Six Fast Facts About Seattle Multifamily Rents
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.
• 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%.