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- The U.S. average rent ended the year with a 3% ($43) increase since last December, but decreased by a slight 0.1% ($1) month-over-month, dipping to $1,474 according to data from Yardi Matrix.
- University Place, WA renters saw the highest monthly rent increase in December, with the average rate reaching $1,286 per month.
- Issaquah apartments are the most expensive, while apartments in Lakewood have the cheapest rents.
At year-end, the national average rent sees the slowest annual rise in 17 months
Nationally, apartments were renting for $1,474 on average at the end of 2019, after the slowest annual rise in the past 17 months, 3%. Furthermore, rates displayed a slower yearly growth at the end of 2019 than in the previous year, when they went up by 3.2% according to apartment rent data from Yardi Matrix. In net dollars, renters are now paying $43 more per month for an apartment than they did in December 2018. By comparison, in the previous year, they saw a $45 rent hike compared to 2017. The winddown comes after a decade of thriving apartment construction in which over 2.4M units were delivered across the U.S.
The national average rent also saw two consecutive monthly dips, declining by a slight 0.1% in both November and December. As fewer people look for new apartments during the cold season, rents usually slow down or decline, explaining why last month, prices flatlined in 94% of the cities we analyzed and shrunk in another 3%. Only 3% of cities saw apartment rents increase since November.
Renting in Seattle Metro in December 2019
The average rent in Seattle Metro cities is generally higher than the national average rent. The fastest growing rents in December were in University Place, where rental apartment prices increased by 0.9% month over month, or $12. Marysville apartments saw the second highest monthly increase, jumping by 0.5%, making them $9 more expensive than last month. In Fife, prices decreased by 0.7% ($9) compared to November.
Issaquah apartments are the state’s most expensive for renters, with an average rent of $2,227, followed by apartments in Mercer Island, where the average monthly rent is $2,224. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Lakewood, with an average apartment rent of $1,281.
To compare the rental market in Seattle Metro with other cities in the U.S., you can also check our national year end rent report.
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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