Seattle rents rising at pace behind national average, as units flood market
Apr 4, 2019, 5:21 AM
While rising rents are a function of living in Seattle, the growth appears to be slowing at a rate well below the national average, partially because there are so many empty ones.
According to Apartmentlist.com, Seattle rents are up only 0.5 percent in comparison to the same time last year, and lagged behind the state (1.4) and national average (1.3). That placed Seattle’s rent growth at 559th highest out of about 820 cities.
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Despite this, rents in Seattle have increased 0.4 percent over the past month, and the median two-bedroom rent of $1,660 remains well above the national average of $1,170. The average rent for all units types in Seattle reached $1,940 and $1,980 on the Eastside, reports The Seattle Times.
Data from Apartment Insights/Real Data found that rent across the region rose less than 1 percent from winter to spring, which was the smallest increase since 2010.
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It’s been a busy building season in Seattle. Last year saw 17,450 apartments built in the metro area, the fourth most in the country, and another 9,000 are expected to open up as spring and summer arrive.
Currently, the most expensive rents (across all types) are in downtown Seattle at $2,490, and the cheapest can be found in SeaTac at $1,280. Approximately 1 in 10 units in Seattle are empty.
