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September 2016

Apartment rents in Seattle among fastest rising in the country

Rent hikes in Seattle are outpacing most other areas around the country, but nine other markets elsewhere around the country are more expensive, according to Apartment List, an online apartment-hunting resource and rental marketplace.  Its "rentonomics" report is based on an analysis of data from "several hundred thousand listings" on its site.

A comparison of Seattle with other cities around Puget Sound shows rents in Federal Way, Kirkland, Lynnwood and Renton are rising faster than the Emerald City's.

Seattle's rent, at $2,300 for a 2-bedroom apartment, earns it 10th place on the list of costliest cities. New York City, where the median rent for a 2-bedroom apart is $5,130 claims the highest rents, followed by San Francisco ($4,730), Jersey City ($3,340), Boston ($3,190) and Washington DC ($3,140).  Other cities ahead of Seattle on the "top 10" list are Los Angeles, San Jose, Stamford, and Miami.

Seattle also landed on the list of 10 major cities with the fastest growing rents, and was joined by two other cities in the state. Its 8.4% year-over-year growth was second only to Colorado Springs, Colorado, where rents spiked 10.4%.  Also on "top 10" list of cities with the fastest growing rents were Vancouver, WA and Tacoma.

Nationwide, average rents rose 2.1% in the past twelve months. The national median rent for a 2-bedroom apartment is $1,300, according to Apartment List.

Apartment List's Rent Reports, published monthly, cover pricing data and trends in major cities, their suburbs and their neighborhoods. The online marketplace site draws more than 2.5 million monthly visits, with mobile users making up 70% of that traffic. 

Using US Census data, its researchers analyze changes in homeownership, housing costs, rents, income and affordability. Recent reports examined student debt and millennial homeownership, best cities for young families, what $1,500 in rent gets you in 12 U.S. cities, and areas with the most cost-burdened renters.

Apartment List also assists renters in their search for apartments and roommates and offers tools for signing contracts and paying rents through its platform. It claims to be the fastest-growing personalized search site for helping renters find apartments that match desired price ranges, location and amenities.

July 2016 Rent Data - areas in State of Washington

Location
Median 1BR
Median 2BR
M/M rent change
Y/Y rent change
NATIONAL
$1,120$1,3000.3%2.1%
Washington

$1,400
.05%
6.9%
Auburn

$1,2502.4%7.3%
Bellevue
$2,080$2,550-1.6%5.6%
Bellingham
$820$9901.1%
Bothell
$1,510$1,960-4.2%4.5%
Bremerton

$1,030

Everett
$1,070$1,3001.0%6.0%
Federal Way
$1,080$1,3104.3%10.0%
Issaquah
$1,710$2,070

Kent
$1,100$1,3504.7%2.8%
Kirkland
$1,760$1,960-1.3%10.3%
Lacey

$1,080

Lakewood

$1,090

Lynnwood
$1,150$1,520-0.8%10.6%
Mercer Island
$2,070$2,8404.9%9.3%
Mill Creek
$1,490$1,7602.3%7.8%
Oak Harbor
$800$9502.2%15.5%
Olympia
$870$1,000
-0.9%0.1%
Puyallup
$920$1,160-0.7%4.0%
Redmond
$1,780$2,280-1.6%7.0%
Renton
$1,300$1,570-0.2%9.1%
Seattle
$1,770$2,3000.8%8.4%
Tacoma

$1,0500.1%6.8%
Puget Sound counties



King County
$1,690$1,980
0.3%7.5%
Kitsap County               
$1,000$1,1502.8%4.9%
Pierce County               
$940$1,1200.3%6.0%





Source:  ApartmentList Rentonomics


Methodology:
Apartment List Rent Report data is drawn monthly from the millions of listings on our site. 1-bedroom and 2-bedroom rents are calculated as the median for the specified size and time period. Price changes are calculated using a "same unit" methodology similar to the Case-Shiller "repeat sales" home prices methodology, taking the average price change for units available across both time periods. For top city rankings, we calculated median 1-bedroom and 2-bedroom rents in 100 top cities and then ranked them by 2-bedroom rents.

About Apartment List Rent Reports:
Apartment List's Rent Reports cover rental pricing data in major cities, their suburbs, and their neighborhoods. We provide valuable leading indicators of rental price trends, highlight data on top cities, and identify the key facts renters should know. As always, our goal is to provide price transparency to America's 105 million renters to help them make the best possible decisions in choosing a place to call home.  Apartment List publishes Rent Reports during the first calendar week of each month.

About Apartment List:
Apartment List is the fastest-growing apartment rental marketplace in the United States, and is reinventing the rental market on a foundation of trust and transparency. Our Webby-award winning site draws nearly 3 million monthly visits and lists several hundred thousand available rental properties. Headquartered in San Francisco, Apartment List was recently named the #3 fastest growing company in the Bay Area and raised capital from an incredible team of investors led by Matrix Partners.