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July 31, 2024

What's The Average Rent In Seattle, WA

Zoe Harper

Marketing

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In July 2024, Seattle saw rent prices hit an average of $2,042 each month. This was a 2.2% jump from the year before¹. The cost is 33% more than the U.S. average, which is $1,535 a month¹.

With rising rents, a studio now costs about $1,479 monthly. This makes it a cheaper choice compared to a one-bedroom at $2,042 monthly¹.

Seattle is now one of the pricier cities to live in the U.S. Many people are looking at different areas and types of homes to rent. For a detailed look at the rental market in Seattle, check out this analysis.

Key Takeaways

Seattle rent prices average $2,042 per month as of July 2024¹.
Rent in Seattle has increased by 2.2% in the last year¹.
Seattle rent prices are 33% higher than the national average of $1,535 per month¹.
Studio apartments in Seattle rent for an average of $1,479 per month¹.
Seattle remains one of the most expensive cities to live in within the United States.

Overview of Seattle's Rental Market in 2024

Seattle's rental market is booming, thanks to more people moving there and lots of jobs. The city's rent went up by 2.2% between January and March 2024. This is faster than the national average, which grew by 1.3% in the same time frame².

Even though more apartments are available, Seattle's vacancy rates are still lower than across the country. This means demand for rental homes remains high. Despite a growing number of empty apartments, prices vary widely. For example, in Bellevue, a one-bedroom costs about $2,016 a month. A two-bedroom goes for $2,442, marking a 5% increase from last year².

Many renters in Seattle spend between $1,001 and $2,000 on rent each month. With the city's median rent at $2,063 in May 2024, it's one of the pricier places to live. In places like Mill Creek and Auburn, rents are also going up. They're seeing one-bedrooms rent for $1,878 and $1,320, respectively².

Rent in Seattle is expected to keep rising. The pace of new building has slowed down, which means less new housing. This could push rent increases above the city's usual 2.5% growth rate. For a closer look at these trends, check out the Seattle Multi-Family Market Report ³.

Seattle's growing rental market is becoming more competitive because of its strong economy and increasing population. Current trends suggest renters will need to stay alert. They should keep an eye on changing prices and look for good deals in this lively city.

Current Average Rent Prices in Seattle

Seattle's rental market has many options. Prices change depending on the apartment's size and type. The pandemic and economic ups and downs didn't stop rents from going up. Here's a look at the current average rent for different apartments in Seattle.

Studio Apartments

In Seattle, a studio apartment costs about $1,851 each month. Studio rents have gone up by 32.16%⁴ over the last year. But, they are still 11.48% cheaper than in nearby cities⁴. This makes living in a studio a good deal for people trying to save money.

One-Bedroom Apartments

A one-bedroom in Seattle is $2,042 monthly. Prices went up by 25.79%⁴ from last year, with a growth of 0.8% per month⁵. These apartments are 13.60% cheaper than those in surrounding areas⁴. The median rent in Seattle stands at $2,064, showing the market's competitive edge⁵.

Two-Bedroom Apartments

Two-bedroom apartments go for $2,693 a month. Though this is a bit more than the average, it's 10.15% less expensive than nearby places⁴. The rent for these apartments has seen a 24.92% bump⁴, with a monthly growth of 6.54%⁴.

Three-Bedroom Apartments

For a three-bedroom apartment, expect to pay $3,765 monthly in Seattle. Last year, rents for these increased by 6.79%, reaching a monthly rise of 0.20%⁴. These units offer a lot of room but are pricier. It's important for renters to think about their budget. Rent prices in Seattle have gotten steady after some big jumps stabilized after a period of big changes⁵.

Comparison with National Average Rent

Seattle's rent prices are much higher than the national average. On average, living in Seattle, WA costs $2,042 per month. That is 33% more than the national average, which is $1,535 per month¹. This showcases the high housing costs in Seattle.

The median rent in Seattle is $2,064, showing the city's high living costs⁵. This is a lot compared to national averages. People in Seattle need a higher income to afford their homes.

Living in Seattle is about 50% more expensive than other places in the US⁶. Specifically, housing costs are 111% higher than the national figures. This large difference is important for anyone thinking of moving to Seattle.

