Ellensburg among cities with fastest-growing rent prices year-over-year
Jul 20, 2023, 6:12 PM | Updated: 6:13 pm
(Photo courtesy of Central Washington University)
It’s not getting any more reasonable to live in Ellensburg as the central Washington city ranks No. 3 for the fastest-growing cost of a one-bedroom rental this year, according to Dwellsy.
Despite rent for one-bedroom apartments either plateauing or decreasing in 2023 nationally, Ellensburg continued to climb in rising rent rates, only beaten by Las Cruces, New Mexico, which had a 38.1% rent growth since last year, and Corpus Christi, Texas.
More on rent studies: Seattleites on minimum wage need 80-hour weeks to afford rent
“Last month, year-over-year rent growth was 51.4% for Las Cruces, so at least it’s headed in a better direction,” Jonas Bordo, CEO and founder of Dwellsy, said in a prepared statement. “Corpus Christi, Texas, is quickly catching up with a rent increase of 36.9%.”
The median price for a one-bedroom in Seattle is now $1,745 — the No. 20 most expensive area to rent a one-bedroom apartment. While rent in Seattle only climbed by an average of 1%, it is still $450 above the national average. Of the 19 regions ranking above Seattle, 11 are in California and three in New York.
“Again, these are the fastest-growing rental markets in the country, so if you don’t live in one of them, you can probably expect rent growth to remain moderate over the coming months,” Bordo continued. “If you are a resident of one of these cities, take heart: Most markets don’t stay on these lists for long, and, hopefully, rising rent prices mean that your community is growing and developing.”
Rounding out the top 10 of highest spikes in rent is Charleston, W.Va. (+33.1%), Terre Haute, Ind. (+31.8%), Fargo, N.D. (+30.8%), Fayetteville, N.C. (+28.3%), Florence-Muscle Shoals, Ala. (+26.7%), Jefferson City, Mo. (+26.6%), and College Station-Bryan, Texas (+25.9%).