LOCAL NEWS

While housing market balances out, Seattle rent continues skyward

Sep 3, 2019, 6:10 AM
Seattle renters, landlord...
Rent continues to climb in Seattle. unsplash-logorawpixel

While buying a house continues to get more affordable in the Puget Sound region, Seattle renters still have it tough.

August marked the eighth consecutive month with median rent increasing in the city.

Report: Seattle rent prices among highest in the entire country

Per the latest data from Apartment List, between July and August, Seattle rent increased 0.5 percent, along with a 1.3 percent year-over-year increase to boot. And while this is behind the national year-over-year average of 1.5 percent, it’s still a stark contrast to the city’s increasingly more manageable housing market.

The most recent report from the S&P CoreLogic Case-Schiller home-price index showed Seattle as the only major city in the U.S. not to see a year-over-year increase for housing prices between June 2018 and 2019.

In King County, median residential home prices dropped almost 3 percent year-over-year in June. Seattle’s prices have cooled even more, dropping 5 percent year-over-year, and with Zillow predicting another 3.9 percent drop within the next year.

Meanwhile, you’d be hard-pressed to find a city in the Puget Sound region that isn’t getting increasingly more expensive to rent in. Locales from Everett all the way down to Lakewood saw sizable year-over-year increases in median two-bedroom rent in August. The latter saw the highest increase of any city in the Seattle metro area, sitting around 4.5 percent, three times the national average.

Buying a home in Seattle was the hardest thing I’ve ever done

Back in July, Seattle grabbed the dubious honor of being nation’s most expensive large city for renters outside of California, trailing only San Jose, San Francisco, and San Diego.

Bellevue still holds the title of having the most expensive rent in the region, at $2,420 for median two-bedroom rates. That marked a 0.4 growth between July and August, and a 2.4 percent year-over-year bump.

Nationally, Seattle’s median two-bedroom rent of $1,700 sits just above Vancouver, Wash., and right behind Los Angeles. San Francisco continues to boast the highest rent among major cities in the U.S., at $3,130 a month.

Local News

ballard business owners...
Jake Chapman, KIRO 7 News

Woman hit and killed by SPD car identified; officer was responding to call nearby

According to police, the officer was heading north on Dexter Avenue North on Monday night, responding to a ‘priority one’ call.
14 hours ago
weather parks...
L.B. Gilbert

Mount Rainer, national parks receive ‘record-setting’ $1.1 million

Washington’s National Park Fund announced that they were distributing $1.1 million to use at projects to improve the parks.
14 hours ago
...
Bill Kaczaraba

Tacoma, Seattle businesses embrace ‘Safe Place Initiative’

It started with Seattle Police. Then Tacoma joined in. Now, local businesses and schools are embracing the Safe Place Initiative.
14 hours ago
robbery...
L.B. Gilbert

Man had gun held to head during robbery at Silverdale ATM 

Kitsap County Sheriff’s deputies arrested a man after he allegedly robbed someone at gunpoint in Silverdale Wednesday.
14 hours ago
Paul Njoroge, right, points to photos of his wife and three children that were killed in the 2019 c...
Associated Press

Boeing pleads not guilty in case over deadly Max crashes

FORT WORTH, Texas (AP) — Boeing pleaded not guilty Thursday to a fraud charge in an unusual case in which families of passengers who died in two plane crashes are trying to throw out a settlement the company reached to avoid prosecution. At a hearing dominated by emotional, wrenching testimony from passengers’ relatives, a federal […]
14 hours ago
tickets...
L.B. Gilbert

Courts resume late fees for Seattle parking, traffic tickets

Starting Jan. 30, late fees will resume on all tickets past due, after being suspended in March 2020 for the COVID-19 pandemic. 
14 hours ago

Sponsored Articles

safety from crime...

As crime increases, our safety measures must too

It's easy to be accused of fearmongering regarding crime, but Seattle residents might have good reason to be concerned for their safety.
Comcast Ready for Business Fund...
Ilona Lohrey | President and CEO, GSBA

GSBA is closing the disparity gap with Ready for Business Fund

GSBA, Comcast, and other partners are working to address disparities in access to financial resources with the Ready for Business fund.
SHIBA WA...

Medicare open enrollment is here and SHIBA can help!

The SHIBA program – part of the Office of the Insurance Commissioner – is ready to help with your Medicare open enrollment decisions.
Lake Washington Windows...

Choosing Best Windows for Your Home

Lake Washington Windows and Doors is a local window dealer offering the exclusive Leak Armor installation.
Anacortes Christmas Tree...

Come one, come all! Food, Drink, and Coastal Christmas – Anacortes has it all!

Come celebrate Anacortes’ 11th annual Bier on the Pier! Bier on the Pier takes place on October 7th and 8th and features local ciders, food trucks and live music - not to mention the beautiful views of the Guemes Channel and backdrop of downtown Anacortes.
Swedish Cyberknife Treatment...

The revolutionary treatment of Swedish CyberKnife provides better quality of life for majority of patients

There are a wide variety of treatments options available for men with prostate cancer. One of the most technologically advanced treatment options in the Pacific Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform at Swedish Medical Center.
While housing market balances out, Seattle rent continues skyward