Rent Prices On The Rise Across Puget Sound: Report

SEATTLE — Rent prices are rising across Puget Sound, both in large and small cities, according to a new report from Apartment List. The online rental marketplace analyzed statistics from the U.S. Census Bureau and its own listing data to get a better picture of developing trends and found prices ticking up across the board in July.

In Seattle, prices surged more than 4 percent last month, marking the sixth consecutive month of rising rent in the Emerald City, as the median reached $1,630 for a one-bedroom and $2,040 for a two-bedroom. Seattle renters are far from alone in paying more, with similar increases seen throughout a metro area.

While Lakewood continues to have the least expensive rents, prices rose nearly 3 percent in July and are up nearly 17 percent compared to the same time last year. Tacoma saw a less significant monthly change but has seen the most dramatic year-over-year price increase. On the Eastside, July prices rose nearly 4 percent in Bellevue and Redmond. The latter city has the most expensive rent in the Seattle area, with the median price for a two-bedroom running $2,448.

Here are a few key increases around the region from Apartment List:

Rent Growth (month-to-month & year-over-year)

• Seattle: +4.3% (+0.2% YOY)
• Tacoma: +1.6% (+17.3% YOY)
• Bellevue: +3.9% (+7.5% YOY)
• Everett: +2.9% (+12.4% YOY)
• Renton: +2.4% (+10.4% YOY)
• Lakewood: +2.8% (+16.7% YOY)
• Redmond: +3.8% (+8% YOY)
• Kirkland: +1.8% (+4.8% YOY)
• Issaquah: +1.7% (+7.6% YOY)

On the state level, Apartment List found Washington rents have grown nearly 7 percent since the same time last year. While Seattle's rent prices were relatively stable year-over-year, Spokane saw prices increase nearly 30 percent. Seattle remains pricier than many cities across the nation, including Denver and Austin, but cheaper than San Francisco, Los Angeles and Boston.

Read the latest rent report on the Apartment List website.