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Here's Which Seattle Neighborhoods Have The Highest Rents

Here's Which Seattle Neighborhoods Have The Highest Rents
RISE Properties Trust and Cigna Investment Management recently purchased Joseph Arnold Lofts in Belltown.

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.