Photo via Shutterstock
Seattle rent prices have been a roller coaster throughout the pandemic and the past year. Combined with the rising cost of living in an already expensive city, being a renter can feel pretty rough. However, Zumper just released its National Rent Report and there’s a silver lining for our pricey city.
Zumper’s report found “significant price drops throughout much of the country” with national one-bedroom median rent down 0.8% over last month, to $1,491, and the two-bedroom median down 0.7% to $1,832.
What’s more, only 20% of Zumper’s top 100 list saw month-over-month increases. The rest, more than half the cities, posted month-over-month declines with 19 cities remaining flat. According to the report, the drop in prices is partially due to factors like “rising vacancy rates in some markets, a return to more typical seasonal moving patterns and, above all, fear of recession.”
Recent Posts:
The most expensive home in Seattle area history is still for sale & here’s a look inside
10 different immersive Candlelight Concerts are coming to Seattle this winter
So where does Seattle sit? We come in 12th place overall in the rent report, with a 3.90% (1 bedroom) and 2.10% (2 bedroom) decrease in month-over-month rental rates. That brings the median rent for a 1 bedroom down to $1,960 and $2,750 for a 2 bedroom.
It’s also worth noting that Spokane had some decreases as well. Median rent month over month for a 1 bedroom decreased 1.80% while the median rent for a 2 bedroom decreased 2.20%.
For those wondering, the most expensive city in the report is New York, with one bedrooms averaging $3,860 despite a 2.3% decrease, and a two bedroom is now $4,300.
Here’s to lower rent prices, good luck out there Seattle.
What better place to make a splash?
Hollywood North has been buzzing with activity over the past few months, and it shows…
It's going to be an exciting weekend!
It's the Greatest Outdoor Show on Earth!
Put your hands up! 🎢