Real Estate Trends: Seattle is Fourth Fastest-Growing Rental Market in the Country

Posted by Staff Reporter ( on May 06, 2016 06:10 AM EDT
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San Jose Is Wealthiest City In Nationmore big
People play in a fountain outside of the Fairmont Hotel August 29, 2007 in downtown San Jose, California. The U.S. Census Bureau released its newest population survey today and named San Jose, California as the richest city in the United States with a population of 500,000 or more. The median household income in San Jose is $74,000. San Francisco, California and San Diego, California were second and third followed by Seattle, Washington and Las Vegas, Nevada. (Photo : Getty Images/Justin Sullivan)

In Zumper's monthly national rent report for the month of April, it was revealed that Seattle is one of the fastest-growing rental markets in the country. It was reported that Settle still remains on the 10th spot on the list of cities with the highest median rents.

According to Seattle Curbed, the report revealed that the median price for a one-bedroom home is about $1,750 per month. This is three percent more from the previous month and 9.4 percent more the median rent last year.

Meanwhile, the median for a two-bedroom apartment is about $2,350 per month. Although this number is down 0.4 percent, it is still the 10th highest in the country. The price for a two-bedroom home is also up by 14.6 percent compared to last year, making the city the fourth fastest growing market in the nation.

The report also provided a map of the neighborhood rental prices and it shows that the Central Business District continues to be the most expensive area in the city as the rent for a one-bedroom home would cost around $2,300 per month, although it is a significant drop from the number for the previous month. The area around Pike Place Market has a median rent of just under $2,200 per month, while Belltown, Capitol Hill, and First Hill have median rents of $2,050, $1,890 and $1,820, respectively.

According to the report, the fastest growing quarterly rents were found in Eastlake and Pike Place Market as the rental market in these areas increased by 12 and 10 percent respectively. It is also important to note that the data from the report is drawn solely from the asking rents for the listing on its site and not all the available rentals in Seattle and the surrounding cities. But it is a good bases on renters to see how the rental market is doing in the city. 

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