Seattle Sees Six Straight Months Of Rent Increases

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Seattle rents have increased 0.4% during June, and are up slightly by 1.6% in comparison to the same time last year, according to the most recent monthly report from Apartment List.

Currently, median rents in Seattle stand at $1,340 for a one-bedroom apartment and $1,670 for a two-bedroom.

This is the sixth 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 1.9%, but is in line with the national average of 1.6%.

Seattle Sees Six Straight Months Of Rent Increases

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, 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 $1,480; the city has also experienced the fastest rent growth in the metro, with a year-over-year increase of 3.9%.
  • Bellevue has the most expensive rents of the largest cities in the Seattle metro, with a two-bedroom median of $2,390; rents were up 0.6% over the past month and 2.4% over the past year.

Similar cities nationwide show more affordable rents compared to Seattle

As rents have increased slightly in Seattle, a few other large cities nationwide have also seen rents grow modestly. Compared to most similar 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 1.9% over the past year. For example, rents have grown by 2.0% in Vancouver and 1.4% in Spokane.
  • Seattle’s median two-bedroom rent of $1,670 is above the national average of $1,190. Nationwide, rents have grown by 1.6% over the past year, which matches the rise in Seattle.
  • While Seattle’s rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.8%), Austin (+3.5%), and Boston (+2.5%).
  • Renters will generally find more expensive prices in Seattle than most other large cities. For example, Spokane has a median 2BR rent of $890, where Seattle is nearly twice that price.

 

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