Renting in Lake Stevens mostly means renting a house, because owning one requires clearing a high median single-family price in a market where houses sell in a median 18 days and a third go above list. The one realistic place to set a rent check against a mortgage is the thin condo market.
A condo's lower median buys nearly the same price per square foot as a house. Condo listings sit a median 32 days, long enough to run the numbers and negotiate. All figures cover the 90 days ending September 30, 2026, with condos based on only 10 sales.
Key Takeaway
Price a Lake Stevens lease off current asking rents rather than the older Census median, because the rental stock is mostly houses and new leases run above long-held ones. If your rent is getting close to a mortgage payment, condos are where to compare. The condo market median (based on only 10 sales) shows single-family homes cost far more and sell faster.
Who This Guide Is For
You are working out what a lease in Lake Stevens will cost against your income and whether buying might cost about the same.
Average Rent in Lake Stevens, WA, Right Now
Lake Stevens is a house-rental market, so comparing rent to owning means comparing it to a condo. Finding an apartment often means looking at older duplexes or single-family homes rather than large, professionally managed complexes.
Because of that housing mix, new leases often run higher than historical averages. Look at current asking rents for your specific property type to get an accurate budget.
Median rent in Lake Stevens
The Census Bureau reports a median gross rent of $2,224 for Lake Stevens across its 2020-2024 survey period. That figure includes long-held leases and folds utilities into the gross rent calculation, so a new lease usually prices above this baseline. Use the Census number for comparisons; budget a new lease from current asking figures.
Neither number is your exact rent, which means you should compare at least three current listings at your bedroom count before signing.
Studio and one-bedroom rent
Small units are scarce in a city built mostly of houses. Expect few listings and a short window to apply. If you want the lowest monthly housing cost with no yard or exterior upkeep, start with a studio or one-bedroom rental, but widen the search to nearby cities if Lake Stevens has few listings. The sample size for small units is thin locally, so check current listings rather than leaning on regional averages. Selection is the main thing you give up.
Two-bedroom rent
Many two-bedrooms here are older duplexes or apartments where water, sewer, and garbage may be billed separately. Ask what the rent includes, and review the utilities page for typical providers.
This two-bedroom baseline is the number to use when comparing renting against buying a local condo. Factor in those separate utility costs to get your true monthly housing expense.
Three-bedroom and larger rent
These are mostly single-family house rentals, which form the core of the Lake Stevens rental market. House rentals usually push yard care and some maintenance onto the tenant, and the owner can decide to sell at any point.
With houses selling quickly here, read the lease carefully for maintenance duties and plan for the possibility of a sale notice. Under Washington law, a landlord may end a tenancy when the owner elects to sell a single-family residence, provided they give the tenant at least 90 days' advance written notice.
Houses vs. Apartments for Rent in Lake Stevens
Most rented homes in the city are houses, not apartment complexes. Searching for houses for rent is the normal route, and apartment hunters should widen their search to nearby cities if they need a traditional complex. If you're narrowing down where to rent, review the neighborhood pages for details on specific areas.
Confirm your assigned school with the Lake Stevens School District boundary lookup rather than trusting a rental listing's description. Your daily drive matters too, since commuting out of the city depends on your proximity to the main highways. Fewer professionally managed buildings also means more variation in lease terms and landlord practices, so read every document carefully before signing.
Lake Stevens Rental Market Trends
If rents are flat or falling in your property type, ask for a longer lease at the current rate or a concession. If rents are rising, start renewal talks early so you know where you stand. Washington now caps annual rent increases, and you can find the specific limit in the FAQ below.
The rental picture is also connected to the sales side. Review the housing market page for current home sale trends.
How Much Rent Can You Afford in Lake Stevens?
Annual income needed equals your monthly rent multiplied by 40 under the standard affordability rule. Applied to a typical two-bedroom rent, you can calculate the annual salary required and divide by 2,080 hours to find the hourly wage needed. Earning $17 an hour equals $35,360 a year, so one-third of your gross income is about $884 a month.
That $884 falls well below the typical cost of a small unit in the city. Gross rent should include utilities, so review the cost of living page for the full budget breakdown. Ask each landlord for written screening criteria, including the income multiple they require to approve an application.
Renting vs. Buying in Lake Stevens
The rent-versus-own question splits by property type. Houses and condos behave differently in this market, and the gap between them is wide enough that they're almost separate conversations.
Pilchard Properties can pull current condo listings and HOA documents to compare against your specific lease. The only way to know if buying makes sense for your budget is to look at the exact numbers.
Buying a single-family home instead of renting
Houses are hard for a renter to switch into right now. The single-family median sale price is $717,214, up 1% year over year, and homes sell in a median 18 days. You'd need pre-approval and a decision within days, and possibly an offer over list to win.
If you want a whole house but can't yet compete on offers, renting a single-family home while you save may be the cheaper path for now. About a third of houses sold above asking, so a renter without a strong down payment or flexible timing is likely to lose bids.
