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Saga of Rental Market in Washington State

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Saga of Rental Market in Washington State

For the last couple of years, the rental market in the Washington State has been cooling off. But, it is yet to become so cheap that anyone can afford houses here on rent. As per a report, Seattle renters have spent $9.8 billion on housing in 2018 only.

So, are you wondering which city dwellers paid the most? For your knowledge, it is definitely not Seattle.

Seattle managed to get the third rank among all the cities in the one-bedroom sector. Seattle has been ranked after Bellevue and Kirkland.

But, it should be reported here that Seattle is the most expensive as far as space is concerned. The city is also more expensive than the state’s one-bedroom median of $1,263 per month.

The ranking has been reached at by analyzing 20 cities in the Seattle metro area.

Suburbs south of Seattle has been experiencing the fastest rental rate growths in the area compared to last year by far. Puyallup and University Place had the fastest growing rent, with a 15.7 percent increase compared to 2017. Auburn was just behind with a 15.6 percent increase.

Though there has been a dramatic year-on-year increase of rent in the Southern Suburbs, the area still has some of the least expensive average rentals in this region with an average rent of one-bedroom units at $1200 monthly and two-bedroom at $1500 monthly.

On a monthly basis, Tacoma and Redmond experienced the highest growth in rent with 5.2 and 5.1 percent respectively.

But, the overall rental rates are decreasing in this region. Prices increased in 2018 by 4 percent whereas the rate was 7 percent in 2017.

Zillow has listed that the average rental price in Seattle in November is $2500 per month in $2.05 per square feet of space.

It should be noted here that renters all across the nation have spent $504.4 billion in the year 2018 with an increase of $12 billion more than 2017.

Here is the list of the top 15 cities with their rent details-

  1. Bellevue- For 1 bedroom the Average Price stands at $2,030, with a Month-on-month change of -1 per cent and a yearly change of 3 per cent. And for 2 bedrooms the Average Price stands at $2350, with a Month-on-month change of 0.4 per cent and a yearly change of 11.9 per cent.
  2. Kirkland- For one bedroom the Average Price stands at $1940, with a Month-on-month change of -2 percent and a yearly change of 7.8 percent. And for two bedrooms the Average Price stands at $2180, with a Month-on-month change of -4.8 percent and a yearly change of 0.5 percent.
  3. Seattle- For one bedroom the Average Price stands at $1900, with a Month-on-month change of 1.6 percent and a yearly change of 3.3 percent. And for two bedrooms the Average Price stands at $2510, with a Month-on-month change of 0 percent and a yearly change of 4.1 percent.
  4. Redmond- For 1 bedroom the Average Price stands at $1860, with a Month-on-month change of 5.1 per cent and a yearly change of 12 per cent. And for 2 bedrooms the Average Price stands at $2190, with a Month-on-month change of 3.3per cent and a yearly change of 9.0 per cent.
  5. Bothell- For one bedroom the Average Price stands at $1560, with a Month-on-month change of 0.6 percent and a yearly change of 2.6 percent. And for two bedrooms the Average Price stands at $1830, with a Month-on-month change of -5per cent and a yearly change of 2.8 percent.
  6. Sammamish- For one bedroom the Average Price stands at $1560, with a Month-on-month change of -3.73 percent and a yearly change of -13.3 percent. And for two bedrooms the Average Price stands at $1850, with a Month-on-month change of 0 percent and a yearly change of 3.9 percent.
  7. Renton- For one bedroom the Average Price stands at $1400, with a Month-on-month change of -2.1 percent and a yearly change of 0 percent. And for two bedrooms the Average Price stands at $1710, with a Month-on-month change of -0.6 percent and a yearly change of 8.9 percent.
  8. Shoreline- For one bedroom the Average Price stands at $1400, with a Month-on-month change of 1.4 percent and a yearly change of 2.9 percent. And for two bedrooms the Average Price stands at $1680, with a Month-on-month change of -0.6 percent and a yearly change of -4.5per cent.
  9. Lynnwood- For one bedroom the Average Price stands at $1390, with a Month-on-month change of 0 percent and a yearly change of -2.8 percent. And for two bedrooms the Average Price stands at $1700, with a Month-on-month change of 0 percent and a yearly change of 5.6per cent.
  10. Edmonds- For one bedroom the Average Price stands at $1310, with a Month-on-month change of 0 percent and a yearly change of -1.5 percent. And for two bedrooms the Average Price stands at $1630, with a Month-on-month change of -3.6 percent and a yearly change of -1.2per cent.
  11. Kent- For one bedroom the Average Price stands at $1300, with a Month-on-month change of 0 percent and a yearly change of 8.3 percent. And for two bedrooms the Average Price stands at $1500, with a Month-on-month change of 0.7 percent and a yearly change of 2 percent.
  12. Burien- For one bedroom the Average Price stands at $1290, with a Month-on-month change of 2.4 percent and a yearly change of 15.2 percent. And for two bedrooms the Average Price stands at $1590, with a Month-on-month change of 2.6 percent and a yearly change of 9.7 percent.
  13. Tacoma- For one bedroom the Average Price stands at $1210, with a Month-on-month change of 5.2 percent and a yearly change of 15.2 percent. And for two bedrooms the Average Price stands at $1470, with a Month-on-month change of 5 percent and a yearly change of 15.7 percent.
  14. Everett- For one bedroom the Average Price stands at $1200, with a Month-on-month change of 0 percent and a yearly change of 13.2 percent. And for two bedrooms the Average Price stands at $1410, with a Month-on-month change of 1.4 percent and a yearly change of 7.6 percent.
  15. Federal Way- For one bedroom the Average Price stands at $1200, with a Month-on-month change of -4 percent and a yearly change of 9.1 percent. And for two bedrooms the Average Price stands at $1470, with a Month-on-month change of 2.1 percent and a yearly change of 5 percent.

This is an attempt to provide you a rough picture of the rental position in the Washington State and especially the Seattle Metro area. Hope, you will use this sheet the next time you think of shifting to a new location.

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