November 2019 Bothell Rent Report

Welcome to the November 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 decline sharply over the past month

Bothell rents have declined 0.7% over the past month, but have remained steady in comparison to the same time last year. Currently, median rents in Bothell stand at $1,797 for a one-bedroom apartment and $2,238 for a two-bedroom. This is the fourth straight month that the city has seen rent decreases after an increase in June. Bothell's year-over-year rent growth lags the state average of 1.8%, as well as the national average of 1.4%.

Rents rising across the Seattle Metro

While rents have remained steady in the city of Bothell throughout the past year, cities across the metro have seen a different trend. Rents have risen in all of of the largest 10 cities in the Seattle metro for which we have data. 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 $1,505; the city has also experienced the fastest rent growth in the metro, with a year-over-year increase of 4.6%.
• Over the past month, Tacoma has seen the biggest rent drop in the metro, with a decline of 1.1%. Median two-bedrooms there cost $1,562, while one-bedrooms go for $1,254.
• Bellevue has the most expensive rents of the largest cities in the Seattle metro, with a two-bedroom median of $2,419; rents were up 2.9% over the past year but remained flat month-over-month.

Many large cities nationwide show more affordable rents compared to Bothell

Rent growth in Bothell has been relatively stable over the past year - some other large cities have seen more substantial increases. Compared to most large cities across the country, Bothell is less affordable for renters.

• Other cities across the state have seen rents moderately increase, with Washington as a whole logging rent growth of 1.8% over the past year. For example, rents have grown by 2.2% in Spokane and 2.1% in Vancouver.
• Bothell's median two-bedroom rent of $2,238 is above the national average of $1,191. Nationwide, rents have grown by 1.4% over the past year compared to the stagnant growth in Bothell.
• While rents in Bothell remained moderately stable this year, similar cities saw increases, including Phoenix (+4.0%), Austin (+3.2%), and Boston (+2.3%); note that median 2BR rents in these cities go for $1,097, $1,471, and $2,145 respectively.
• Renters will generally find more expensive prices in Bothell than most large cities. For example, Spokane has a median 2BR rent of $910, where Bothell is nearly two-and-a-half times that price.