Rents Increased across the Region Last Month
Image: Seattle Met Composite Image
As the weather warms, we expect rents to increase. We also expect the pace of rent growth to accelerate. According to recently released data from Apartment List, the Seattle area delivered on one set of expectations in April. The other, not so much.
Rents across the metro increased in April. And we’re not talking about the handful of usual pricey suspects skewing the average. Each of the 20 cities and suburbs Apartment List tracked in its latest report posted month-over-month increases.
But even as rents went up, the pace of growth in many of the metro’s towns, suburbs, and cities slowed. Take Seattle; citywide rents were up 0.6 percent in April, while in March, growth paced at 1.4 percent. In Renton, rent grew 1.8 percent in April, down from 3.4 percent in March.
The drag may be due in part to new apartments, or, as Apartment List notes, it could signal a slow summer and more sluggish rental market broadly. But slow is a relative term here. With all areas in the Seattle metro posting monthly growth, here’s where rents are increasing the slowest and the fastest on a month-over-month basis.
Slow growing
3. Seattle
While the pace of growth is slowed month-over-month, Emerald City rent growth in the first four months of 2024 is far outpacing 2023 (2.9 percent compared to 1.6 percent respectively).
Median one-bedroom rent: $1,895
Median two-bedroom rent: $2,365
Month-over-month rent growth: 0.6 percent
Year-over-year rent growth: 1.3 percent
2. Auburn
While monthly rent growth may be slow, the southern suburb's annual rent growth is higher than most other areas around it. Maybe it's those Rainier views?
Median one-bedroom rent: $1,322
Median two-bedroom rent: $1,628
Month-over-month rent growth: 0.4 percent
Year-over-year rent growth: 1.8 percent
1. Shoreline
April’s nominal uptick was another drag for this suburb, coming in much slower than the 0.6 percent March increase.
Median one-bedroom rent: $1,640
Median two-bedroom rent: $2,053
Month-over-month rent growth: 0.1 percent
Year-over-year rent growth: -4.1 percent
Fast increases
5. Mountlake Terrace (tied)
Compared to March’s 0.6 percent increase in monthly rent, growth accelerated more along the lines of what we see as spring turns into summer. What will happen when light rail opens later this summer?
Median one-bedroom rent: $1,827
Median two-bedroom rent: $1,969
Month-over-month rent growth: 1.9 percent
Year-over-year rent growth: 0.3 percent
5. Everett (tied)
While currently one of the most affordable places to rent in the metro area, we don’t know how long that will last. The pace of rent growth accelerated in April compared to March (0.8 percent increase month-over-month).
Median one-bedroom rent: $1,510
Median two-bedroom rent: $1,745
Month-over-month rent growth: 1.9 percent
Year-over-year rent growth: 0.7 percent
5. Bellevue (tied)
This popular city has seen consistent growth, and it’s not likely to change. After all, their Din Tai Fung just doubled in size.
Median one-bedroom rent: $2,150
Median two-bedroom rent: $2,493
Month-over-month rent growth: 1.9 percent
Year-over-year rent growth: 6.6 percent
4. Redmond
A small dip in the pace of rent growth in April compared to March doesn’t mean there is any rent reprieve on the way with some of the highest annual growth in the metro area.
Median one-bedroom rent: $2,088
Median two-bedroom rent: $2,348
Month-over-month rent growth: 2 percent
Year-over-year rent growth: 3.8 percent
3. Sammamish
Rent growth slowed in April both over March and over the last 12 months, and yet still it has the most expensive rent in the metro area.
Median one-bedroom rent: $2,389
Median two-bedroom rent: $2,638
Month-over-month rent growth: 2.2 percent
Year-over-year rent growth: 5.9 percent
2. Issaquah
This bustling suburb continues to attract renters, spurring the highest annual growth among the entire metro area.
Median one-bedroom rent: $2,234
Median two-bedroom rent: $2,630
Month-over-month rent growth: 2.3 percent
Year-over-year rent growth: 7 percent
1. Kirkland
Rent growth is pacing the fastest here, well up from 1.2 percent monthly rent growth in March. In short, the Eastside is hot.
Median one-bedroom rent: $2,124
Median two-bedroom rent: $2,506
Month-over-month rent growth: 2.6 percent
Year-over-year rent growth: 2.3 percent
