Rent prices are dropping nationwide and here’s where Seattle sits

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.”

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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.