It’s a Slow, Slow Summer for Rent Growth
Image: Seattle Met Composite
This is usually the time of year when monthly rent growth starts to peak. But this summer hits different.
According to the latest data from ApartmentList, the majority of metro-area cities—nearly two-thirds—reported slow (less than 1 percent) or flat (0.5 to -0.5 percent) month-over-month rent growth in June—good news for local renters after almost a decade of painfully high annual summertime price hikes.
Last month’s sluggishness is especially notable, because it all but seals the deal on a slow growth summer, which should make annual rent increases a teensy bit easier to stomach. It could provide some renters with the upper hand to negotiate, especially in areas with newly constructed apartments.
However, even as growth stalls, rents remain elevated.
Seattle’s median rent ticked up just 0.8 percent in June to $2,064, which was still enough to make it the 16th most expensive large city in the nation. Sammamish clocked the metro’s most expensive median rent ($3,056) while monthly growth was flat (0.5 percent). Lakewood also posted a nominal 0.5 percent increase in June and remained the metro’s most affordable city with median rent at $1,449.
As far as the Seattle area rental market is concerned, it’s officially Flat Summer. But there are a handful of locales where month-over-month rent growth is popping—or flopping—more than most. Here’s the list.
Summertime slump
3. Everett (tie)
After some early acceleration in rent growth this year, we hope the majority renter community gets to take full advantage of the slow growth environment.
Median one-bedroom rent: $1,510
Median two-bedroom rent: $1,745
Month-over-month rent growth: -0.1 percent
Year-over-year rent growth: 1 percent
3. Kent (tie)
Even while consistently being one of the most affordable places to rent in the metro area, Kent’s rental market has posted modest growth more often than not this year.
Median one-bedroom rent: $1,434
Median two-bedroom rent: $1,770
Month-over-month rent growth: -0.1 percent
Year-over-year rent growth: 0.5 percent
2. Renton
After several months of positive monthly and annual growth, and an annual growth rate greater than Seattle’s (0.4 percent), this is likely a minor adjustment for new supply.
Median one-bedroom rent: $1,800
Median two-bedroom rent: $2,148
Month-over-month rent growth: -0.2 percent
Year-over-year rent growth: 0.8 percent
1. Shoreline
Seattle’s beleaguered northern neighbor can’t catch a break. Not only was monthly growth in the red, again, the suburb was the only area to post a year-over-year decline—a hefty one at that.
Median one-bedroom rent: $1,659
Median two-bedroom rent: $2,076
Month-over-month rent growth: -0.4 percent
Year-over-year rent growth: -4.7 percent
Prices peaking (probably)
3. Bothell (tie)
With prices starting to creep into the more expensive suburb range, maintaining the slow and steady monthly growth it has for most of the year will be important for area renters.
Median one-bedroom rent: $2,072
Median two-bedroom rent: $2,454
Month-over-month rent growth: 1.7 percent
Year-over-year rent growth: 2.5 percent
3. Kirkland (tie)
The rent in Kirkland is already some of the highest around, so even a modest amount of rent growth will make a dent in the budget. But, with all that lakefront it’s no wonder it’s a top place to live.
Median one-bedroom rent: $2,204
Median two-bedroom rent: $2,600
Month-over-month rent growth: 1.7 percent
Year-over-year rent growth: 5.5 percent
2. Newcastle
Just east of 405, this pricey but peaceful suburb has had some large rent jumps this year already. As the area gains popularity, it’s likely this won’t be the last time it’s near the top of the list.
Median one-bedroom rent: $2,217
Median two-bedroom rent: $2,367
Month-over-month rent growth: 1.8 percent
Year-over-year rent growth: 2.6 percent
1. Issaquah
Consistently one of the most expensive places to rent in the metro area, it’s not a surprise this sought-after suburb posted the largest month-over-month gain. There is likely room for rents to go up even more in the dog days ahead.
Median one-bedroom rent: $2,303
Median two-bedroom rent: $2,711
Month-over-month rent growth: 2.4 percent
Year-over-year rent growth: 5.6 percent
