Surrounding the renowned University of Washington — a school acclaimed as one of the nation’s best — the University District is youthful, vibrant, and energetic. Only 4 miles from downtown Seattle, this neighborhood is rich in dining, shopping, theaters, and museums. Replete with historic mansions and sprawling green parks, it’s a picturesque campus that is almost like a city of its own, complete with Greek Row, a line of grandiose fraternity and sorority homes. Naturally, this area is home to many of the university’s students, with many rentals and luxury apartments available year-round.
Photo credit: Ibrahim Rustamov via Wikimedia Commons.
Welcome to the December 2022 Seattle Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the December 2022 key findings and figures for the Seattle rental landscape.
Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Seattle and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Seattle average rent prices in the chart below.
Seattle rent prices decreased over the last month. From November to December, the city experienced a -1.46% decrease for the price of a one-bedroom apartment. The rent price for a Seattle one-bedroom apartments currently stands at $2,027.0.
When we take a look at the two-bedroom comparison from November to December, Seattle experienced a -0.79% decrease for the price of a two-bedroom apartment. The rent price for a Seattle two-bedroom apartments currently stands at $2,634.0.
Rent prices have decreased in Seattle over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 1 of the Seattle suburb increased last month. On the other hand, 6 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Renton, WA .
Rent decreased in Redmond, WA, Bellevue, WA, Everett, WA, Kent, WA, Lynnwood, WA, Edmonds, WA.
2 suburbs are currently priced higher than the city of Seattle.
5 suburbs are currently priced lower than the city of Seattle.
Rent growth in Seattle over the past year has been declining. When compared to major cities nearby, along with some of the most expensive cities in the country, Seattle average rent prices appear to be relatively affordable for local residents.
The price for a Seattle one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.
You can view the full rundown of Rentable's December 2022 National Apartment Report and data set here.
For more information about Seattle and surrounding area rent prices, take a look at the complete data set below.
|1 BR December||1 BR M/M % Change||2 BR December||2 BR M/M % Change|
Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.