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Rent prices continue surge upward in King, Snohomish counties

(AP)

Rent hikes across the country are finally slowing down after years of punishing increases, but not in King and Snohomish counties.

A new report shows rent prices in Seattle surged to the highest rate in the country — while cities such as New York and San Francisco, which have all seen huge rent increases, are finally seeing their rents drop.

Rents in King and Snohomish counties were up about 4.6 percent from winter to spring. Rent prices spiked just over 7.5 percent from a year ago, according to the new report from Apartment Insights Washington.

The two counties have seen dramatic increases over the past several years with typical rents surging an average of 64 percent since 2010, costing the average renter almost $8,000 more per year.

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