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Seattle Metro Rent Report – August 2019

  • The national average rent reached $1,472 in August, up by 3.3% ($47) year-over-year, and 0.1% ($2) month-over-month, according to data from Yardi Matrix.
  • Des Moines, WA renters saw the highest monthly rent increase in August, with the average rate reaching $1,437 per month. 
  • Issaquah apartments are the most expensive among the state’s largest cities, while apartments in Lakewood have the cheapest rents. 

The national average rent ends the peak season at $1,472

Continued interest in rental apartments and slowing construction keeps the national average rent on a strong upward trend, with a yearly increase of 3.3% ($47), having reached $1,472 in August, according to the latest survey from Yardi Matrix. With the peak rental season coming to an end, rent prices dwindled in the past month, displaying the slowest rise since February, 0.1% ($2). Rates rose slower than they did in August last year, exhibiting a shy monthly uptick commonly seen during the sluggish Autumn-Winter season.

Renting in Seattle Metro in August 2019

The average rent in Seattle Metro cities is generally higher than the national average rent. The fastest growing rents in August were in Des Moines, where rental apartment prices increased by 0.9% month over month, or $13. Puyallup apartments saw the second highest monthly increase, jumping by 0.7%, making them $11 more expensive than last month. In Mukilteo and Mercer Island, prices decreased by 1.6% ($30 and $36 respectively) compared to July.

Issaquah apartments are the state’s most expensive for renters, with an average rent of $2,335, followed by apartments in Bellevue, where the average monthly rent is $2,322. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Lakewood, with an average apartment rent of $1,197.

To compare the rental market in Seattle Metro with other cities in the U.S., you can also check our national August rent report.

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.

Fair use and redistribution

We encourage you and freely grant you permission to reuse, host, or repost the images in this article. When doing so, we only ask that you kindly attribute the authors by linking to RentCafe.com or this page, so that your readers can learn more about this project, the research behind it and its methodology.

Sanziana Bona
Sanziana Bonahttps://www.rentcafe.com
Sanziana Bona is a content marketing writer for Yardi Corom, a cloud-based software solution designed for commercial tenants and corporate occupiers and Yardi Kube, an all-in-one coworking management platform. She covers many commercial real estate related topics including FASB/IFRS compliance, lease accounting, coworking and flexile spaces, and more. You can connect with Sanziana via email.

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