A new month is upon us, which means it is time to take a look at the rental market. If you’re looking to move, or are wondering what the rental market is like right now, Apartment List has analyzed Seattle’s data for March! Here’s a look at the average cost of rent in Seattle, as well as the cheapest area to live right now.
It reports that Seattle is currently the 17th most expensive large city in the US, with a median rent of $1,988, rising 0.8% from last month when it was $1,970.
According to the report, “Citywide, the median rent currently stands at $1,855 for a 1-bedroom apartment and $2,315 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,988.”
It adds that the median rent across the US as a whole is $1,210 for a 1-bedroom, $1,363 for a 2-bedroom, and $1,377 overall.
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“The median rent in Seattle is 44.4% higher than the national, and is similar to the prices you would find in Oakland, CA ($1,999) and Miami, FL ($1,895),” reads the March report.
Looking at the Seattle metro area, Apartment List says that “the median rent is $1,925 meaning that the median price in Seattle proper ($1,988) is 3.3% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at 0.7%, below the rate of rent growth within just the city.”
The most expensive city in the region is currently Issaquah which has a median rent of $2,478. On the opposite end, Lakewood is the metro’s “most affordable city,” with a median rent of $1,398.
“The metro’s fastest annual rent growth is occurring in Bellevue (4.6%) while the slowest is in Shoreline (-5.1%),” adds the report.
In order to come up with its rent report, Apartment List uses “reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data.”