To learn more about Seattle's rising rent and how it compares, visit ApartmentGuide for details¹.

The Most Affordable Neighborhoods in Seattle

Seattle's cost of living is high, but some neighborhoods offer budget-friendly options. South Seattle, North Beacon Hill, and North Seattle are the top affordable areas for those seeking budget living.

South Seattle

In Seattle, South Seattle has some of the lowest rental prices. The average studio goes for $1,461 a month. A one-bedroom is around $1,718⁷. Its low cost, urban amenities, and diverse culture make it appealing.

North Beacon Hill

North Beacon Hill is another affordable area in Seattle. It's known for beautiful views and cultural history. Here, a two-bedroom averages at $1,635 a month⁸. It's great for families and professionals looking for value and lifestyle.

North Seattle

North Seattle is filled with affordable living spots. A studio in Northwest Seattle is about $1,325, and one-bedroom is $1,750⁷. Other affordable places are Victory Heights and Roosevelt. Victory Heights' two-bedroom average rent is $1,934, and Roosevelt's is $1,865⁸. These areas offer both affordability and convenience, making them great for renters watching their budget.

Trends in Rent Price Increase in Seattle

The Seattle housing market has changed a lot over the past year. We've seen rent prices go up in apartments. This part will look at these changes every month and every year.

Yearly Increase

In Capitol Hill, studio apartment rent jumped by 33.11%. The average rent reached $1,884, with the middle price at $2,125 in July 2024⁹. One-bedroom apartments went up by 28.69%. Two-bedroom places increased by 16.22%. Three and four-bedroom apartments also saw hikes of 6.65% and 9.71%, respectively⁹.

West Seattle also had big rent raises. Studios went up by $345, a 23.88% hike¹⁰. One-bedroom places rose by $279 (15.58%). Two-bedroom ones skyrocketed by $1,238 (54.75%). Three and four-bedroom homes saw increases of $251 (7.60%) and $1,688 (37.01%) respectively¹⁰.

Monthly Increase

In July 2024, Capitol Hill studio rents rose by 6.78%⁹. One-bedroom apartments saw a 6.56% increase⁹. Two-bedroom rents had a small rise of 1.20%. Yet, three and four-bedroom rents dropped by 19.01% and 7.18%, respectively⁹. This shows how varied rent changes can be.

In West Seattle, studio rents went up by 11.68%¹⁰. One-bedroom units rose by 3.70%¹⁰. Two-bedroom rentals had a slight increase of 1.61%. However, three and four-bedroom apartments increased by 7.60% and 8.71%, respectively¹⁰. These figures show the complex nature of rent changes in Seattle.

The Most Expensive Neighborhoods in Seattle

Seattle boasts luxurious apartments and top-tier neighborhoods. Renters pay more for the city's prime spots. Denny Triangle, South Lake Union, and Lake Union are among the priciest areas for rentals.

Denny Triangle

Denny Triangle is lively, with upscale areas and modern perks. Here, two-bedroom apartments average rent is $4,134, well above Seattle's city average of $2,693. It's perfect for those who want luxury and convenience, attracting professionals and families.

South Lake Union

In South Lake Union, you'll find high rental prices due to its rich vibe and growth. Near companies like Amazon, this area is in high demand. It's filled with dining, fun, and outdoor activities. With luxury apartments, it combines old charm with new style. This makes it great for those after convenience and elegance¹¹.

Lake Union

Lake Union is Seattle's most costly area, with one-bedroom apartments at an average rent of $2,789¹¹. It offers waterfront living and activities on the lake. The neighborhood is known for its community feel and is near Seattle's top sights. For the best in luxury living, Lake Union is unmatched.

Check out this guide for more on Seattle’s expensive neighborhoods¹¹.

Rental Availability in Different Seattle Neighborhoods in Seattle

Seattle's apartments vary a lot from one area to another. Some neighborhoods have more rentals available. Greater Duwamish is known for its wide range of options. Downtown Seattle, on the other hand, has lots of different homes to choose from.

