Seattle rents declined 5.6 percent over the past month, and have decreased sharply by 16.4 percent in comparison to the same time last year, according to the latest report from Apartment List.
This is the eighth straight month that the city has seen rent decreases after an increase in March.
Currently, median rents in Seattle stand at $1,395 for a one-bedroom apartment and $1,739 for a two-bedroom.
Seattle’s year-over-year rent growth lags the state average of -6.0 percent, as well as the national average of -1.3 percent.
“As the COVID-19 pandemic and its ensuing economic fallout continue to overwhelm renters across the country, our monthly rent estimates paint the picture of a protracted national slowdown and uneven recovery,” said Chris Salviati, Housing Economist at Apartment List.
“Our national rent index is down 1.4 percent year-over-year, but there is tremendous regional variation beneath the surface. San Francisco and New York City continue to lead the nation in pandemic rent drops, while smaller markets like Boise and Colorado Springs are heating up,” Salviati said.
Rent trends vary across the Seattle Metro
While rent prices have decreased in Seattle over the past year, the rest of the metro is seeing varying rent trends.
Of the largest 10 cities that Apartment List has data for in the Seattle metro, half have seen increases, while the other half have been decreasing.
Here’s a look at how rents compare across some of the largest cities in the metro.
- Tacoma has the least expensive rents in the Seattle metro, with a two-bedroom median of $1,422; the city has also experienced the fastest rent growth in the metro, with a year-over-year increase of 3.5 percent.
- Redmond has the most expensive rents of the largest cities in the Seattle metro, with a two-bedroom median of $2,106; rents fell 1.2 percent over the past month and 6.5 percent over the past year.
- Seattle proper has seen the biggest drop in the metro area.