Seattle Rents Decline for Third Month While Metro Rents Continue Rising

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Seattle rents declined 0.2 percent over the past month, the third month in a row of slight declines, but have increased slightly by 1.8 percent year-over-year, according to the latest report from Apartment List.

Median rents in Seattle are $1,345 for a one-bedroom apartment and $1,675 for a two-bedroom.

Seattle proper rents over the past year lag the state average increase of 1.9 percent.

Rents rising across the Seattle metro

During the past year, rent increases have occurred not just in the city of Seattle, but across the entire metro.

Of the 10 largest cities that Apartment List has data for in the Seattle metro, all of them have seen prices rise.

Metro Seattle trends

Here’s a look at how costs compare across some of the largest cities in the metro.

  • Lakewood has the least-expensive rents in the metro, with a two-bedroom median of $1,502; 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, Auburn has seen the biggest rent drop in the metro, with a decline of 0.7 percent. Median two-bedrooms there cost $1,710, while one-bedrooms go for $1,373.
  • Bellevue has the most expensive rents of the largest cities in the metro, with a two-bedroom median of $2,389; rents decreased 0.4 percent over the past month but were up 3.2 percent over the past year.

Comparable nationwide cities show more affordable rents than Seattle

As rents have increased slightly in Seattle, a few similar cities nationwide have also seen moderate growth. Compared to most other large cities across the country, Seattle is less affordable for renters.

Seattle comparison to national

Rents increased slightly in other cities across the state, with Washington as a whole logging rent growth of 1.9 percent over the past year. For example, rents have grown by 2.2 percent in Spokane and 1.5 percent in Vancouver.

Nationwide, rents have grown by 1.4 percent over the past year compared to the 1.8 percent increase in Seattle.

While SeattleĀ  rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.8 percent), Austin (+3.1 percent), and DC (+1.6 percent).

Winter Seasonal Slowdown Stalls Multifamily Rent Growth

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