Rent Growth Falls Back, but Avoids the Seasonal Dip—for Now
The Seattle-area apartment market started its annual shift into the slow(er) season, recently released data from ApartmentList show. The “slow season” usually starts around the end of summer and runs through the winter. When folks start cozying up with warm drinks—and each other—fewer people move, and rent prices take a dip.
Compared to last year, rents in Seattle moved down a smidgen in August (-0.4 percent), but over the course of the month, median rent, which is $2,091, increased 0.3 percent—the slowest pace of monthly increase since February. ApartmentList notes, “If historical trends hold,” growth should continue to downshift for the remainder of the year.
Even as price growth continues to retreat, Seattle’s rent remains the 16th highest in the nation among large cities. In the metro, Sammamish is home to the most expensive rent ($3,028) even after a 1 percent decrease in August. Lakewood remains the most affordable city in the area, with a median rent of $1,452. But where are rents taking a bigger plunge or refusing to give up their summertime gains? Here’s the list to find out.
Ordered by annual rent growth.
Rent’s down
3. Kent
After a summer of relatively slow but mostly steady rent growth, prices in Kent have started to dip ahead of the cooler temps. Whether the cold-weather decline is slow or more steep remains to be seen.
Median one-bedroom rent: $1,415
Median two-bedroom rent: $1,747
Month-over-month rent growth: -0.8 percent
Year-over-year rent growth: -0.8 percent
2. Edmonds
Rent growth in the northern suburb has been bumpy. But after a second month of steady price drops, we think it’s safe to say the Edmonds apartment market is well on its way to a definitive slump.
Median one-bedroom rent: $1,842
Median two-bedroom rent: $2,059
Month-over-month rent growth: -0.4 percent
Year-over-year rent growth: -1.3 percent
1. Shoreline
Rent growth was not in the cards for our neighbor to the north this year. With the cooler months, rents will likely continue to go down.
Median one-bedroom rent: $1,671
Median two-bedroom rent: $2,091
Month-over-month rent growth: -0.4 percent
Year-over-year rent growth: -3.2 percent
Rent’s up
3. Sammamish
While rent in this picturesque, lake-adjacent area is significantly more expensive than last year, the market is finally starting to slow.
Median one-bedroom rent: $2,434
Median two-bedroom rent: $2,688
Month-over-month rent growth: -1.0 percent
Year-over-year rent growth: 6.5 percent
2. Bellevue
Rent prices in the Eastside hub are heading down for the slow season, but they are still up almost 7 percent compared to last year.
Median one-bedroom rent: $2,206
Median two-bedroom rent: $2,558
Month-over-month rent growth: -0.7 percent
Year-over-year rent growth: 6.8 percent
1. Issaquah
The season for rent growth is over, but it was a scorcher. August was the first month rents in Issaquah dipped since the start of summer.
Median one-bedroom rent: $2,318
Median two-bedroom rent: $2,729
Month-over-month rent growth: -0.3 percent
Year-over-year rent growth: 7.1 percent
