Jun 7, 201702:16 PMBlog

Lakewood had fastest growing rent in region since last May

Jun 7, 2017 - 02:16 PM

Residential rental site Zumper’s analysis of May’s active listings around the Seattle metro area has found that some cities in the South Sound are leading the region in fast growing rents.

Lakewood, for example, had the largest year-over-year growth rate, climbing 11.6 percent despite still being the most affordable city in the metro ($770 for a one-bedroom apartment).

In the South Sound, Kent (7 percent yearly increase), Federal Way (6 percent) and University Place (2 percent) join Lynnwood with year-over-year rent increases. Notable 12-month rent spikes were also seen in Lynnwood, Bothell and, of course, Seattle.

Rent prices in Tacoma, on the other hand, actually fell 2 percent, while Puyallup (3 percent) and Auburn (4 percent) saw similar drops. Still, Tacoma had the fastest growing rent since last month, up 4.8 percent since April, according to the San Francisco-based site’s numbers.

Bellevue remains, per Zumper, the most expensive city to rent an apartment in the Seattle metro area, with an average one-bedroom rent of $1,970 a month. Seattle is second with $1,920.

Kent is the most expensive in the South Sound, at an average rent of $1,140 per month. Tacoma ($1,100) and Federal Way ($1,080) aren’t far behind, followed among cities in Zumper’s study by Puyallup ($980), Auburn ($900), University Place ($870) and Lakewood.

            

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