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Seattle Metro Rent Report – January 2020

  • The average monthly rent in Seattle was $2,139 in January, $80 more than one year prior.
  • Issaquah apartments are the most expensive in the state, renting for $2,258, while apartments in Lakewood have the cheapest rents, $1,268 per month. 
  • The national average rent in January 2020 was $1,463, up 3% compared to the same time last year according to data from Yardi Matrix.

Renting in the largest city in Seattle Metro

Apartments in Seattle rented for $2,139 on average in January. Rents in the largest Seattle Metro city saw a year-over-year increase of 3.9%, or $80, compared to this time last year and a month-over-month increase of 0.4% ($8) compared to December.

Renting in Seattle Metro in January 2020

The average rent in Seattle Metro cities is generally higher than the national average rent. The fastest growing rents in January were in Mercer Island, where rental apartment prices increased by 0.8% month over month, or $18. Mill Creek and Bothell apartments saw the second highest monthly increase, jumping by 0.7%, making them $13 and $12, respectively, more expensive than last month. In Gig Harbor, prices decreased by 0.3% ($5) compared to December.

Mercer Island apartments are the state’s most expensive for renters, with an average rent of $2,258, followed by apartments in Issaquah, where the average monthly rent is $2,239. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Lakewood, with an average apartment rent of $1,268.

The January national average rent went up by 3% year-over-year

The average apartment rent reached $1,463 in January, up $43 since last year, according to apartment data from Yardi Matrix. Rents grew moderately into the new year, increasing by 3% year-over-year, the slowest pace we’ve seen in 18 months, as the seasonal winddown wears on through the winter.

Rents are likely to maintain an upward streak throughout 2020, as the number of renters continues to rise in the U.S. The demand for apartments is high, including among those renting by choice. 157% more Americans who earn over $150K per year began renting this past decade, shifting from homeownership to a more flexible and comfort-driven lifestyle.

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