Rent Report

Yep, Seattle-Area Rents Went Up Again Last Month

It costs 5.8 percent more to rent an apartment in the city than it did at the same time last year.

By Seattle Met Staff September 9, 2022

Issaquah, do you think money grows on trees?

August marked the seventh straight month rents went up in the Seattle area, according to the latest Apartment List data. It's no surprise, considering housing prices and the lengths to which some folks will go to purchase a home, but it's eye-opening in context. Since March 2020, when the onset of the pandemic caused prices to plunge, rents are up 17 percent.

Similar to the home-buying market, though, there may be some glimmers of stability. Month-over-month slowed considerably or even (gasp) went down in some cities. So what will a one- or two-bedroom cost you now? We love ourselves a list.

8. Seattle

Sure, the year-over-year rent jump is still steep. But going from a 2.2 percent month-over-month hike back in July to a much more modest 0.7 percent increase in August is a telling sign of slowing growth.
Median one-bedroom rent: $1,720
Median two-bedroom rent: $2,080
Year-over-year rent growth: 5.8 percent

Renton counts Topgolf and views of Lake Washington among its suburban allures. 

7. Renton

Unlike Seattle, Renton isn't showing those same signs of slowing. Apartment prices here are up 1.5 percent month over month.
Median one-bedroom rent: $1,740
Median two-bedroom rent: $2,200
Year-over-year rent growth: 13.3 percent

6. Mountlake Terrace

This northern burb has seen some ups and downs when it comes to housing prices. Right now it's on an up, with a steep 1.9 percent increase compared to the previous month.
Median one-bedroom rent: $1,780
Median two-bedroom rent: $2,070
Year-over-year rent growth: 11.6 percent

Lake Ballinger offers a spot of serenity in Mountlake Terrace.

5. Bothell

Monthly growth isn't everything. Bothell only went up 0.8 percent month over month but is way up in the year-over-year comparison.
Median one-bedroom rent: $1,940
Median two-bedroom rent: $2,250
Year-over-year rent growth: 13.6 percent

4. Bellevue

Here's a shocker: Bellevue rents actually went down compared to the previous month: -1.1 percent. That's enough to bump this Eastside contender down one spot on our list, but it's not enough to bump those median rent prices below the $2,000 mark.
Median one-bedroom rent: $2,170
Median two-bedroom rent: $2,420
Year-over-year rent growth: 10.7 percent

The Village at Totem Lake in Kirkland has amenities galore.

3. Kirkland

Have an extra $460 per month to spare? Of course not, but that's how much more it costs to rent a one-bedroom in Kirkland than it does in Seattle. All we can say is, yikes.
Median one-bedroom rent: $2,180
Median two-bedroom rent: $2,370
Year-over-year rent growth: 13.8 percent

2. Redmond

We spoke too soon. Redmond's eye-popping rent prices show no signs of dipping. It had an impressive 15 percent growth compared to the same time last year and a solid 0.7 month-over-month increase as well.
Median one-bedroom rent: $2,220
Median two-bedroom rent: $2,500
Year-over-year rent growth: 15 percent

1. Issaquah

Median one-bedroom rent data for Issaquah may be lacking, but that hefty two-bedroom price tag is enough to earn this town the top spot. What's surprising this month is that rents went down 0.3 percent month over month, meaning the Eastside burb's reign may soon be coming to an end.
Median one-bedroom rent: N/A
Median two-bedroom rent: $2,550
Year-over-year rent growth: 13.4 percent

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