Here are some facts about multifamily rents in Seattle, according to Apartment List, which released its latest monthly report on the market. The main takeaway: what goes up, must... keep going up, in this case.
• In greater Seattle, rents grew by 0.8% between June and July, and are up 8.4% from a year ago. A one-bedroom in Seattle has a median rent of $1,770, while a two-bedroom commands $2,300.
• Bellevue is the only area city with rents higher than in Seattle itself; two-bedroom units set tenants back a median of $2,550. Bellevue rents are up 5.6% compared with a year ago.
• Lynwood has experienced the highest rent growth in the Seattle metro lately, up 10.6% compared with a year ago. Want two bedrooms? Pay a median rent of $1,520, while one bedroom will cost $1,150.
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• Seattle has the 10th-highest median rent in the country for a two-bedroom unit. But at $2,300, it's a deal compared with the most expensive market: New York, at $5,130.
• Seattle's a bargain compared to the No. 2 most expensive market, San Francisco, at $4,730 for two bedrooms. Tech companies and especially tech workers have taken notice.
• But will that "bargain" status last? Maybe not. Apartment List also reported Seattle was No. 2 in rental growth year-over-year at 8.4%. Colorado Springs was No. 1, at 10.4%.
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