Buying a condo instead of renting
To see whether owning costs about what you pay in rent, start with Lake Stevens condos. The condo median sale price is $394,434 (based on only 10 condo sales), so calculate a payment with 10% down at current rates. Add property tax at the 2026 typical Lake Stevens levy rate of $8.8673 per $1,000 of assessed value.
You'll also need to ask the HOA for current dues, the reserve study, and any planned special assessments, then compare the total to a two-bedroom rent. Condos sat a median 32 days, giving a buyer weeks rather than days, with more room to ask for concessions. That said, with only 13 condos active and 10 sales behind the median, one listing can move the numbers, and HOA dues can erase the gap with rent quickly.
Lake Stevens condos sold for nearly the same price per square foot as houses, so the lower price buys less space, not a cheaper rate. Check whether the complex is FHA-approved on HUD's condominium approval lookup before planning an FHA loan.
How to decide between renting and buying in Lake Stevens
Do you need a whole house, or would a one- or two-bedroom unit work? If a unit works, review the bedroom breakdowns above, because smaller units are scarce here. Does the rent you're seeing stay within the standard affordability guideline on your gross income? Run the math in the affordability section before touring.
Is your rent close to what a condo would cost each month? Review the condo example and check HOA dues before trusting that comparison. Could you make a strong offer on a house within a few weeks? If not, keeping a house rental may be the better move for now.
A conversation with Renee Pilchard can help you work out whether a specific condo pencils out against a current lease. These figures are a starting point, so confirm costs with a lender and the HOA.
At a Glance
- All homes, median sale price: $674,679, down 2.2% year over year (155 sales, 90 days ending 2026-09-30)
- Single-family, median sale price: $717,214, up 1% year over year (133 sales, 90 days ending 2026-09-30)
- Condo, median sale price: $394,434 (based on only 10 condo sales, 90 days ending 2026-09-30). The 33.1% year-over-year drop on so few sales mostly reflects which units sold, not a one-third price cut.
- Median days on market: all homes 20, single-family 18, condo 32 (90 days ending 2026-09-30; condo based on 10 sales)
- Sale-to-list ratio: all homes 100.1%, single-family 100%, condo 99.6% (90 days ending 2026-09-30; condo based on 10 sales)
- Share sold above list price: all homes 31.4%, single-family 32.8%, condo 20% (90 days ending 2026-09-30; condo based on 10 sales)
- Months of supply: all homes 3, single-family 2.8, condo 3.8 (90 days ending 2026-09-30)
- Active inventory: all homes 154, single-family 123, condo 13 (90 days ending 2026-09-30)
- Median price per square foot: all homes $361, single-family $361, condo $356 (90 days ending 2026-09-30; condo based on 10 sales)
Lake Stevens Rent FAQs
What is the standard rent affordability rule?
The rule means your rent should stay at or below one-third of your gross monthly income. This rule should include utilities, so check the utilities page for local costs. Many landlords screen on their own income multiple instead, so ask the landlord for written screening criteria.
Can I afford $1,000 rent making $20 an hour?
Yes, this clears the standard affordability guideline before utilities. Earning $20 an hour for 2,080 hours equals $41,600 a year, and one-third of that is about $1,040 a month. This budget sits well below the typical cost of a studio or one-bedroom unit in the city, so you should compare current listings.
How much can I spend on rent if I make $3,000 a month?
You can spend up to $900 a month under the standard affordability guideline, including utilities. This amount does not reach the typical rent for small units described earlier. You should widen your search to nearby cities or consider sharing a larger rental.
Is rent in Lake Stevens more expensive than the Washington average?
It depends on the specific property type and lease age. The Census Bureau's 2020-2024 survey puts the Lake Stevens median gross rent above the state figure for many property types. Check current state data to see the exact dollar difference for your property type.
Is rent cheaper in Lake Stevens than in Everett, Marysville or Seattle?
No, Lake Stevens shows a higher median rent than these three cities. The Census Bureau reports a median gross rent of $2,224 for Lake Stevens, compared to $1,740 in Everett, $1,997 in Marysville, and $2,030 in Seattle. A lower rent elsewhere may come with a longer commute, so check the getting around page.
How much can a landlord raise rent in Lake Stevens?
For 2026, the statewide maximum allowable annual rent increase is 9.683%. Landlords must give at least 90 days' advance written notice of any rent increase, and no increase is allowed during the first 12 months of tenancy. Lake Stevens does not have a longer local notice requirement, but this is not legal advice.
What fees can a Washington landlord charge when I apply to rent?
A landlord may charge for tenant-screening costs only after providing required written notice, and the fee cannot exceed the customary costs in the area. To collect a security deposit, the landlord must provide a written agreement and a signed move-in checklist describing the unit's condition. The deposit cannot be withheld for ordinary wear, and failing to provide the checklist makes the landlord liable for the full deposit amount.
Do landlords in Lake Stevens have to accept housing vouchers?
Yes, Washington's source-of-income protection prohibits landlords from refusing an applicant simply because they use a housing voucher. Check with the local housing authority for the current voucher payment standards in the city.
