after 5 months a series of rent declines in Seattle turned the market around again in February. Seattle itself saw modest month-over-month rent growth, according to the latest apartment listings data, a harbinger of sluggish growth in the Puget Sound region.
Now for the twist: Seattle actually saw a decrease in rent growth compared to February 2022. In fact, the Emerald City fell behind the national average for year-over-year rent growth (3 percent) and the state average (1.6 percent). What does that really mean for the future of apartment dwellers? Let’s just say this: Seattle still comes in at No. 27 for the most expensive big cities in the country.
Here comes the list of rental markets on the way up and down, organized by monthly growth.
Rising
8. Seattle
Tenants, we feel you. With prices going up in February compared to January, but still down from the same time last year, it’s hard to know what to do with things.
Median one-room rent: $1545
Median two-bedroom rent: $1868
Month-over-month rent growth: 0.7 percent
Rent growth from year to year: -0.7 percent
7. Lakewood
More affordable Lakewood may see increased demand as priced-out individuals seek cheaper rents.
Median one-room rent: $1141
Median two-bedroom rent: $1396
Month-over-month rent growth: 0.7 percent
Rent growth from year to year: 1 percent
6. Bellevue
While the previously hot suburbs have taken a hit when it comes to the property market, the slow growth in rents may mean that people have simply shifted their attention elsewhere.
Median one-room rent: $1,956
Median two-bedroom rent: $2,183
Month-over-month rent growth: 0.8 percent
Rent growth from year to year: 0.2 percent
5. Lynnwood
Lynnwood’s median rent may seem like a decent bargain, but just look at that year-over-year growth. Light rail and other development in the area may be the cause.
Median one-room rent: $1317
Median two-bedroom rent: $1684
Month-over-month rent growth: 0.8 percent
Rent growth from year to year: 6.5 percent
4. Everett
The City of Boeing has always had a steady diet of company employees to fill the surrounding apartments. The strong monthly and annual rent growth shows that it is not just engineers and machinists who are fighting for a place here.
Median one-room rent: $1352
Median two-bedroom rent: $1673
Month-over-month rent growth: 1 percent
Rent growth from year to year: 6.1 percent
3. Redmond
As evidenced by the other Eastside compatriots on this list, Redmond’s rental market is not following the same path as its “normalizing” buyer market.
Median one-room rent: $1,940
Median two-bedroom rent: $2,189
Month-over-month rent growth: 1.2 percent
Rent growth from year to year: 1.2 percent
2. Mercer Island
Traditionally, Mercer Island is one of the most expensive areas in the Puget Sound region. And with steady growth in the rental market, it looks set to stay that way.
Median one-room rent: $2004
Median two-bedroom rent: $2637
Month-over-month rent growth: 2.4 percent
Rent growth from year to year: 1.1 percent
1. Kirkland
When you already have one of the most expensive median rents in the region, any kind of growth says something. A full 5 percent year-over-year growth says much more than that.
Median one-room rent: $2025
Median two-bedroom rent: $2204
Month-over-month rent growth: 3.2 percent
Rent growth from year to year: 5 percent
Descending
3. Federal Way
Although Federal Way has some of the more affordable median rents in the region, it wasn’t enough to save it from a stumble in both month-over-month and year-over-year comparisons.
Median one-room rent: $1337
Median two-bedroom rent: $1640
Month-over-month rent growth: -0.3 percent
Rent growth from year to year: -1.4 percent
2. Auburn
Not too far from list mate Federal Way, Auburn tells two stories with its data. Rents went down from January, yes, but increased significantly from February 2022. Slow and steady can only win the race in this case.
Median one-room rent: $1337
Median two-bedroom rent: $1591
Month-over-month rent growth: -1.2 percent
Rent growth from year to year: 4.2 percent
1. Mountlake Terrace
The housing market, in general, can be fickle and at the whims of the economy, renters/buyers and landlords/sellers. In this case, Mountlake Terrace appears to be going through a natural normalization of prices, where a steep, sudden price increase flattens out into more modest growth.
Median one-room rent: $1690
Median two-bedroom rent: $1,974
Month-over-month rent growth: -3.9 percent
Rent growth from year to year: 2.1 percent
