MYNORTHWEST NEWS

Tacoma continues to nip at Seattle’s heels with rising rent prices

Oct 3, 2018, 12:07 PM

The Tacoma Dome is shown here in a file photo from 2001....

(AP Photo)

(AP Photo)

Seattle may be famous for its rapidly increasing rent, but Tacoma is quickly closing in on its neighbor to the north.

RELATED: Tacoma is OK riding Seattle’s coattails

A report from Apartment List has Tacoma rent sitting at a median price of $1,250 for a single bedroom residence, just $100 behind Seattle. We see a similar gap for two-bedrooms as well, with the two cities checking in at median prices of $1,560 and $1,680 respectively.

For some context, Bellevue currently sits atop the rankings, with the most expensive median rent for a two bedroom residence, checking in at $2,370. Renton comes in second at $2,050, and Kent in third at $1,810.

The report goes on to note that counter to common beliefs, Tacoma functions largely independent of Seattle. Rent for all apartments in Tacoma averages out somewhere between $900 and $1,200 a month — depending on who you’re asking — while “roughly half of all Tacoma workers both live and work within city limits.”

This all amounts to significant growth for Tacoma, as it continues to house renters who have already been priced out of Seattle. As that happens though, demand increases, supply decreases, and prices begin to creep up toward Seattle levels.

Tacoma’s current median rent for a two-bedroom apartment has it situated just below Vancouver, B.C., and right on par with Washington, D.C. Additionally, Apartment List’s report points out that Tacoma’s median rent now sits well above the $1,180 national average.

“This is the third straight month that (Tacoma) has seen rent increases after a decline in June,” Apartment List notes.

Of 19 cities in the greater Seattle area included in the report, Tacoma was one of just five that’s seen a month-over-month increase in median rent prices across the board. Whether that trend continues is anyone’s guess, but as long as Seattle’s rental market continues its upwards trajectory, odds seem good.

 

MyNorthwest News

Semi Bird...

Bill Kaczaraba

Semi Bird wins endorsement for governor from state GOP

Republican candidate for governor Semi Bird has won the endorsement of the GOP state convention on Saturday.

6 hours ago

Quarantine hotel...

Jake Chapman, KIRO 7 News

International students remain in quarantine in King County hotel after measles exposure

RENTON, Wash. — A group of over a dozen international students from Africa are in quarantine in a King County hotel after they were exposed to measles. As of Friday, according to several host families for the students, they have been in quarantine since April 10. None of the students have tested positive for measles […]

9 hours ago

Washington State University (WSU) President Kirk Schulz, left, and his wife Noel Schulz speak durin...

Steve Coogan

Washington State University President Kirk Schulz announces plan to retire in 2025

Washington State University President Kirk Schulz announced his plan Friday to retire in June 2025. He has held the position since 2016.

1 day ago

wsp charges protest I-5...

Heather Bosch and Kate Stone

Charges filed against protesters who shut down I-5 in Seattle

Charges have been filed against six protesters who were involved in the pro-Palestinian protest that shut down I-5 in Seattle on Jan. 6.

1 day ago

Image: The Washington State Department of Transportation (WSDOT) closed part of Interstate 90 on Fr...

Steve Coogan

I-90 reopens after a closure due to an emergency tree removal

I-90 reopened after needing to close Friday afternoon due to an emergency tree removal, the Washington State of Transportation said Friday.

1 day ago

The WNBA's Seattle Storm opens new facility in Interbay. (Seattle Storm X post)...

The MyNorthwest staff with wire reports

Seattle Storm unveil new Interbay practice facility, alternative uniforms

The $64 million facility in the Interbay neighborhood is an upgrade for the WNBA's Seattle Storm, which also debuted new alternate uniforms.

2 days ago

Tacoma continues to nip at Seattle’s heels with rising rent prices