As of July, the national average rent reached an all-time high of $1,409, according to RENTCafé’s monthly rent report about data on rents in 250 of the largest U.S. cities. In Seattle, however, the average rent has soared to $2,075, roughly $650 above the national average.
GlobeSt.com’s Lisa Brown says seasonal demand and heightened activity have pushed the area’s rents up 3.54% year over year and 0.3% month over month. Plus, Yardi Matrix data say that more than 8,000 units are projected to open soon, which affects prices and vacancy rates.
“Seattle renters are feeling one of the biggest hits to their wallets among the nation’s renter mega-hubs, with a net rent increase of over $70 per month compared to the previous year,” Nadia Balint, analyst with Yardi Matrix, tells GlobeSt.com. “Only apartments in Los Angeles, Orlando and Tampa saw higher net increases in the average monthly rate over the same period.”
Although one of the most active U.S. multifamily markets, Seattle apartment rents are advancing at a relatively moderate pace similar to Denver, Houston and Dallas, while other large U.S. cities have accelerated in 2018, with year-over-year gains around 6 to 7%, including Orlando, Las Vegas, and Phoenix.
“Nevertheless, the local job market and Seattle’s attractiveness for millennials are the two pillars which will continue to support the extraordinary demand for rental housing in the area,” Balint tells GlobeSt.com.
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