Seattle's Apartment Rental Market
Seattle is one of America’s most vibrant cities and offers an array of attractions that continues to entice people to move and reside in this beautiful city. Renting an apartment in Seattle is a great option for families, professionals or university students.
If you’re considering moving to Seattle, it’s natural to first become more familiar with the range of apartment rental prices in the city. In this post, we’ll explore various points discussing Seattle’s apartment rental market.
How Much Is Rent in Seattle?
Rent in Seattle depends on several factors, including the neighborhood where you live, the number of bedrooms you want, and the amenities you expect within your apartment complex.
The COVID pandemic caused a plunge in property and rental prices across the city. Many landlords in certain neighborhoods, such as the chic and fashionable South Lake Union, offered incentives to attract tenants to rent their apartments. Many tenants benefited from free rent for the first month or few months of their tenancy.
However, despite the dip in prices that resulted from the pandemic, in 2021 trends have shown that the market is recovering and prices are going up again. (source) The median rental price for a Seattle apartment increased by just over 2 percent between February and March 2021, highlighting the resurgence in popularity of rental accommodation in Seattle.
Statistics show that the average rent in Seattle in 2021 for a studio apartment is between $1.523 and $1,599 for a 1-bedroom apartment. 2-bedroom apartments cost $1,906 on average, while 3-bedroom apartments are in the region of $2,074. If you require a larger apartment, a 4-bedroom unit will cost around $3,172 in monthly rental costs. (source)
Are Rents Going Up in Seattle?
At the start of 2021, rent prices fell by 14.6 percent compared to the same time in the previous year. However, as the economy recovered from the devastating effects of the Covid pandemic, an increasing number of people are turning to rental properties. Therefore, Seattle rents went up by 3.5 percent in April 2021. (source)
The bigger picture also shows that median monthly rents for Seattle accommodation rose during the 2010’s by 64 percent overall. (source) There are many attractions in this beautiful city, including extensive employment opportunities, a booming economy, and a vibrant social scene.
There is also a large community of students in Seattle. With the University of Washington, Seattle University, and Seattle Central College all located in the city, there are many students searching for apartments to rent every year. And, as everyone knows, increased demand for rental units drives up the price of apartment rentals.
How Is the Rental Market in Seattle?
As of July 2021, the rental market in Seattle is currently thriving. In the past Seattle was synonymous with people wanting to purchase homes. However, this trend changed significantly in the past decade. (source)
The number of renters increased by 16 percent between 2013 and 2018; increasing to a record of 360,000 renters in Seattle. This resulted in equal numbers of renters and homeowners living in Seattle, which was a phenomenon that had never been seen previously in the city.
Some neighborhoods have a higher concentration of renters and younger demographics are more likely to rent than older people or those with larger families. However, there are people from all age groups and backgrounds who enjoy the benefits of renting an apartment in Seattle.
How Much Should You Spend on Rent in Seattle?
The cost of your rented apartment will vary depending on your preferences. Naturally, a smaller apartment will usually be less expensive than a 3 or 4-bedroom apartment.
There are many variations of neighborhoods across the city and each is charming in its own way. Depending on the area or district in Seattle where you want to live, you may find that you pay more or less for rental costs.
Pike Market and Belltown are two of the most expensive neighborhoods with average monthly rental prices of $2,714. For more affordable options, The Highlands, Richmond Beach, and Innis Arden districts are considerably less expensive. The rental prices are just over $1,300 per month for a home in these neighborhoods.
Seattle offers excellent rental value for your money in comparison with other large cities like New York or San Francisco. As a general rule, you can enjoy a larger apartment in Seattle for the same rental price you would pay in many other large cities.
Ultimately, it is important to know your budget before you start looking for a rental apartment in Seattle. That makes it easier to narrow down your search to the most suitable apartments for your requirements. Consider whether you want to live in a downtown neighborhood or more rural area. Look at the available amenities that are close by to the apartment block you are considering. Choose your neighborhood or district of choice from the outset of your search as this will have a considerable impact of the rental price.
About ApartmentLove – Seattle’s Rental Costs & Apartment Rental Market
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