before you sign, and confirm which rules cover your unit.

Parking, utilities, and building fees

Parking spaces, water, sewer, garbage billing, and package fees usually sit outside the quoted rent. Getting around by light rail changes the parking line in your budget. You can review our full cost of living breakdown to see how these fit into your household expenses.

Two apartments at the same advertised rent can differ meaningfully in what you pay each month. Ask for the last 12 months of average utility bills, the monthly parking charge, and whether the advertised rent includes a temporary concession that disappears at renewal.

Should you keep renting or buy in Redmond?

Your timeline and budget determine the best path. Use these questions to weigh your options:

How long do you expect to stay in Redmond? If it's only a year or two, buying costs and a possible 81-day resale period weigh against buying, so review the extra costs of renting and keep your lease.
Is your current rent within reach of the monthly figure in the condo worked example? If it is, you have room to negotiate on a condo purchase. If not, check homebuyer grants and loans before ruling buying out.
Do you need more space than a one- or two-bedroom gives you? If so, review the townhouse and single-family sections to see the price jump you'd be taking on.
Do you have a down payment plus a cushion for HOA dues and possible special assessments? If not, the renter cost sections tell you what to budget while you save.

Ranjani Ravi can compare specific condo listings against your current lease. This is general information, not financial advice, and a lender and tax professional should confirm the numbers.

At a glance

These are recent sale prices, not rents. Every figure covers the 90 days ending Sept. 30, 2026.

All homes: median sale price $1,194,406, down 8.1% year over year; 144 sales; median 36 days on market; 3.9 months of supply
All homes: median $605 per square foot; 97.4% sale-to-list; 7.8% sold above list; 185 homes for sale
Single-family homes: median sale price $1,541,885, down 2.4% year over year; 93 sales; median 28 days on market; $674 per square foot; 3.1 months of supply
Condos: median sale price $406,958, down 32.1% year over year; 32 sales; $428 per square foot; 3.2% sold above list; 4.5 months of supply; 46 for sale
Townhouses (based on 19 sales, treat with caution): median sale price $875,010, down 4.1% year over year; median 29 days on market; 96.6% sale-to-list; $556 per square foot; 6.7 months of supply; 43 for sale

Redmond, WA rent FAQs

What is the average rent in the state of Washington?

Advertised averages fluctuate, so check the latest Zillow Observed Rent Index for the current Washington state average. Redmond rents typically sit higher than the statewide figure.

How much should I spend on rent in Redmond?

A common guideline is keeping rent at or under 30% of your gross income. HUD defines cost-burdened families as those who pay more than 30 percent of their income for housing, which can make it hard to afford food, transportation, and medical care. As a shortcut, multiply your monthly rent by 40 to find the annual income that keeps housing costs within that guideline, and ask the property manager what income multiple they require to approve an application.

Is Redmond, Washington a wealthy area?

Looking at home values, Redmond is one of the more expensive areas in the region. The all-homes median sale price recently hit $1,194,406, with a median of $605 per square foot.

What is the cost of living in Redmond, WA?

Housing is the largest line item in a Redmond budget. You'll also pay a combined sales tax rate on most non-grocery purchases, so check the Washington Department of Revenue for the current local rate.

What is the average salary in Redmond, WA?

Based on U.S. Census Bureau American Community Survey 2017-2021 5-Year Estimates, the inflation-adjusted median household income in Redmond was $158,901. Earning near this median makes it easier to keep housing costs in check. Review our guide to jobs and salaries for wages by field.

How much can a landlord raise rent in Redmond, WA?

Per the Washington State Housing Finance Commission, after the first year of tenancy, landlords may raise rent by no more than 7% plus inflation, or a 10% maximum, whichever is lower in any 12-month period. Rent increases require at least 90 days' advance written notice. Confirm whether your unit is exempt, such as newer construction, before relying on the cap.

Where should I rent if I work in Redmond, WA?

Base your search on your commute and budget. The Downtown Redmond Link Extension, including the Marymoor Village and Downtown Redmond stations, opened on May 10, 2025, making it easier to live further out and commute in.

Is rent cheaper in Redmond than in Bellevue?

You can compare the current Bellevue average against Redmond using the latest Zillow Observed Rent Index. Historically, the two cities carry similar premiums, though specific floor plans vary. Compare Redmond versus Bellevue to see which fits your daily routine.