Seattle rents continued to decline for the third month, falling 0.4 percent in July, according to the latest report from Apartment List.
Rents are down 0.9 percent year-over-year in Seattle, where rents lag both the state and national averages for rents. April was the last time Seattle saw a rent increase.
Median rents in Seattle are $1,342 for a one-bedroom apartment and $1,671 for a two-bedroom.
Rents rising across the Seattle Metro
While Seattle rents declined, over the past year the rest of the metro is seeing the opposite trend.
Rents are up in 6 of the largest 10 cities in the Seattle metro for which Apartment List has data.
Here’s a look at how some rents compare across some of the largest cities in the metro.
- Bellevue has the most expensive rents in the Seattle metro, with a two-bedroom median of $2,386; however, the city has also seen rents fall by 1.2 percent over the past year, the biggest drop in the metro.
- Lakewood has the least expensive rents in the Seattle metro, with a two-bedroom median of $1,512; the city has also experienced the fastest rent growth in the metro, with a year-over-year increase of 2.0 percent.
- Although rents across cities in Washington have been marginally on the rise, the state’s growth as a whole has held steady over the past year. For example, rents have grown by 1.3 percent in Spokane and 0.5 percent in Vancouver.
Tacoma rents increased moderately over the past month
Tacoma rents have increased 0.3 percent over the past month, but have remained steady in comparison to the same time last year.
Currently, median rents in Tacoma are $1,262 for a one-bedroom apartment and $1,571 for a two-bedroom.
Greater Seattle Area Mid-Year Residential Rental Housing Update
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