Seattle rents have increased 0.3% over the past month, and have increased marginally by 0.6% in comparison to the same time last year, according to a new report from Apartment List.
Currently, median rents in Seattle stand at $1,330 for a one-bedroom apartment and $1,650 for a two-bedroom.
This is the second straight month that the city has seen rent increases after a decline in December of last year. Seattle’s year-over-year rent growth lags the state average of 1.1%, as well as the national average of 0.9%.
Rents rising across the Seattle Metro
Throughout the past year, rent increases have been occurring not just in the city of Seattle, but across the entire metro. Of the largest 10 cities that we have data for in the Seattle metro, 9 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 $1,450; the city has also experienced the fastest rent growth in the metro, with a year-over-year increase of 3.9%.
- Over the past year, Marysville is the only city in the metro that has seen rents fall, with a decline of 3.5%. Median two-bedrooms there cost $1,640, while one-bedrooms go for $1,320.
Other large cities nationwide show more affordable rents compared to Seattle
As rents have increased marginally 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 1.1% over the past year. For example, rents have grown by 1.7% in Vancouver and 0.7% in Spokane.
- Seattle’s median two-bedroom rent of $1,650 is above the national average of $1,170. Nationwide, rents have grown by 0.9% over the past year compared to the 0.6% increase in Seattle.
- While Seattle’s rents rose marginally over the past year, many cities nationwide also saw increases, including Phoenix (+3.6%), Austin (+3.1%), and Denver (+2.4%).
- Renters will generally find more expensive prices in Seattle than most similar cities. For example, Spokane has a median 2BR rent of $890, where Seattle is more than one-and-a-half times that price.