105 Pet Friendly Apartments for rent in Mountlake Terrace, WA
April 2020 Mountlake Terrace Rent Report
Welcome to the April 2020 Mountlake Terrace Rent Report. Mountlake Terrace rents increased over the past month. In this report, we'll evaluate trends in the Mountlake Terrace rental market, including comparisons to cities throughout the metro, state, and nation.
April 2020 Mountlake Terrace Rent Report
Welcome to the April 2020 Mountlake Terrace Rent Report. Mountlake Terrace rents increased over the past month. In this report, we'll evaluate trends in the Mountlake Terrace rental market, including comparisons to cities throughout the metro, state, and nation.
Mountlake Terrace rents increased moderately over the past month
Mountlake Terrace rents have increased 0.3% over the past month, but have been relatively flat at 0.3% in comparison to the same time last year. Currently, median rents in Mountlake Terrace stand at $1,619 for a one-bedroom apartment and $2,016 for a two-bedroom. This is the third straight month that the city has seen rent increases after a decline in December of last year. Mountlake Terrace's year-over-year rent growth lags the state average of 1.7%, as well as the national average of 1.9%.
Rents rising across the Seattle Metro
While rents have remained steady in the city of Mountlake Terrace 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.
- Bellevue has the most expensive rents in the Seattle metro, with a two-bedroom median of $2,435; the city has also seen rent growth of 0.8% over the past month, the fastest in the metro.
- Lakewood has the least expensive rents in the Seattle metro, with a two-bedroom median of $1,510; rents grew 0.1% over the past month and 3.5% over the past year.
Many large cities nationwide show more affordable rents compared to Mountlake Terrace
Rent growth in Mountlake Terrace has been relatively stable over the past year - some other large cities have seen more substantial increases; in contrast, rents in a few cities have actually declined. Compared to most large cities across the country, Mountlake Terrace is less affordable for renters.
- Washington as a whole has logged 1.7% year-over-year growth, while rent trends across other cities throughout the state have varied. For example, rents have grown by 1.9% in Vancouver whereas rents have fallen 0.1% in Spokane.
- Mountlake Terrace's median two-bedroom rent of $2,016 is above the national average of $1,197. Nationwide, rents have grown by 1.9% over the past year compared to the stagnant growth in Mountlake Terrace.
- While rents in Mountlake Terrace remained moderately stable this year, similar cities saw increases, including Austin (+3.5%), Phoenix (+3.4%), and New York (+2.7%); note that median 2BR rents in these cities go for $1,474, $1,106, and $2,565 respectively.
- Renters will generally find more expensive prices in Mountlake Terrace than most large cities. For example, Spokane has a median 2BR rent of $901, where Mountlake Terrace is more than twice 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.