RentCafe has released their October Apartment Market Report, in which they update rental trends in the 75 biggest cities in the U.S. Overall, they saw an average apartment rent that stands at $1,216, which is down slightly from the previous month but up 4.4 percent year over year.
Here in Seattle, things continue to move a bit quicker than the national average. The average rent here comes in at $1,898, up 0.3 percent from the previous month and up 7.7 percent from last year.
That yearly growth puts it at No. 10 on their list of cities with the fastest-growing rents, just behind Arlington and Oakland. The West Coast also includes seven of the top ten cities in terms of fast-moving rent increases.
None of this is too shocking to hear for people who live in the region. Seattle’s rents are inflated compared to so many cities in the same range due to a myriad of factors, not least of which is the stunning lack of affordable inventory. So whatever hopes you might have about seeing rents go down will probably remain hopes for the foreseeable future.