Cheap Apartments for Rent in 98040
28 rentals
- APPLY INSTANTLYPET FRIENDLY
- SPECIAL OFFERPET FRIENDLYTotal price$1,803 - $6,571/moStudio-3 Beds1-2 Baths77 Central | 2630 77th Ave SE #B348,
Mercer Island, WA 98040 - NEW - 2 DAYS AGOSPECIAL OFFERPET FRIENDLYTotal price$1,899 - $4,441/mo1-4 Beds1-2 BathsShorewood | 3209 Shorewood Dr #36-150,
Mercer Island, WA 98040 - APPLY INSTANTLYFURNISHED
- PET FRIENDLY$1,975 - $2,205/moStudio1 BathThe Mercer Apartment Homes | 7650 SE 27th St #303,
Mercer Island, WA 98040 - PET FRIENDLY$2,000 - $2,300/mo1-2 Beds1 BathMercer Manor Apartments | 2717 76th Ave SE #MM205,
Mercer Island, WA 98040 - PET FRIENDLY
- $2,159 - $4,099/moStudio-2 Beds1-2 BathsIsland Square | 2758 78th Ave SE #C-301,
Mercer Island, WA 98040 - $2,200 - $3,800/mo1-3 Beds1-2 BathsDowntown Mercer Island designed by Roger Newell | 3011 78th Ave SE #NC204,
Mercer Island, WA 98040 Save Search in 98040
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Apartments For Rent Near 98040
We found 30 more apartments matching your filters just outside 98040
- INCOME RESTRICTED
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- APPLY INSTANTLYROOM FOR RENT
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- $800 - $1,150/moStudio1 BathaPodment Suites at Genoa | Central District | 2305 S Plum St #4,
Seattle, WA 98144 - $825 - $1,100/moStudio1 BathMT BAKER LINK STUDIOS | 2939 S Mount Baker Blvd #107,
Seattle, WA 98144 - $840 - $940/moStudio1 BathConvenient Apartments on Cap Hill! | 1305 E Mercer St #203,
Seattle, WA 98102
Average Rent Trends in 98040
Rent in 98040 varies by number of bedrooms and home type. Use these charts to quickly see how rent changes.
Average rent decreased in May 2026 compared to the previous month. Rent previously peaked in Dec 2025.
| Month | Average rent |
|---|---|
| Jun 2025 | $2,985 |
| Jul 2025 | $3,995 |
| Aug 2025 | $3,600 |
| Sep 2025 | $4,250 |
| Oct 2025 | $4,450 |
| Nov 2025 | $3,650 |
| Dec 2025 | $4,850 |
| Jan 2026 | $3,650 |
| Feb 2026 | $3,100 |
| Mar 2026 | $3,134 |
| Apr 2026 | $2,995 |
| May 2026 | $2,950 |
Average Rent By Bedroom and Home Type
In May 2026, Apartments and Condos were the most affordable home type to rent compared with Houses.
| 1 bed | 2 beds | 3 beds | 4 beds | All | |
|---|---|---|---|---|---|
| All home types | $2,421 | $2,849 | $3,650 | $7,500 | $2,994 |
| Apartments and Condos | $2,150 | $3,200 | $3,100 | — | $2,578 |
| Houses | — | — | $3,995 | $8,500 | $7,500 |
Frequently Asked Questions about Rentals in 98040
- What is the average rent of an apartment in 98040?The average rent of an apartment in 98040 is $2,698 per month. This is about 40% higher than the national average.
- What is the average rent of a house in 98040?The average rent of a house in 98040 is $7,500 per month. This is about 289% higher than the national average.
- When is the average rent cheapest in 98040?In the last year, the average rent in 98040 was lowest in Feb 2025 when it was $2,795 per month.
- When is the average rent most expensive in 98040?In the last year, the average rent in 98040 was highest in Dec 2025 when it was $4,850 per month.
- How does the rent of a 1 bedroom apartment compare to a studio apartment in 98040?The average rent of a 1 bedroom apartment in 98040 is $2,421 per month. That is about $342 more than the cost of a studio apartment.
- How many available rental listings are in 98040?There are 39 available rental listings in 98040.
- What are some cities near 98040?Some nearby cities include: Mercer Island, Beaux Arts Village, Newcastle, Medina, Bellevue, Clyde Hill. These cities may have more rental options to explore.