SAN FRANCISCO – JULY 08: A sign advertising apartments for rent is displayed in front of an apartment complex July 8, 2009 in San Francisco, California. (Photo by Justin Sullivan/Getty Images)
That report tracks month-over-month and year-over-year changes in rent prices for one-and two-bedroom apartments.
The price of a one-bedroom apartment in Seattle has grown 2.4% since August, the report said. The median cost of a one-bedroom apartment is now $1,690 per month. The month-over-month increase in one-bedroom rent prices in September was the same as the year-over-year increase: 2.4%
For two-bedroom apartments, rent prices have increased 5.2% since August, the report said. The median cost of a two-bedroom apartment is an eye-popping $2,230 per month. The year-over-year increase in two-bedroom rent prices in September was 1.4%.
Those figures put Seattle at 14 on the report’s top 100 cities where rent costs the most. Seattle is between Fort Lauderdale, Florida, at 13 and Gilbert, Arizona, at 15. The top spot is occupied by New York City, where the median prices of one-and two-bedroom apartments are $2,950 and $3,150 per month, respectively.
Rent prices are rising nationwide. The report says one-bedroom rent prices have reached a new all-time high in every month of 2021 except April, and two-bedrooms have hit a new all-time high in every month since February.
As for why? The report says hot housing markets across the U.S. have left many would-be homebuyers looking for something easier, which means more people are renting.
“As [home] prices soar and competition becomes overly intense, people who are at the stage in their life where they’d usually buy a home are priced out or exhausted with the process. They’re building up in the rental market over time and driving up costs,” the report said.