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Seattle is the Fourth Fastest Growing Rental Market in Nation

The median price of a 1-BR is $1,750/month, up three percent from the previous month and 9.4 percent year-over-year

It's that time again when Zumper lets us know the state of the rental market with their monthly national rent report for April. As has been for what seems like forever, Seattle remains the 10th spot on their list of highest median rents among major cities.

The median price of a 1-BR according to them is $1,750/month, up three percent from the previous month and 9.4 percent year-over-year. The median 2-BR will run you $2,350/month, down a scant 0.4 percent but still also 10th-highest in the nation. The price of a 2-BR is up 14.6 percent since last year, the fourth fasting growing number in the nation.

This month they've also provided a map of Seattle neighborhood rental prices. As usual, Central Business District (a.k.a. Downtown) continues to be the most expensive area in the city to rent with a median 1-BR cost of $2,300/month, though that number is a significant drop from the previous month. In fact, the area around Pike Place Market comes in just under that at $2,200/month. Some other high-water marks include Belltown ($2,050), Capitol Hill ($1,890), and First Hill ($1,820).

Per Zumper, the fastest growing quarterly rents were found in Eastlake and Pike Place Market, up 12 percent and 10 percent, respectively. On the lower end of median rents are, surprisingly, Denny Blaine ($950) and North Beacon Hill ($1,250).

When Zumper expands their numbers to include all cities, Bellevue's median 1-BR rent continues to lead the local pack at $1,800/month. That puts it well ahead of Seattle, Redmond (1,710), Mercer Island ($1,640) and Kirkland ($1,570) and Issaquah ($1,530). It should be noted this is the first time we've seen Mercer Island and Issuquah make the Top 100 cut, so the region just keeps climbing.

This is the part where we mention that Zumper's data is drawn solely from the asking rents for the listings on its site, not all available rentals in Seattle and surrounding cities. Therefore, it isn't a measure of what all Puget Sounders are paying, but it does offer one look at prices that prospective renters in the market are seeing.
· Zumper National Rent Report: April 2016 [Zumper]
· Mapping Seattle Rent Prices This Spring (2016) [Zumper]