Seattle Metro Rent Report – July 2019

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  • The national average rent reached $1,469 in July, up by 3.4% ($48) year-over-year, and 0.2% ($3) month-over-month, according to data from Yardi Matrix.
  • Issaquah, WA renters saw the highest monthly rent increase in July, reaching $2,329 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 inches up another $3 in July, reaching $1,469 per month

Nationally, the average rent went up by 3.4% year-over-year, reaching $1,469 in July. Overall, renters had to pay $48 more than they did at the same time last year, according to the latest rent survey from Yardi Matrix. However, July also displayed the slowest month-over-month increase since February, which at 0.2% is a clear signal that peak rental season is nearing its end. The trend is in line with last year’s data – once the busy late spring to early summer period winds down, rents are expected to slow their growth throughout the rest of the year.

Renting in Seattle Metro in July 2019

The average rent in Seattle Metro cities is generally higher than the national average rent. The fastest growing rents in July were in Issaquah where rental apartment prices increased by 1.6% month over month, $36 more per month. Mukilteo and Mercer Island apartments saw the second highest monthly increase, jumping by 1.3%, $24 and $29, respectively, more expensive than last month. In Tukwila, Fife and Lakewood prices decreased by 0.3% ($5, $4, and $3 respectively) compared to June.

Issaquah apartments are the state’s most expensive for renters, with an average rent of $2,329, followed by apartments in Bellevue, where the average monthly rent is $2,327. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Lakewood, with an average apartment rent of $1,196.

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

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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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