November 2018 Bothell Rent Report

Welcome to the November 2018 Bothell Rent Report. Bothell rents increased 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 increased slightly over the past month

Bothell rents have increased 0.2% over the past month, and have increased significantly by 4.7% in comparison to the same time last year. Currently, median rents in Bothell stand at $1,800 for a one-bedroom apartment and $2,240 for a two-bedroom. Bothell's year-over-year rent growth leads the state average of 1.2%, as well as the national average of 1.1%.

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.

• Lakewood has the least expensive rents in the Seattle metro, with a two-bedroom median of $1,440; additionally, the city has seen the fastest rent growth in the metro over the past month (0.9%).
• Over the past year, Seattle proper is the only city in the metro that has seen rents fall, with a decline of 1.3%. Median two-bedrooms there cost $1,660, while one-bedrooms go for $1,340.
• Bellevue has the most expensive rents of the largest cities in the Seattle metro, with a two-bedroom median of $2,350; rents decreased 0.7% over the past month but were up 2.7% 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 1.2% over the past year. For example, rents have grown by 1.4% in Spokane and 1.4% in Vancouver.
• Bothell's median two-bedroom rent of $2,240 is above the national average of $1,180. Nationwide, rents have grown by 1.1% over the past year compared to the 4.7% increase in Bothell.
• While Bothell's rents rose significantly over the past year, many cities nationwide also saw increases, including Phoenix (+3.0%), Austin (+2.3%), and New York (+1.5%).
• Renters will generally find more expensive prices in Bothell than most large cities. For example, Spokane has a median 2BR rent of $890, where Bothell is more than two-and-a-half times that price.