Rents in Seattle are up nearly 19% since this time last year, contrasting with the average rates at which rents have risen in Washington state – 17.8% – and across the US – 17.1% – over the same time period.
This finding comes from the Apartment List’s latest report on rental rates in the Seattle metro area. The report also found that prices in the city rose by 1% over the past month. This marks the second consecutive month that rents in Seattle have risen after falling slightly in January, the report said.
Currently, the average monthly rental price for a one-bedroom apartment in Seattle is $1,681. The average rent for a two-bedroom is $2,097. While these prices may seem high, they are actually some of the most affordable in the Seattle metro area.
Median rents for one- and two-bedroom apartments in Woodinville are $2,490 and $2,810, respectively. In Bellevue, those numbers are $2,400 and $2,570. In Redmond, they are $2,280 and $2,550. In Kirkland, they are $2,090 and $2,430.
Each of those cities experienced massive double-digit increases annually in rental rates: Woodville (20.1%), Bellevue (20.9%), Redmond (17.7%) and Kirkland (14.8%). In fact, all 13 of the Seattle metro area cities mentioned in the apartment listing report have seen an increase in rents over the past year.
The same is true for monthly increments, except for the Tacoma. There, rental rates are down 0.2% over the past month. The average price for one- and two-bedroom apartments in Tacoma is $1,220 and $1,600, respectively.
Tacoma also recorded the smallest annual increase in rental rates: 9.1%. In the South, rental rates in Lakewood experienced the smallest monthly increase. There, the price of one- and two-bedroom apartments rose 0.2% over the past month, to $1,170 and $1,540, respectively.
According to the report, the Seattle metro area isn’t alone in rising rental prices. In New York City, rental rates are up 33.3% over the past year. In Phoenix and Austin, rental rates increased 25.4% and 22.6%, respectively, over the same period.
The report does not explain the reason for the large increase in rental prices, but national experts say there are several possible reasons for this. These include shortfall in supply coupled with booming demand. high housing prices, which keeps potential buyers in the rental market; an influx of wealthy tenants; And measures that have kept prices low during the coronavirus pandemic, such as freezing rents, are ending as the country attempts to return to pre-pandemic life.