A tenant, two months away from renewing their lease, came to check the market prices in Lynnwood. They were contemplating whether to renew or switch to buying a home. The renewal notice did not yet have the new amount listed. They wanted to check the market prices beforehand. So, they started with the market overview.

The median sale price in Lynnwood is $720,000, according to Houzeo, as of March 2026. This is a 0.1% increase compared to the previous year. Essentially, the market is stagnant. Rent, according to RentCafe, is averaging $2,119 as of August 1, 2026. It was $2,120 a year ago. It has remained almost the same. There has been little movement in both home prices and rent. This also means there is not much concern about a significant increase on the renewal notice.

In such situations, the price-to-rent ratio is helpful. Dividing $720,000 by the annual rent of $25,428 gives a ratio of 28.3. Since it exceeds 21, rent appears manageable when looking at monthly expenses. Having observed this market for over 30 years, it is rare to see both home prices and rent stagnate simultaneously. Typically, when one rises, the other follows, but currently, both are in a holding pattern. During such times, it is generally advantageous to wait and observe.

However, there are other variables at the time of renewal. The stagnation in rent indicates that there is not much pressure for increases. This reduces the urgency to switch to buying. Conversely, if a down payment is already prepared and there are plans to settle for over five years, this stagnant period in home prices could actually be a good time to consider purchasing.

The actual decision cannot be made with just one number. The monthly rent of $2,119 must be compared alongside the principal and interest on the remaining loan after the down payment, property taxes, and insurance. Additionally, the planned duration of residence must be factored in to find the answer. Based on a 20% down payment, $144,000 is needed, and the monthly repayment on the remaining loan of $576,000 is likely to be higher than the current rent. Increasing the down payment percentage will reduce that gap.

From my long-term perspective in this industry, such stagnation phases are favorable for buyers. There is no rush to worry about sudden price increases, allowing for a comparison of various listings. However, no one can guarantee how long this stagnation will last. If buying activity spikes when interest rates drop, the stagnant trend could change. Rather than making definitive statements about how long the current stagnation will continue, it is better to consistently check the monthly market data and observe the trends.

Tenants can also find ways to leverage the current trend. Since rent is stagnant, the likelihood of being asked for unreasonable increases during renewal negotiations is low. During this grace period, it is also a good idea to save more for a down payment or to explore neighborhoods of interest in preparation for a future purchase. Checking the market prices before receiving the renewal notice allows for a self-assessment of whether the increase is reasonable.

Most of Lynnwood falls under the Edmonds School District. Since school ratings can vary by school, please check the assigned school for the property address directly on GreatSchools. School district boundaries can change annually.

If you are moving from another state, you need to factor in the difference between Washington's property tax rate and that of your previous residence. Insurance rates also vary by county, so it is advisable to get separate estimates for each property. If you have just moved from Korea, you may need time to build your credit history, so it is appropriate to rent during that period while preparing. Whether renewing or buying, it is always better to check the numbers and act rather than rush. This article is not investment or legal advice. Please consult a professional before making any actual contracts.