Seattle Sees Little Growth in Rent
Image: Firn/shutterstock.com and Seattle Met Composite
Before you pour one out for post–8pm sunsets, let's look back at the summer and the Seattle area rental market. The story: price growth never came.
New data from ApartmentList shows meager and slowing rents in most of the Seattle area in July—the time of year when growth typically starts to come down from its summer peak.
Since rent follows a seasonal pattern, nearly all increases occur during the summer, when demand is high. But this year, growth peaked back in March, and the busy summer season didn’t deliver. So If you’re in the market for a lease, cue the raised glass.
Sluggish rent growth during the summer tends to bring about a sharper dip in prices when demand is slow, during the fall and winter. Renting during the slow season is generally cheaper. And this year, if you can wait a few months, you should be able to snag a good deal on rent—especially in Seattle, where growth has all but stalled out.
Median rent in the city inched up 1.1 percent to $2,086 in July. Over the last 12 months, rent growth—which was flat, increasing just 0.1 percent over last year—fell behind Washington’s state average (1.4 percent). It also drifted below the growth rate of the metro as a whole (1.7 percent).
There are a handful of outliers on the Eastside where rent growth was more steady this summer and throughout the year. We compiled a list of where rent is still rising and where it’s already taking a dip as the season for price growth comes to a close.
Rent Dipping
Ordered by annual rent growth.
3. Federal Way
Home to Washington’s largest waterpark and a pool where Olympians train, Federal Way’s median rent was slightly more affordable than last year.
Median one-bedroom rent: $1,441
Median two-bedroom rent: $1,824
Month-over-month rent growth: 0.2 percent
Year-over-year rent growth: -0.8 percent
2. Edmonds
Even though this scenic suburb posted modest rent growth during the summer months, rent in Edmonds is less expensive this year than last—a trend that will likely continue as demand for apartments falls.
Median one-bedroom rent: $1,838
Median two-bedroom rent: $2,054
Month-over-month rent growth: 1.1 percent
Year-over-year rent growth: -0.9 percent
1. Shoreline
After a summer of meager rent growth and with the colder, slower months coming into focus, Shoreline’s median rent isn’t likely to go up any time soon.
Median one-bedroom rent: $1,679
Median two-bedroom rent: $2,101
Month-over-month rent growth: 0.6 percent
Year-over-year rent growth: -2.5 percent
Rent Rising
3. Newcastle
While growth was flat for most of the metro this summer, Newcastle bucked the trend. This Eastside community is becoming a more pricey place to call home, and the elevated rents are probably here to stay.
Median one-bedroom rent: $2,246
Median two-bedroom rent: $2,397
Month-over-month rent growth: 1.8 percent
Year-over-year rent growth: 6.1 percent
2. Redmond
After posting some serious gains over the last 12 months, rents in this ever-popular Eastside town are significantly more expensive now than they were last year at this time.
Median one-bedroom rent: $2,182
Median two-bedroom rent: $2,454
Month-over-month rent growth: 0.9 percent
Year-over-year rent growth: 6.5 percent
1. Bellevue
With the busy season nearing its end, rent growth here has started to slow. Even so, prices are blistering, and Bellevue continues to have some of the most expensive rents around.
Median one-bedroom rent: $2,219
Median two-bedroom rent: $2,574
Month-over-month rent growth: -0.6 percent
Year-over-year rent growth: 7.4 percent
