Cheap Apartments for Rent in 98040
57 rentals
Use arrow keys to navigateNEW - 1 DAY AGOSPECIAL OFFERPET FRIENDLYTotal price$1,650 - $3,460/mo
Studio-3 Beds
1-2 BathsShorewood | 3209 Shorewood Dr,
Mercer Island, WA 98040
Use arrow keys to navigateSPECIAL OFFERPET FRIENDLYTotal price$1,803 - $4,170/moStudio-2 Beds1-2 BathsIsland Square | 2758 78th Ave SE,
Mercer Island, WA 98040
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Use arrow keys to navigateSPECIAL OFFERPET FRIENDLYTotal price$2,140 - $3,750/moStudio-2 Beds1-2 BathsThe Mercer Apartment Homes | 7650 SE 27th St,
Mercer Island, WA 98040
PET FRIENDLY$2,154 - $2,340/moStudio-1 Bed1 BathThe Hadley Apartments | 2601 76th Ave SE,
Mercer Island, WA 98040
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PET FRIENDLY$2,300 - $3,500/mo1-3 Beds1-2 BathsNewell Court Apartments, downtown Mercer Island | 3011 78th Ave SE,
Mercer Island, WA 98040
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PET FRIENDLYTotal price$2,474 - $5,931/moStudio-3 Beds1-2 Baths77 Central | 2630 77th Ave SE,
Mercer Island, WA 98040
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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 stayed about the same in Sep 2026 compared to the previous month. Rent previously peaked in Dec 2025.
| Month | Average rent |
|---|---|
| Oct 2025 | $4,450 |
| Nov 2025 | $3,650 |
| Dec 2025 | $4,850 |
| Jan 2026 | $3,650 |
| Feb 2026 | $3,100 |
| Mar 2026 | $3,143 |
| Apr 2026 | $2,995 |
| May 2026 | $2,950 |
| Jun 2026 | $3,200 |
| Jul 2026 | $3,195 |
| Aug 2026 | $3,250 |
| Sep 2026 | $3,265 |
Average Rent By Bedroom and Home Type
In October 2026, Apartments and Condos were the most affordable home type to rent compared with Townhomes and Houses.
| 1 bed | 2 beds | 3 beds | 4 beds | All | |
|---|---|---|---|---|---|
| All home types | $2,350 | $3,250 | $3,500 | $6,500 | $4,595 |
| Townhomes | — | $4,500 | $5,800 | — | $4,500 |
| Apartments and Condos | $2,350 | $2,995 | $3,250 | — | $2,995 |
| Houses | $2,275 | $2,700 | $1,100 | $6,500 | $6,500 |
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 $2,733 per month. This is about 40% higher than the national average.
- What are the cheapest months to find an apartment to rent in 98040?Last year, the cheapest month to find an apartment to rent was Feb 2025 when it was $2,795 per month.
- How many cheap apartments are available in 98040?There are 28 apartments to rent that are cheaper than the city’s average rent of $4,595.
- 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 $2,350 per month. That is about $152 more than the cost of a studio apartment.
- 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.
View this page in Spanish: Apartamentos baratos en renta en 98040 - 254 Rentas | Trulia