Central Seattle also offers many rental choices, giving renters a lot to pick from. Seattle's rental market includes everything from affordable studios to luxurious three-bedroom apartments. This shows how varied the housing options are in the city. For instance, the average rent in Seattle is about $2,042 per month, and the typical apartment is 653 square feet¹.

Places like Greater Duwamish, Central Seattle, and Downtown Seattle have the most rentals available. This means people moving here have more options Neighborhood Rent Map ¹. Seattle's large rental inventory helps both newcomers and long-time residents find a good place to live. They can choose based on their budget, preferred location, or the size of the apartment.

When looking for a Seattle apartment, it's important to know what you need. The variety in Greater Duwamish rentals and Downtown Seattle homes highlights how crucial the choice of neighborhood is. It's key to finding the perfect home.

Cost of Living Comparison with Nearby Cities

When looking at living costs in Seattle versus nearby cities, it's clear Seattle is more expensive. The income needed for a decent life in Seattle is $79,344¹². The living costs here are 54% above the U.S. average, especially for housing¹³.

South Seattle

In South Seattle, comparing rent is key to understanding affordability. A one-bedroom apartment outside Seattle's center rents for $1,949 a month¹⁴. Even though South Seattle's rent might be lower than Denny Triangle's, living costs, like for homes and travel, are still high.

Denny Triangle

Denny Triangle is known for its high living costs in Seattle. A one-bedroom in the city center rents for $2,435.82 monthly¹⁴. Its central spot also means paying more for goods and services, raising Seattle's overall living costs compared to nearby areas.

Income Requirements to Afford Rent in Seattle

To live in Seattle, you need a good money plan. You need to know the Seattle salary to cover rent. A one-bedroom apartment requires an hourly wage of $40.38. That's about $84,000 a year¹⁵. This is based on recommendations that say rent should not be more than 30% of what a household earns¹⁶.

If you want to stay on budget, plan on making at least $81,672 a year. Seattle's housing market is pricey. For example, renting a one-bedroom costs about $2,252 a month. A two-bedroom is even higher, over $3,163 monthly⁶. Earning enough for housing and other city expenses is crucial.

Keep in mind, Seattle's living costs are high. Living here costs about 50% more than the U.S. average. Specifically, housing is 111% higher than average⁶. Smart money management helps you enjoy living in this expensive, bustling city.

FAQ

What's The Average Rent In Seattle, WA?

By July 2024, average rent in Seattle, WA, has hit $2,042 per month. That's 33% more than the U.S. average which is $1,535 monthly.

Can you provide an overview of Seattle's rental market in 2024?

In 2024, Seattle’s rental market is booming. There's a big year-over-year rent jump. So, it ranks as one of the priciest U.S. cities to live in. This shows just how lively its real estate market is.

What are the current average rent prices in Seattle for different apartment types?

- Studio Apartments: $1,479 a month; One-Bedroom Apartments: Costs about $2,042 each month.- Two-Bedroom Apartments: Around $2,693 monthly.- Three-Bedroom Apartments: Roughly $3,765 per month.

How do Seattle's rent prices compare to the national average?

Seattle's rent is way above the national average by 33%. This highlights the city's high cost of living.

Which are the most affordable neighborhoods in Seattle?

Looking for cheap areas in Seattle? Check out South Seattle, North Beacon Hill, and North Seattle. You can find a studio in South Seattle for $1,461 monthly and a one-bedroom for $1,718.

What are the trends in rent price increases in Seattle?

Yearly Increase: Rent in Seattle is up by 2.2% yearly. Monthly Increase: That’s about $46 more each month. It shows strong ongoing demand in the housing market.

Which neighborhoods are the most expensive in Seattle?

Looking at pricy areas? Denny Triangle and South Lake Union top the list. For example, two bedrooms in Denny Triangle go for $4,134 monthly, above the city's $2,693 average.

What is the rental availability like in different Seattle neighborhoods?

Places like Greater Duwamish, Downtown Seattle, and Central Seattle offer lots of rental choices. They provide plenty of options for anyone looking to rent.

How does the cost of living in Seattle compare with nearby cities?

Living in Seattle costs a lot more. This includes goods, services, groceries, health, housing, and transport. They are 47% higher than the U.S. average, with housing alone 112% higher.