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The average monthly rent in Seattle hit $2,139 in January, an increase of more than $80, or 3.9%, over the same time last year, according to a report by RENTCafé.
Mercer Island’s apartments are the highest in the state with an average monthly rental rate of $2,258, followed by Issaquah at $2,239. Rents in Bellevue are slightly lower at $2,234. Lakewood is the area’s most affordable apartment market with average rates averaging $1,268.
The data suggests the Seattle apartment market is back on the upswing after suffering a bit of a slowdown at the end of 2019. RENTCafé also reported the Seattle metro area was experiencing its slowest year-over-year growth in eight years.
At the end of 2019, Seattle’s average rent was $2,121, which was 3% higher than the year prior. Kent’s average monthly rent was $1,515, which was up a steep 4.5% year-over-year. In January, Kent’s average monthly rental rate bumped up slightly to $1,520.
By contrast, the national average rent in January was $1,463, up only 3% from the same period last year.
Over the last decade, Seattle rents increased 77% and the median home price went up 95% to $716K. Median household incomes, however, did not rise at the same rate, with the median household income in Seattle in 2019 at $96K, an increase of 59% over the decade.
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