May is upon us, and with a new month’s arrival, it’s time to take a look at the rental market and how it’s changed. If you’re looking to move, or are just wondering what the market is like right now, Apartment List has analyzed Seattle’s data for May! Here’s a look at the average cost of rent in Seattle, as well as the most affordable area to live right now.
It reports that Seattle is currently the 16th most expensive large city in the US, with a median rent of $2,031.
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According to the report, “Citywide, the median rent currently stands at $1,895 for a 1-bedroom apartment and $2,365 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $2,031. That ranks #16 in the nation, among the country’s 100 largest cities.”
The report states that the median rent across the U.S. as a whole is $1,396 overall, meaning Seattle’s is 45.5% higher than the national average. It is also similar to prices found in LA ($2,089) as well as Oakland ($1,966).
Looking at the Seattle metro area, Apartment List says that the median rent is $1,976, “meaning that the median price in Seattle proper ($2,031) is 2.8% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at 1.7%, above the rate of rent growth within just the city.”
As of May, Sammamish is the most expensive, with a median rent of $2,972.
On the other hand, Lakewood is the metro’s most affordable city, with a median rent of $1,435, states Apartment List.
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.”
