Seattle rents rise in August, ranked 12th among US cities

SEATTLE - The median rent price in Seattle has risen again, following similar trends over the past year, according to a new Apartment List study.

Right now, the median cost to rent a one-bedroom apartment in Seattle is $1,946, and to get two-bedrooms, renters are paying $2,429. This puts Seattle 47.5% higher than the national average, placing it along cities like Los Angeles ($2,108) and Okaland, California ($1,953).

In the past month, rents here in the Emerald City went up 1.1%. With the national average for the same time period hitting just 0.2%, this puts Seattle at #12 among the country's 100 largest cities.

For comparison, Seattle is ranking similarly to Sacramento (1.1%) and Cleaveland, Ohio (1.0%) in month-to-month growth.

Since January of this year, renters have seen an increase of 5.8%, which narrowly beats out increases from the same time period last year which topped out at 5.7%.

When looking beyond Seattle proper, the report highlights the affordability of outlying areas:

The median rent in Lakewood is the metro's most affordable, with $1,281 for a one-bedroom and 1,550 for a two-bedroom apartment.

The fastest growth is happening in Bellevue with median rents jumping 7.4% year-over-year to $2,219 for a one-bedroom and $2,574 for a two-bedroom apartment.

The full report can be found on Seattle Rent Report: August 2024