The Seattle rental market is still wild and crazy, confirms the Zumper National Rent Report for June. The Emerald City ranked as the 8th most expensive rental market in the country, just ahead of Miami and Honolulu. Although the median price of one bedroom units in Seattle fell 0.5 percent to $1,910, two bedroom units grew 1.6 percent to $2,500.
Nationally, one bedroom median rent declined by 1.7 percent to $1,149, while two bedroom rent decreased by 1.8 percent to $1,367. If Seattle’s prices sound high, just be glad you don’t live in San Francisco where one-bedroom prices increased by 2.4 percent to $3,450, while two bedroom units remained the same at $4,500.
According to a report by the Seattle Times, rents are up 64 percent across King and Snohomish counties since 2010, adding an extra $7,750 a year to the typical renter’s bill.
Although Seattle is undergoing the most significant construction boom of all time, with more apartments opening in the last five years than in the previous 25 years combined, the increase in supply hasn’t lowered rents. Newcomers flocking to Seattle’s tech industry can afford to pay top dollar, so why would landlords charge less?
Additionally, property taxes are up 35 percent in King County in the last four years, mostly because of initiatives passed by voters. A new statewide property tax just passed for next year, adding 87 cents more per $1,000 in Seattle (or $460 on the median home.) Property taxes here are among the highest in the country, and landlords often pass those extra costs on to renters.
If it’s all too much for you, there’s always Spokane, Washington where you can rent a one bedroom for $650 or a two bedroom for $860. Washington State forever!