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Downtown Seattle Asking Rents Rose in December 2024. Did Amazon’s Return-to-Office Policy Matter?

Redfin’s December 2024 median asking rent for newly listed downtown Seattle apartments rose 2.5% year over year to $2,000. The timing does not show that Amazon’s January 2025 office policy caused the increase.
From TheFinanceBase Team3 min to read
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Redfin reported that downtown Seattle’s median asking rent for newly listed apartments reached $2,000 in December 2024, up 2.5% from a year earlier and the first year-over-year increase in 17 months. That rise came before Amazon’s five-day office requirement took effect on January 1, 2025, so it does not show that Amazon’s policy caused rents to increase. Redfin said it was too early to tell whether the policy would affect rental demand.

What Redfin’s December 2024 rent figure measures

The $2,000 figure is a median asking rent for newly listed units in apartment buildings with at least five units. Redfin calculated it over the three-month period ending December 31, 2024; it is not a measure of what every Seattle renter paid or of current 2026 rents. Redfin’s January 29, 2025 report defines downtown to include the central business district, the waterfront along Alaskan Way, First Hill, Pioneer Square, Belltown, the International District and Denny Triangle. The analysis included neighborhoods with sufficient data.

Asking rents on new listings can move differently from existing tenants’ lease costs. The measure describes prices landlords were asking for newly listed apartments in the defined area and period, not a typical household’s rent bill or the cost of renewing a lease.

Did Amazon’s five-day office policy cause the increase?

The timing does not support that conclusion. Amazon announced in late 2024 that employees would be expected to work in offices five days a week starting January 1, 2025, up from three days a week. Redfin’s rent measure covers the three months ending December 31, 2024, before the policy began.

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Redfin Senior Economist Sheharyar Bokhari said it was too early to tell whether the policy affected the uptick, adding that most workers already lived within commuting distance of an office. The December change therefore shows a rent increase that preceded the new requirement—not evidence that the requirement produced it.

Bokhari described a possible future channel, not a measured outcome: if construction levels off while more employees are expected to commute to downtown offices daily, rents could begin rising in inner-ring neighborhoods where commuting is easier. That conditional forecast should not be read as proof that Amazon has already raised rents.

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How downtown rents changed before December 2024

Redfin’s historical series shows large swings rather than a steady climb. Its report put downtown asking rent near $2,500 before the pandemic in 2020, at $1,399 in February 2021, and at a peak of $3,118 in August 2022. By December 2024, the median had fallen roughly 36% from that August 2022 peak to $2,000.

Redfin attributed the decline from the peak to a major uptick in apartment construction. Bokhari said Seattle had built more new apartments than almost any metro outside the Sun Belt in recent years, helping keep rents in check even as workers returned to hybrid or full-time office work. The construction explanation is Redfin’s account of the trend, not a separate estimate isolating the effect of supply from every other influence.

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December 2024 rents varied by neighborhood

The downtown-wide increase did not describe every neighborhood. Redfin’s December 2024 figures show a split across the areas it analyzed:

Area Median asking rent Year-over-year change
Capitol Hill $1,825 +7.2%
Central District $1,895 +1.2%
Westlake $2,265 +1.0%
Queen Anne $1,981 −13.7%
South Lake Union $2,385 −13.5%
Seattle metro $2,017 +0.5%
Downtown Redmond $2,350 +4.3%
Downtown Bellevue $2,579 −3.0%

All rents and annual changes in the table are Redfin’s December 2024 figures, not current estimates. The neighborhood differences matter when interpreting the downtown median: the gains in some areas coexisted with sizable declines in Queen Anne and South Lake Union.

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What later construction data and current listings can—and cannot—show

The Downtown Seattle Association’s Economic Report page reports that more than 1,600 multifamily homes were delivered in the city center in 2025, with thousands more under construction. That provides later context on supply, but it is not an asking-rent measure and does not establish how those deliveries affected rents.

Redfin’s live Downtown Seattle rental listings show individual available units and may include promotions. A listing snapshot is not a representative median: prices reflect the particular units available at the time, while Redfin’s historical figure is a three-month median for newly listed apartments in qualifying buildings. Without matching dates and methodology, the two should not be compared as if they were the same series.

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The cited reporting and listing snapshot do not establish a like-for-like current downtown rent figure or isolate Amazon’s effect. To answer whether rents are rising now, readers need a current series with the same geographic boundary, unit criteria and time window—not a comparison between a dated median and a handful of active listings.

Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

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