In the past quarter, Seattle rent prices have dropped 3.1% to a median one bedroom price of $1,550, while two bedrooms were down 0.5% to $2,040. Though the market has seen a minor slide in the past few months, Seattle maintained position as the 10th most expensive market in the country ahead of San Diego, Philadelphia, and Portland in our list of the 50 largest rental markets in the US.
The market this summer has been a story of hyperlocal trends. The most expensive areas to rent continue to be located around the Central Business District ($2,190), Belltown ($1,950), and Pike Place ($1,895), with prices 50% higher than surrounding areas in the city. Other pricey hoods included Queen Anne, as well as South Lake Union. On the other end of the spectrum, more affordable finds were seen in Lawton Park ($1,060), Columbia City ($1,115), and North Beacon Hill ($1,225).
If you’re interested in seeing how Seattle stacks up to the rest of the United States, view our National Rent Report for July, which analyzes over 1 million active listings available in the prior month.
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