Washington Rent Prices Climbed In 2019, Report Finds

Rent costs are on the rise across the nation, according to the first National Rent Report of 2020, compiled by Apartment List. Nationally, rent costs increased 1.4 percent from December 2018 to December 2019; however, some cities actually are bucking the trend and seeing rent costs fall.

Washington is among the states where rent costs increased in many cities in 2019. According to the report, prices rose 1.9 percent between December 2018 and December 2019.

In Seattle, rent prices have dipped over the past three months, but they are still up 1.8 percent compared to the same time last year. The median rent for a one-bedroom apartment in the city was $1,345, and $1,675 for a two-bedroom — almost $500 above the national average. According to Apartment List, rent increased in all 10 of the largest cities in the Seattle metro area.

More Washington rent facts:

• Lakewood experienced the fastest growth in rent prices, jumping 3.8 percent in the past year. The city still has the least expensive rent in the metro area, with one-bedrooms going for a median price of $1,210.
• Rent in Tacoma rose 1.4 percent in 2019. The median price for a one-bedroom there is $1,260.
• Bellevue continues to have the most expensive rent, with a one-bedroom median price of $1,920 and two-bedroom rents at $2,389. Prices rose 3.2 percent over the past year.
• In Spokane, where the median price for a two-bedroom is $897, rent prices grew by 2.2 percent.

To determine the data, Apartment List uses the Department of Housing and Urban Development’s Fair Market Rent Calculation Methodology, but instead analyzes rental-specific market trends. Read more about the National Rent Report methodology.

According to the report, Mesa, Arizona, had the fastest year-over-year rent growth among cities with a population of 250,000 or more. In 2019, rent in Mesa increased 5.1 percent. Mesa was followed by Henderson, Nevada, at 4.3 percent, and Phoenix, Arizona, at 3.8 percent.

Stockton, California, led the cities with the fastest rent growth in the last five years. Since 2014, rent in Stockton has increased 28.5 percent.

These are the top 10 cities with the fastest rent growth in the last five years:

1. Stockton, California
2. Colorado Springs, Colorado
3. Mesa, Arizona
4. Arlington, Texas
5. Henderson, Nevada
6. Tampa, Florida
7. Aurora, Colorado
8. Phoenix, Arizona
9. Sacramento, California
10. Anaheim, California

Nationally, rent costs increased 11.3 percent since 2014. See the full report and where other communities rank here.