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Seattle is No. 1 in the nation in apartment rent growth for the 12 months ending in June, with median monthly rent in the metro area up 9.7% and surpassing $2k for the first time this spring, according to Zillow data as reported in the Seattle Times. The year-over-year growth is at nearly four times the national average, and is more than second-place Portland (up 9%), and third-place San Francisco (up 7.4%).
The Zillow data, which compares the 35 biggest metro areas in the country, put median monthly rent for Seattle in June at $2,031. That’s up from $1,852 a year ago. Seattle's only eighth overall in rent prices, just behind Washington, DC ($2,123/month), and just ahead of Denver ($2,007). San Jose and San Francisco are by far the most expensive apartment markets in the country, at about $3,400/month, followed by Los Angeles, New York, San Diego and Boston. [ST]
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