There is good news and there’s bad news, apartment dwellers.
First the good: May 2022 data from Apartment List shows median rents in the Seattle area aren’t nearly as eye-popping as this luxury apartment building. The bad news is that rents have risen for the fourth month in a row – in one suburb, up 22% year-over-year.
It’s still not as bad as, say, New York with its 29.5% year-over-year rent growth, but given the historic low in inventory and soaring property prices real estate, we understand that doesn’t really look like a win. Here are the nine most expensive cities in the greater Seattle area to rent an apartment in May 2022.
Seattle’s growth of 14% year over year is slightly below the national average of 15.3%. But median rents continue to rise – in May, prices were up 1.8% from April.
Median rent for a room: $1,616
Median rent of the two bedrooms: $1,953
Year-over-year rent growth: 14 percent
The median price of a one bedroom Renton apartment in May 2021? $1,406. With relatively steady growth since then, renters are now looking at $250 more per month.
Median rent for a room: $1,657
Median rent of the two bedrooms: $2,099
Year-over-year rent growth: 17.9%
7. Mountlake Terrace
Although Mountlake Terrace landed in seventh place on this list, its month-over-month growth is 0.6%, the lowest of any city in greater Seattle metro.
Median rent for a room: $1,703
Median rent of the two bedrooms: $1,990
Year-over-year rent growth: 13.6%
Redfin estimated that several micro-neighborhoods in this northern suburb were among the most competitive for buyers looking to purchase property in 2021. With new bakeries expanding and development underway, it’s easy to see why rents jumped here.
Median rent for a room: $1,829
Median rent of the two bedrooms: $2,130
Year-over-year rent growth: 16.1%
It’s the Eastside from now on. Although Kirkland was the top town on our list with a one-bedroom rent over $2,000, it only made it to fifth place.
Median rent for a room: $2,078
Median rent of the two bedrooms: $2,262
Year-over-year rent growth: 18 percent
After a brief dip late last year, Redmond has once again become one of the most expensive cities for apartment renters in the Seattle area, growing 2.6% month over month. ‘other.
Median rent for a room: $2,093
Median rent of the two bedrooms: $2,361
Year-over-year rent growth: 19.4%
A year ago, Bellevue tenants could have lived there for Seattle prices. Now those numbers are dramatically different, with the city of Eastside posting a 3.6% month-over-month increase.
Median rent for a room: $2,136
Median rent of the two bedrooms: $2,383
Year-over-year rent growth: 22.4%
Recent updates to Apartment List’s data collection and analysis methodology mean that there is no median data available on one bedroom, but the price of two bedrooms is definitely there – and that is not a joke.
Median rent for a room: N / A
Median rent of the two bedrooms: $2,475
Year-over-year rent growth: 18.9%
You can rent a two-bedroom apartment in Seattle and maybe even a parking space for the price of a one-bedroom apartment in Woodinville. The city has topped the list of the most expensive places to rent in the Seattle area for several months.
Median rent for a room: $2,261
Median rent of the two bedrooms: $2,492
Year-over-year rent growth: 19.6%