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Seattle rents slightly down but regional rents keep rising

Seattle median rent dipped 0.4 percent last month

Seattle’s median rent came down ever so slightly in September, according to Apartment List. Per their numbers, Seattle rents decreased by 0.4 percent last month as the median one-bedroom rent is now at $1,730, while two-bedrooms cost $2,300. Median rent is still 7.4 percent up from last year.

They also remind us that Seattle isn’t the most expensive renter’s market in the region. Bellevue continues to take that title with median rent prices of $1,960 for a one-bedroom and $2,440 for a two-bedroom. When it comes to one-bedroom median rent, Seattle is actually fourth in the region. Kirkland has seen huge growth and a median one-bedroom there will run you $1,800/month. Redmond rents have also increased over the past year and will cost you $1,760 for a median one-bedroom.

Looking for something cheaper? Look to Tacoma, where rents have gone up 7.6 percent over the last year but are still relatively low by comparison. You’ll currently find median rent prices at $1,200 for a two-bedroom and $1,060 for a one-bedroom. You can look to other small towns in the region as well for lower rents but all of them are seeing the same yearly rise that Seattle and the cities are seeing. Kirkland rents are up 11 percent over the last year, Everett’s rent are up 8.8 percent since 2015 and Kent saw an 8.3 percent increase.

Back in Seattle, Apartment List charts neighborhoods with the highest median two-bedroom rents as Central Business District/Downtown ($3,300/month), Belltown ($3,210/month), and South Lake Union ($3,070/month). There’s also a huge number or SoDo but we’re thinking that’s a bit skewed by what little is available there.

October 2016 Seattle Rent Report [AL]