Rent Growth Slides into a Seasonal Dip
With the Big Dark underway, it’s lights out for rent growth in the Seattle area—at least until next year.
According to fall data from ApartmentList, our rental market fully entered the negative growth season. Metro-wide, rent dipped just under one percent, with 22 of 23 cities reporting a decline in month-over-month rent growth. One locale (Auburn) came in flat.
Prices are expected to drop through the winter, “as property owners offer modest discounts to fill vacancies during a time of year when fewer renters are looking to move,” ApartmentList notes. While growth typically flips back to positive around March, as more people look to move in spring.
Given the number of new apartments for rent (increased supply), this winter looks like a good time to snag a deal. But how steep will the price-dip be? That remains to be seen.
Even with a seasonal discount, it’s unlikely the area will be significantly more affordable. Three quarters of the metro-area reported higher rents compared to last year, and metro-wide annual growth was around 1.6 percent. But which areas are way more pricey and where is rent less expensive than last year? Plug in your SAD light, and find out.
Ordered by annual rent growth.
Rent’s down
3. Seattle
The city doesn’t normally make this part of the list. But in Seattle proper, annual rent growth fell 0.7 percent, which is slower than the state average (1 percent). Even so, median rent is $2,080—the 16th highest among the nation’s 100 largest cities.
Median one-bedroom rent: $1,941
Median two-bedroom rent: $2,422
Month-over-month rent growth: -0.5 percent
Year-over-year rent growth: -0.7 percent
2. Edmunds
It’s not much, but it is less expensive to live in this northern suburb now than it was last year. The seasonal slump is just getting going, and prices are likely to sag even more during the darkest months of the year.
Median one-bedroom rent: $1,828
Median two-bedroom rent: $2,043
Month-over-month rent growth: -1.6 percent
Year-over-year rent growth: -0.9 percent
1. Fife
This small city to the south is living up to its “halfway and half price” slogan. Rents in Fife are more affordable than they were last year, with more dips to come.
Median one-bedroom rent: $1,585
Median two-bedroom rent: $1,936
Month-over-month rent growth: -2 percent
Year-over-year rent growth: -2.9 percent
Rent’s up
3. Kirkland
Rents in Kirkland have been on a tear this year. While the market is settling into the slow season, rents are likely to remain considerably higher than last year.
Median one-bedroom rent: $2,177
Median two-bedroom rent: $2,569
Month-over-month rent growth: -1.1 percent
Year-over-year rent growth: 5.4 percent
2. Issaquah
This northern burg was again home to the metro’s highest rent, and that was after having the metro’s largest drop in month-over-month growth. In the colder months ahead, there looks to be a bit more room for prices to dip as an incentive to get folks to sign a lease.
Median one-bedroom rent: $2,250
Median two-bedroom rent: $2,648
Month-over-month rent growth: -2.7 percent
Year-over-year rent growth: 5.4 percent
1. Sammamish
Sammamish has consistently been one of the priciest places for rent this year. And when prices peak at a high level, their winter dips are usually less severe. Even if it’s not great news for renters, there should be some modest decreases in the months ahead.
Median one-bedroom rent: $2,413
Median two-bedroom rent: $2,664
Month-over-month rent growth: -0.7 percent
Year-over-year rent growth: 6.7 percent
