Seattle apartment rents up 8% yearly, but increases appear set to slow
The median price of a one-bedroom apartment in Seattle has jumped 8.2% year over year to $1,970, according to a new report by the apartment tracking company Zumper.
But the company says rent-price increases are slowly beginning to decelerate in much of the country. In Seattle, where rents are up substantially from a year ago, the price for a one-bedroom actually dropped 0.5% since December.
“Asking rent prices will likely continue flattening, but don’t expect them to come to a skidding halt," Zumper CEO Anthemos Georgiades said in the report. "In fact, 2023 may be the first time in three years where we settle back into a seasonal equilibrium, with rents falling slightly during winter months and increasing during the busy season of spring and summer.”
A separate recent report by Zumper compares rental rates in Seattle by neighborhood, looking at average rents rather than median rents. In the report, Belltown, South Lake Union and Denny-Blaine had the highest rents while Lake City and Laurelhurst (surprisingly) had the lowest.
https://www.bizjournals.com/seattle/news/2023/01/30/seattle-median-apartment-rent-prices-jump.html