265 Luxury Apartments for rent in Seattle, WA

Last updated September 23 at 12:22AM
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Rent Report
Seattle

September 2017 Seattle Rent Report

Welcome to the September 2017 Seattle Rent Report. Seattle rents increased over the past month. In this report, we'll evaluate trends in the Seattle rental market, including comparisons to cities throughout the metro and nation.

Seattle rents increased significantly over the past month

Seattle rents have increased 0.5% over the past month, and are up significantly by 5.4% in comparison to the same time last year. Currently, median rents in Seattle stand at $1,380 for a one-bedroom apartment and $1,710 for a two-bedroom. This is the eighth straight month that the city has seen rent increases after a decline in December of last year. Seattle's year-over-year rent growth is on par with the state average of 5.4%, but exceeds the national average of 3.0%.

Rents rising across the Seattle Metro

Throughout the past year, rent increases have been occurring not just in the city of Seattle, 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.

  • Puyallup has seen the fastest rent growth in the metro, with a year-over-year increase of 9.9%. The median two-bedroom there costs $1,760, while one-bedrooms go for $1,420.
  • Over the past month, Kirkland has seen the biggest rent drop in the metro, with a decline of 1.5%. Median two-bedrooms there cost $2,080, while one-bedrooms go for $1,670.
  • Tacoma has the least expensive rents in the Seattle metro, with a two-bedroom median of $1,530; rents grew 0.2% over the past month and 6.6% over the past year.
  • Bellevue has the most expensive rents of the largest cities in the Seattle metro, with a two-bedroom median of $2,340; rents increased 2.7% over the past year but remained flat month-over-month.

Other large cities nationwide show more affordable rents compared to Seattle

As rents have increased in Seattle, a few comparable cities nationwide have seen rents grow more modestly, or in some cases, even decline. Compared to most similar cities across the country, Seattle is less affordable for renters.

  • Rents also increased in other cities across the state, with Washington as a whole logging rent growth of 5.4% over the past year.
  • Seattle's median two-bedroom rent of $1,710 is above the national average of $1,160. Nationwide, rents have grown by 3.0% over the past year compared to the 5.4% rise in Seattle.
  • While Seattle's rents rose over the past year, the city of DC saw a decrease of 0.5%.
  • Renters will generally find more expensive prices in Seattle than most other large cities. For example, Spokane has a median 2BR rent of $870, where Seattle is nearly 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.
City Median 1BR price Median 2BR price M/M price change Y/Y price change
Seattle $1,380 $1,710 0.5% 5.4%
Tacoma $1,230 $1,530 0.2% 6.6%
Bellevue $1,880 $2,340 0.0% 2.7%
Everett $1,320 $1,640 0.1% 5.9%
Kent $1,410 $1,760 -0.3% 9.4%
Renton $1,640 $2,040 0.4% 8.0%
Federal Way $1,360 $1,700 2.0% 7.3%
Redmond $1,850 $2,310 -1.4% 4.9%
Kirkland $1,670 $2,080 -1.5% 0.5%
Puyallup $1,420 $1,760 3.7% 9.9%
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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.