Washington’s Most Expensive ZIP Codes – Seattle’s CBD On Top with Urban Core Rents Nearing $2.5K

Key takeaways:

• At $2,428, Seattle’s 98101 is the #1 most expensive ZIP code for renters in Washington
• Seattle is also home to 18 of the state’s top 50 most expensive ZIP codes
• All of Washington’s 50 priciest ZIP codes surpass the national average rent, which clocked in at $1,349 in June – in fact more than 60 of the state’s ZIP codes are above that mark
• Snohomish County set to records: 98020 in Edmonds experienced the highest rate of rent appreciation at 15%; 98271 in Marysville saw the highest rate of supply growth at 119%
• Seattle is expected to add 5,470 new units in 2017, followed by 1,226 in Lynwood, 572 in Spokane Valley and 563 in Spokane

As the national average rent reached $1,349 in June, Washington State remained above that value, posting a statewide average rent of $1,455 according to Yardi Matrix. Additionally, boomtown Seattle continued its longstanding tradition of outpricing the state as a whole, pushing the citywide average rent to $1,993 during the same period.

The result of an aggravating housing shortage, and a booming economy—with job growth especially high in the Millennial-oriented tech sector—Washington continues to grow its apartment stock. Fueled by a year-over-year population growth of 1.9% and a 2.5% job expansion, the Seattle-Tacoma-Bellevue metro area alone is set to add 10,100 new units by the end of the year, making it the 9^th strongest metro nationwide, in terms of apartment supply. Year-over-year, metro Seattle’s and Washington’s top 5 priciest ZIPs saw 2,001 new units come online.

The interactive table below allows you to take a detailed look at the top 50 most expensive ZIP codes in Washington for renters. Use the search box or click on the header of each column to sort results according to your preferences.

Covering Seattle’s Central Business District, Pike Market and the eastern corner of Belltown, 98101 is the #1 most expensive ZIP code in the state of Washington. The average rent here is a whopping $2,428 per month, according to Yardi Matrix, close to double the national average. Texas boasts a similarly-priced #1 ZIP code (78701 with a $2,475 average), and so do Oregon, Pennsylvania, Virginia and Maryland too. Rents here have expanded on average by 8% year-over-year, with the apartment stock growing by 15% with 681 new units.

Washington’s 2^nd most expensive ZIP code, 98004 in Bellevue, boosted its rental housing stock by 608 new units compared to the year-ago figure – a 9% expansion rate. Covering Downtown as well as West- and Northwest Bellevue, Beaux Arts Village, Clyde Hill, Hunts Point and Yarrow Point, 98004 posted and average rent of $2,387. This represents a 4% expansion over the year-ago average of $2,306. Upscale apartments in 98004 include Venn at Main with some units renting for more than $3,500, and Excalibur Apartments, where rents even exceed the $4,000 mark.

With a new average rent of $2,138, Seattle’s 98121 is the 3^rd most expensive ZIP code in Washington State. Covering most of Belltown and the downtown core’s waterfront, it’s no surprise that rents here are on the rise, ticking up 5% compared to 2016 values. Although the inventory remained unchanged over the past year, 98121 is a tightly developed area, with little space for new projects. The formerly low-rent, industrial neighborhood has transformed into a trendy, bustling enclave of residential high-rises, art galleries, boutiques, busy restaurants and it clubs over the past decades, becoming Seattle’s most densely populated neighborhood.

98101 is the most expensive ZIP code in Washington, with the average rent clocking in at $$2,428.  Curious to see if other states’ priciest ZIPs can take Washington State on? Just move your cursor to another state boundary or hover over the price bar to see which states are in the same price range.

Methodology

• Data compilation, analysis, and mapping done by RentCafe using rent and construction data provided by Yardi Matrix, a RentCafe sister company.
• The average rent figures in this article were calculated from the actual rents charged in apartment buildings with at least 50 rental units, located in 125 U.S. markets, totaling approximately 15 million apartment units.
• ZIP codes with less than 200 rental units and less than 3 properties were excluded from the calculations.
• Rent pricies are for apartments only, no single-family homes or townhomes were included.