In recent years, builders pulled back on apartment construction, unsure how much demand they’d see from young adults, relocation cases, and downsizing boomers. But that’s all slowly changing. As more jobs emerge in tech and other sectors, renters are filling the market. Low rental inventory means that asking rents are rising. Asking rents rising makes for rising cranes: A new wave of apartment construction is expected to add more than 20,000 units of housing to the region in the next two years in downtown, Belltown, the Eastside, and West Seattle.

Chart Source: Dupre and Scott Apartment Investment Research and Consulting

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2012 Median Rent
2007 Median Rent
Price Change Since2007 (%)
2011 Median Rent

Seattle

Ballard $1,188 $755 9.5 3.1
Beacon Hill $858 $763 2.4 1.6
Belltown / Downtown / South Lake Union $1,571 $1,375 2.7 4.2
Capitol Hill / Eastlake $1,121 $884 4.9 2.3
Central Area $1,232 $1,138 1.6 3.4
First Hill $1,060 $901 3.3 2.8
Greenlake / Wallingford $1,253 $1,053 3.9 2.1
Madison / Leschi $1,126 $1,011 2.2 1.5
Magnolia $1,092 $960 2.6 4.1
North Seattle $957 $828 2.9 3.3
Queen Anne $1,169 $970 3.8 1.9
Rainier Valley $947 $652 7.8 2.6
Shoreline $966 $816 3.4 4.0
University District $1,058 $882 3.7 2.3
West Seattle $1,068 $830 5.2 4.1

King County

Auburn $863 $777 2.1 5.5
Bellevue, East $1,154 $1,001 2.9 2.7
Bellevue, West $1,596 $1,248 5.0 3.3
Bothell $1,050 $938 2.3 3.8
Burien $816 $753 1.6 5.2
Des Moines $823 $741 2.1 6.1
Enumclaw $853 $778 1.9 5.8
Factoria $1,245 $1,062 3.2 3.4
Federal Way $854 $783 1.8 5.9
Issaquah $1,302 $1,231 1.1 4.2
Juanita $1,127 $1,073 1.0 4.2
Kent $880 $784 2.3 5.1
Kirkland $1,441 $1,352 1.3 4.2
Mercer Island $1,442 $1,452 -0.1 1.6
Redmond $1,287 $1,186 1.6 4.2
Renton $1,025 $901 2.6 5.9
Riverton / Tukwila $835 $740 2.4 4.2
SeaTac $786 $696 2.5 4.3
White Center $972 $861 2.5 5.8