Rent in Mercer Island, WA
A 2-bedroom in Mercer Island, WA (ZIP 98040) typically rents for about $2,970 a month, with a range of $2,929–$3,010. Owner-occupied homes in King County pay about 0.83% of their value a year in property tax, and the 30-year fixed mortgage rate averaged 7.32% in the week of Oct 22, 2026.
Rent by bedrooms
| Size | Typical | Range across ZIPs | ZIPs |
|---|---|---|---|
| Studio | $2,313 | $2,156–$2,470 | 1 |
| 1 bed | $2,416 | $2,261–$2,570 | 1 |
| 2 beds | $2,970 | $2,929–$3,010 | 1 |
| 3 beds | $3,710 | $3,500–$3,920 | 1 |
| 4 beds | $4,085 | $3,500–$4,670 | 1 |
Typical = median of each ZIP's best guess. Gross rent (rent plus tenant-paid utilities). Sources: HUD Small Area Fair Market Rents (Oct 1, 2026) and Census ACS 5-year median gross rent (Dec 31, 2024).
Mercer Island ZIP codes
2 bedsFrequently asked questions
- What is the average rent for a 2-bedroom in Mercer Island, WA?
- About $2,970 a month: the median of the typical rents in 1 ZIP code, which range from $2,929–$3,010. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 1-bedroom in Mercer Island, WA?
- About $2,416 a month: the median of the typical rents in 1 ZIP code, which range from $2,261–$2,570. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 3-bedroom in Mercer Island, WA?
- About $3,710 a month: the median of the typical rents in 1 ZIP code, which range from $3,500–$3,920. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a studio in Mercer Island, WA?
- About $2,313 a month: the median of the typical rents in 1 ZIP code, which range from $2,156–$2,470. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 4-bedroom in Mercer Island, WA?
- About $4,085 a month: the median of the typical rents in 1 ZIP code, which range from $3,500–$4,670. Figures are gross rent (rent plus tenant-paid utilities).
- What is the property tax rate in Mercer Island, WA?
- Owner-occupied homes in King County pay a typical 0.83% of their value a year (Census ACS, median taxes paid ÷ median home value, Dec 31, 2024). Investors often pay more after a purchase: the home is reassessed at the sale price and there is no homestead exemption.
- What is the current 30-year mortgage rate?
- The 30-year fixed rate averaged 7.32% in the week of Oct 22, 2026 (Freddie Mac PMMS via FRED). It's a national average for owner-occupied loans; investment property loans usually cost more.
- Where do these Mercer Island rent figures come from?
- HUD Small Area Fair Market Rents (Oct 1, 2026) and Census ACS 5-year median gross rent (Dec 31, 2024).