Seattle rents increased sharply over the past month, up 0.7 percent over the past month, the seventh straight month that the city has seen rent increases after a decline in December of last year, according to the July report from Apartment List.
Rents in Seattle have increased slightly by 1.3 percent in comparison to the same time last year. Seattle’s year-over-year rent growth lags the state average of 1.7 percent, as well as the national average of 1.6 percent, according to the report.
Tacoma rents also increased significantly over the past month
Tacoma rents have increased 0.5 percent over the past month, and are up slightly by 1.4 percent in comparison to the same time last year.
Currently, median rents in Tacoma stand at $1,262 for a one-bedroom apartment and $1,572 for a two-bedroom. Tacoma’s year-over-year rent growth lags the state average of 1.7 percent, as well as the national average of 1.6 percent.
Rents rising across the Seattle Metro
In the largest 10 cities that Apartment List has data for in the Seattle metro, all of them have seen prices rise. Here’s a look at how rents compare across some of the largest cities in the metro.
- Lakewood has the least expensive rents in the Seattle metro, with a two-bedroom median of $1,482; the city has also experienced the fastest rent growth in the metro, with a year-over-year increase of 3.8 percent.
- Over the past month, Kent has seen the biggest rent drop in the metro, with a decline of 0.3 percent. Median two-bedrooms there cost $1,850, while one-bedrooms go for $1,486.
Similar cities nationwide show more affordable rents compared to Seattle
As rents have increased slightly in Seattle, a few similar cities nationwide have also seen rents grow modestly. Compared to most other large cities across the country, Seattle is less affordable for renters.
- Rents increased slightly in other cities across the state, with Washington as a whole logging rent growth of 1.7 percent over the past year. For example, rents have grown by 1.8 percent in Vancouver and 1.3 percent in Spokane.
- Seattle’s median two-bedroom rent of $1,686 is above the national average of $1,191. Nationwide, rents have grown by 1.6 percent over the past year compared to the 1.3 percent increase in Seattle.
- While Seattle’s rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.7 percent), Austin (+3.3 percent), and Boston (+2.4 percent).
Renters will generally find more expensive prices in Seattle than most similar cities. For example, Spokane has a median 2BR rent of $896, where Seattle is more than one-and-a-half times that price.
Most recent report: Seattle Sees Six Straight Months Of Rent Increases
