How much are you paying for a one-bedroom apartment in Seattle?
A recent Zumper report analyzed active listings across 11 metro cities in Washington to find which areas are most affordable and which areas have the fastest growing rents.
The report found that Seattle proper ranks as fourth most expensive, with an average cost of $1,750 for a one-bedroom apartment. This rate reflects a 3.6% month-over-month increase and a 9.4% year-over-year increase. It is also significantly more than the median price of a one-bedroom apartment in Washington which was $1,430 last month, according to the report
Compared to other U.S. cities, Zumper found in its national October report that Seattle ranked as the 14th most expensive rental market in the nation, with the prices of one and two bedrooms settling at medians of $1,750 and $2,340, respectively.
Looking at the most expensive places to rent in Washington last month, Bellevue took the top spot in the report with an average rent of $2,100 for a one-bedroom. It also had a higher price evolution, with a nearly 13% year-over-year increase.
The second and third most expensive cities to rent also had the highest year-over-year price increases. Kirkland, coming in second, has an average one-bedroom monthly rental rate of $1,980, a 15.1% year-over-year increase. Redmond, in third, boasts a similar monthly rate of $1,960 which is 15.3% higher than last year.
Bellingham had the lowest average monthly rental rate in the report, coming in at $1,170. However, it wasn’t the area with the lowest increase. While the average cost dropped 1.7% from last month, Zumper found that the price increased 3.5% from a year ago.
Olympia — in the middle-low area of the report’s average rental rate list — had the lowest year-over-year rent increase. It showed a 2.1% difference from last year, coming in at $1,430 for a one-bedroom.
Other cities on the lower end of the rent spectrum include Lakewood, the second to least expensive, with an average monthly rental rate of $1,210. Everett came in third to last with an average rate of $1,370 for a one-bedroom apartment.
Of the 11 cities examined in the report, seven had higher rental rates than the state average. Olympia tied the state’s average while Everett, Lakewood and Bellingham were lower.