Tacoma continues to nip at Seattle’s heels with rising rent prices
Seattle may be famous for its rapidly increasing rent, but Tacoma is quickly closing in on its neighbor to the north.
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.