138 Cheap Apartments for rent in Bellevue, WA
June 2020 Bellevue Rent Report
Welcome to the June 2020 Bellevue Rent Report. Bellevue rents declined over the past month. In this report, we'll evaluate trends in the Bellevue rental market, including comparisons to cities throughout the metro, state, and nation.
June 2020 Bellevue Rent Report
Welcome to the June 2020 Bellevue Rent Report. Bellevue rents declined over the past month. In this report, we'll evaluate trends in the Bellevue rental market, including comparisons to cities throughout the metro, state, and nation.
Bellevue rents declined significantly over the past month
Bellevue rents have declined 0.5% over the past month, but have increased moderately by 2.0% in comparison to the same time last year. Currently, median rents in Bellevue stand at $1,945 for a one-bedroom apartment and $2,422 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in March. Bellevue's year-over-year rent growth leads the state average of 1.1%, as well as the national average of 0.8%.
Rents rising across the Seattle Metro
Throughout the past year, rent increases have been occurring not just in the city of Bellevue, but across the entire metro. Of the largest 10 cities that we have data for in the Seattle metro, all of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Lakewood has the least expensive rents in the Seattle metro, with a two-bedroom median of $1,508; the city has also experienced the fastest rent growth in the metro, with a year-over-year increase of 2.4%.
- Bellevue has seen rents fall by 0.5% over the past month, the biggest drop in the metro. It's also the most expensive city in the Seattle metro with a two-bedroom median of $2,422.
Many large cities nationwide show more affordable rents compared to Bellevue
As rents have increased slightly in Bellevue, other large cities nationwide have seen rents grow more quickly. Compared to most large cities across the country, Bellevue is less affordable for renters.
- Rents increased slightly in other cities across the state, with Washington as a whole logging rent growth of 1.1% over the past year. For example, rents have grown by 1.6% in Spokane and 0.7% in Vancouver.
- Bellevue's median two-bedroom rent of $2,422 is above the national average of $1,194. Nationwide, rents have grown by 0.8% over the past year compared to the 2.0% increase in Bellevue.
- While Bellevue's rents rose slightly over the past year, many cities nationwide saw decreases, including San Francisco (-1.0%), Denver (-0.4%), and Boston (-0.4%).
- Renters will generally find more expensive prices in Bellevue than most large cities. For example, Spokane has a median 2BR rent of $904, where Bellevue is more than two-and-a-half times that price.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.