There may be some exciting news concerning rents in Seattle. Data is showing that rents are going down. Back to back months of rent decline has some renters happy. Seattle saw the second-largest monthly decline in the nation. Data shows that a number of the hottest local areas are also experiencing monthly declines.
The Seattle Medium has reported on rents prices which went up for seven straight months in 2022. Now, rents declined in September and again in October. The fall is the third fastest in the nation. This time, Seattle experienced a -3.4 percent month-over-month rent decline and a -0.6 year-over-year dip.
Look close at the data and it still shows a year-over-year comparison where rents are still more expensive in some communities than they were the same month last year. Below is a countdown of sorts detailing rents in local areas.
8. Seattle
Median one-bedroom rent: $1,589
Median two-bedroom rent: $1,921
Month-over-month rent growth: -3.4 percent
Year-over-year rent growth: -0.6 percen
7. Renton
Median one-bedroom rent: $1,665
Median two-bedroom rent: $2,109
Month-over-month rent growth: -3.1 percent
Year-over-year rent growth: 7.4 percent
6. Bothell
Median one-bedroom rent: $1,854
Median two-bedroom rent: $2,160
Month-over-month rent growth: -1.6 percent
Year-over-year rent growth: 4.5 percent
5. Mercer Island
Median one-bedroom rent: $1,982
Median two-bedroom rent: $2,607
Month-over-month rent growth: -3.5 percent
Year-over-year rent growth: -4.3 percent
4. Redmond
Median one-bedroom rent: $1,991
Median two-bedroom rent: $2,247
Month-over-month rent growth: -4.3 percent
Year-over-year rent growth: 4.1 percent
3. Bellevue
Median one-bedroom rent: $2,000
Median two-bedroom rent: $2,232
Month-over-month rent growth: -3.0 percent
Year-over-year rent growth: 3.2 percent
2. Kirkland
Median one-bedroom rent: $2,004
Median two-bedroom rent: $2,182
Month-over-month rent growth: -4.1 percent
Year-over-year rent growth: 2.7 percent
1. Newcastle
Median one-bedroom rent: $2,031
Median two-bedroom rent: $2,165
Month-over-month rent growth: -2 percent
Year-over-year rent growth: 4.9 percent
