Rent Growth Is Sluggish In Seattle
Image: Seattle Met Composite
This is usually the busiest time of year for the rental market. It’s when most renters move, and it’s when landlords typically crank rent increases into high gear. But new data from Apartment List suggests that rent growth will be sluggish this summer across parts of the metro area (Seattle, we’re looking at you) and the country more broadly.
Even so, Seattle’s overall median rent sits at $2,044 after a small increase in May: 0.6 percent over the previous month and 0.8 percent year-over-year, according to Apartment List. That far outpaces the national rate of annual rent growth: –0.8 percent. And, thankfully, it’s a far cry from the blistering double-digit hikes renters endured in 2022.
However, rent around here is still so expensive. Even a small increase is enough to secure Seattle’s spot as the 16th priciest place to live among the nation’s largest 100 cities, again—putting us on par with Los Angeles (median rent: $2,093) and Miami (median rent: $1,934).
Compared to metro area cities and suburbs nearby, Seattle’s rent hovers around the middle of the pack. Issaquah has the most expensive rent, with the overall median at $2,669 in May. For context, the median in San Francisco is $2,692. Lakewood has the most affordable rent with an overall median of $1,434. That is more than the US median rent ($1,404) and the median rents of 51 of the largest 100 cities.
While some metro cities, like Seattle, are leaning toward a sluggish rent summer, others are moving into their busy era right on schedule. To help navigate the summer rental market, here’s your monthly list of metro cities with the fastest growing and fastest falling rents (based on annual growth).
Going down
3. Mukilteo (tie)
This town has everything an outdoor enthusiast or a suburban-coffee-shop aficionado could want. But that comes at a price. Monthly upticks may be gaining momentum, and it remains one of the more expensive metro area cities.
Median one-bedroom rent: $1,879
Median two-bedroom rent: $2,274
Month-over-month rent growth: 1.1 percent
Year-over-year rent growth: –0.9 percent
3. Mountlake Terrace (tie)
Rents are trending down, but there are hints of a turnaround with monthly positive growth. If it's a suburban vibe you’re after, now may be a good time to take a tour.
Median one-bedroom rent: $1,830
Median two-bedroom rent: $1,972
Month-over-month rent growth: 0.8 percent
Year-over-year rent growth: –0.9 percent
3. Lynnwood (tie)
This suburb is a commuter hub. While annual rent growth is sluggish now, we expect the summer to draw up rents on a monthly basis during the warmer months.
Median one-bedroom rent: $1,504
Median two-bedroom rent: $1,803
Month-over-month rent growth: 0.6 percent
Year-over-year rent growth: –0.9 percent
3. Fife (tie)
Known for being "half way and half price,” this Tacoma suburb is on the more affordable end of metro rents. It offers a little bit of everything too, except annual rent growth. Not a bad thing when you’re the one paying rent.
Median one-bedroom rent: $1,626
Median two-bedroom rent: $1,985
Month-over-month rent growth: 0.4 percent
Year-over-year rent growth: –0.9 percent
2. Edmonds
While rents may be down year-over-year, month-over-month rents in this picturesque suburb grew the third fastest of any city in the metro.
Median one-bedroom rent: $1,787
Median two-bedroom rent: $1,997
Month-over-month rent growth: 2 percent
Year-over-year rent growth: –2.3 percent
1. Shoreline
Seattle’s northern neighbor again experienced the metro’s steepest year-over-year rent decline. But a bump in month-over-month rent in May could signal more steady prices over the coming months.
Median one-bedroom rent: $1,662
Median two-bedroom rent: $2,080
Month-over-month rent growth: 1.6 percent
Year-over-year rent growth: –2.7 percent
Headed up
6. Auburn
Even with sustained annual and monthly growth, Auburn remains the second most affordable city in the metro area. As the summer moving season gets into full swing, there is no telling how long the affordability will last.
Median one-bedroom rent: $1,345
Median two-bedroom rent: $1,656
Month-over-month rent growth: 1.5 percent
Year-over-year rent growth: 3.1 percent
5. Puyallup
Rents in this small town have been on a tear this year. While monthly growth has slowed, annual growth is likely to continue potentially pushing prices out of reach.
Median one-bedroom rent: $1,598
Median two-bedroom rent: $1,829
Month-over-month rent growth: 0.4 percent
Year-over-year rent growth: 3.3 percent
4. Redmond
This city is one of the most popular places to live in King County, and it has the rent growth to prove it.
Median one-bedroom rent: $2,129
Median two-bedroom rent: $2,395
Month-over-month rent growth: 2 percent
Year-over-year rent growth: 4.7 percent
3. Kirkland
The water-loving suburb is full of luxury homes and has the rental prices to match. With both annual and monthly gains going strong, renters should prepare for more hikes this summer.
Median one-bedroom rent: $2,167
Median two-bedroom rent: $2,557
Month-over-month rent growth: 2.1 percent
Year-over-year rent growth: 4.8 percent
2. Issaquah
With a near 6-percent year-over-year jump in rent, it’s no wonder Issaquah is the most expensive rental market. However, with minuscule month-over-month gains, it begs the question, how much further can rents go?
Median one-bedroom rent: $2,244
Median two-bedroom rent: $2,642
Month-over-month rent growth: 0.4 percent
Year-over-year rent growth: 5.7 percent
1. Bellevue
This Eastside city is known for its expensive and expansive real estate. It continues to draw renters to its many amenities, even at the uppermost price points. More increases are likely on the way.
Median one-bedroom rent: $2,194
Median two-bedroom rent: $2,544
Month-over-month rent growth: 1.9 percent
Year-over-year rent growth: 7.8 percent
