Seattle, expensive? Ground breaking. Well, Redfin’s rental market tracker has put our rainy city back on the radar for being you guessed it, pricey. Let’s take a look at the rental market and just how much things are evolving.
According to Redfin, the typical US asking rent surpassed $2,000 a month for the first time in May. That means we’re seeing a rising 15% year over year to a record high of $2,002. The rise is on par with April’s annual increase of 15%, but a slower than March’s 17% gain.
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So where does Seattle stand in that? Here are the top 10 metro areas with the fastest-rising rents year over year.
1. Austin, TX (48%)
2. Nashville, TN (32%)
3. Seattle, WA (32%)
4. Cincinnati, OH (32%)
5. Miami, FL (29%)
6. Fort Lauderdale, FL (29%)
7. West Palm Beach, FL (29%)
8. New York, NY (24%)
9. Nassau County, NY (24%)
10. New Brunswick, NJ (24%)
To put that in perspective, the median asking rent in Seattle is $3,097. Yikes! But hey, if you grow tired of Seattle you can always move to one of the cities where rent has decreased. Those cities are as follows.
1. Milwaukee, WI (-10%)
2. Kansas City, MO (-3%)
3. Minneapolis, MN (-3%)
If you’d like to learn more, you can check out the full Redfin report.
