Renters in the Emerald City shouldn’t expect a price break on rent anytime soon.
According to the Zumper National Rent Report, Seattle ranks as the 14th most-expensive city (among 100) to rent a one- or two-bedroom apartment.
In fact, the median price of a one-bedroom apartment has increased 2.4% since August. Renters can expect to pay somewhere in the vicinity of $1,690 per month. Coincidentally, the month-over-month rent increase for a one-bedroom in September mirrored the year-over-year rise of 2.4%.
Two-bedroom apartment seekers can anticipate paying $2,230 per month in rent, a jump of 5.2% since August. The year-over-year increase in two-bedroom rent in September was 1.4%.
Seattle is not alone. Rent prices are soaring nationwide. One explanation is that fierce competition from potential buyers, who’ve grown weary from looking, are opting to rent instead of purchase a home, driving apartment costs sky-high.
Meanwhile, at number 14 on the list, Seattle is wedged between Fort Lauderdale, Fla., at 13 and Gilbert, Ariz., at 15.
The Big Apple, where the median prices of one- and two-bedroom apartments are $2,950 and $3,150 per month, respectively, tops the list.
And while it’s expected that rents in New York City will remain high — it is the financial capital of the world, after all — what is less obvious is what’s playing out in the Valley of the Sun.
Scottsdale, Ariz., for example, is now ranked 10th on the list. Apartment dwellers can expect to pay a whopping $1,850 for a one-bedroom unit — a 5.1% rise from August and a 23.3% increase from September 2020.