That is normally the busiest time of yr for the rental market. It’s when most renters transfer, and it’s when landlords sometimes crank hire will increase into excessive gear. However new knowledge from House Record means that hire development will likely be sluggish this summer time throughout components of the metro space (Seattle, we’re taking a look at you) and the nation extra broadly.
Even so, Seattle’s general median hire sits at $2,044 after a small improve in Might: 0.6 % over the earlier month and 0.8 % year-over-year, in line with House Record. That far outpaces the nationwide fee of annual hire development: –0.8 %. And, fortunately, it’s a far cry from the blistering double-digit hikes renters endured in 2022.
Nonetheless, hire round right here continues to be so costly. Even a small improve is sufficient to safe Seattle’s spot because the sixteenth priciest place to dwell among the many nation’s largest 100 cities, once more—placing us on par with Los Angeles (median hire: $2,093) and Miami (median hire: $1,934).
In comparison with metro space cities and suburbs close by, Seattle’s hire hovers across the center of the pack. Issaquah has the most costly hire, with the general median at $2,669 in Might. For context, the median in San Francisco is $2,692. Lakewood has essentially the most reasonably priced hire with an general median of $1,434. That’s greater than the US median hire ($1,404) and the median rents of 51 of the most important 100 cities.
Whereas some metro cities, like Seattle, are leaning towards a sluggish hire summer time, others are shifting into their busy period proper on schedule. To assist navigate the summer time rental market, right here’s your month-to-month listing of metro cities with the quickest rising and quickest falling rents (primarily based on annual development).
Taking place
3. Mukilteo (tie)
This city has all the pieces an out of doors fanatic or a suburban-coffee-shop aficionado might need. However that comes at a value. Month-to-month upticks could also be gaining momentum, and it stays one of many dearer metro space cities.
Median one-bedroom hire: $1,879
Median two-bedroom hire: $2,274
Month-over-month hire development: 1.1 %
Yr-over-year hire development: –0.9 %
3. Mountlake Terrace (tie)
Rents are trending down, however there are hints of a turnaround with month-to-month constructive development. If it is a suburban vibe you’re after, now could also be time to take a tour.
Median one-bedroom hire: $1,830
Median two-bedroom hire: $1,972
Month-over-month hire development: 0.8 %
Yr-over-year hire development: –0.9 %
3. Lynnwood (tie)
This suburb is a commuter hub. Whereas annual hire development is sluggish now, we anticipate the summer time to attract up rents on a month-to-month foundation through the hotter months.
Median one-bedroom hire: $1,504
Median two-bedroom hire: $1,803
Month-over-month hire development: 0.6 %
Yr-over-year hire development: –0.9 %
3. Fife (tie)
Recognized for being “half manner and half value,” this Tacoma suburb is on the extra reasonably priced finish of metro rents. It presents a bit little bit of all the pieces too, besides annual hire development. Not a foul factor while you’re the one paying hire.
Median one-bedroom hire: $1,626
Median two-bedroom hire: $1,985
Month-over-month hire development: 0.4 %
Yr-over-year hire development: –0.9 %
2. Edmonds
Whereas rents could also be down year-over-year, month-over-month rents on this picturesque suburb grew the third quickest of any metropolis within the metro.
Median one-bedroom hire: $1,787
Median two-bedroom hire: $1,997
Month-over-month hire development: 2 %
Yr-over-year hire development: –2.3 %
1. Shoreline
Seattle’s northern neighbor once more skilled the metro’s steepest year-over-year hire decline. However a bump in month-over-month hire in Might might sign extra regular costs over the approaching months.
Median one-bedroom hire: $1,662
Median two-bedroom hire: $2,080
Month-over-month hire development: 1.6 %
Yr-over-year hire development: –2.7 %
Headed up
6. Auburn
Even with sustained annual and month-to-month development, Auburn stays the second most reasonably priced metropolis within the metro space. Because the summer time shifting season will get into full swing, there isn’t a telling how lengthy the affordability will final.
Median one-bedroom hire: $1,345
Median two-bedroom hire: $1,656
Month-over-month hire development: 1.5 %
Yr-over-year hire development: 3.1 %
5. Puyallup
Rents on this small city have been on a tear this yr. Whereas month-to-month development has slowed, annual development is more likely to proceed doubtlessly pushing costs out of attain.
Median one-bedroom hire: $1,598
Median two-bedroom hire: $1,829
Month-over-month hire development: 0.4 %
Yr-over-year hire development: 3.3 %
4. Redmond
This metropolis is among the hottest locations to dwell in King County, and it has the hire development to show it.
Median one-bedroom hire: $2,129
Median two-bedroom hire: $2,395
Month-over-month hire development: 2 %
Yr-over-year hire development: 4.7 %
3. Kirkland
The water-loving suburb is stuffed with luxurious houses and has the rental costs to match. With each annual and month-to-month good points going robust, renters ought to put together for extra hikes this summer time.
Median one-bedroom hire: $2,167
Median two-bedroom hire: $2,557
Month-over-month hire development: 2.1 %
Yr-over-year hire development: 4.8 %
2. Issaquah
With a close to 6-percent year-over-year leap in hire, it’s no surprise Issaquah is the most costly rental market. Nonetheless, with minuscule month-over-month good points, it begs the query, how a lot additional can rents go?
Median one-bedroom hire: $2,244
Median two-bedroom hire: $2,642
Month-over-month hire development: 0.4 %
Yr-over-year hire development: 5.7 %
1. Bellevue
This Eastside metropolis is understood for its costly and expansive actual property. It continues to attract renters to its many facilities, even on the uppermost value factors. Extra will increase are seemingly on the best way.
Median one-bedroom hire: $2,194
Median two-bedroom hire: $2,544
Month-over-month hire development: 1.9 %
Yr-over-year hire development: 7.8 %
