January 2019 Bothell Rent Report

Welcome to the January 2019 Bothell Rent Report. Bothell rents declined over the past month. In this report, we'll evaluate trends in the Bothell rental market, including comparisons to cities throughout the metro, state, and nation.

Bothell rents declined slightly over the past month

Bothell rents have declined 0.2% over the past month, but are up significantly by 5.4% in comparison to the same time last year. Currently, median rents in Bothell stand at $1,780 for a one-bedroom apartment and $2,220 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in October. Bothell's year-over-year rent growth leads the state average of 1.1%, as well as the national average of 0.9%.

Rents rising across the Seattle Metro

Throughout the past year, rent increases have been occurring not just in the city of Bothell, but across the entire metro. Of the largest 10 cities that we have data for in the Seattle metro, 9 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.

• Kent has seen the fastest rent growth in the metro, with a year-over-year increase of 4.6%. The median two-bedroom there costs $1,820, while one-bedrooms go for $1,460.
• Over the past month, Marysville has seen the biggest rent drop in the metro, with a decline of 4.0%. Median two-bedrooms there cost $1,640, while one-bedrooms go for $1,320.
• Bellevue has the most expensive rents of the largest cities in the Seattle metro, with a two-bedroom median of $2,320; rents decreased 0.5% over the past month but were up 3.5% over the past year.
• Lakewood has the least expensive rents in the Seattle metro, with a two-bedroom median of $1,450; rents went down 0.1% over the past month but rose 3.8% over the past year.

Many large cities nationwide show more affordable rents compared to Bothell

As rents have increased significantly in Bothell, a few large cities nationwide have seen rents grow more modestly. Compared to most large cities across the country, Bothell 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 1.7% in Vancouver and 0.4% in Spokane.
• Bothell's median two-bedroom rent of $2,220 is above the national average of $1,180. Nationwide, rents have grown by 0.9% over the past year compared to the 5.4% rise in Bothell.
• While Bothell's rents rose significantly over the past year, many cities nationwide also saw increases, including Austin (+3.4%), Phoenix (+3.3%), and New York (+2.7%).
• Renters will generally find more expensive prices in Bothell than most large cities. For example, Spokane has a median 2BR rent of $880, where Bothell is more than two-and-a-half times that price.