Apartment rents in Kent were down 2.7% in December 2023 compared to December 2022.
Rents fell 0.8% in December 2023 compared to the previous month and have dropped 1.8% since their summer peak, according to the latest report from apartmentlist.com. The median (half are higher, half are lower) rent per month in Kent is $1,391 for a one-bedroom apartment and $1,718 for a two-bedroom apartment.
“As moving activity slows during the holidays, this is the time of year where renters find the best deals on apartments,” according to apartmentlist.com. “If historical seasonal patterns hold, rent growth should heat up once again in early 2024, but a strong supply of new units coming online next year should moderate prices a bit.”
Twelve months into the year, rents in Kent have fallen 2.6%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to December 2022 rents had increased 3%.
“If we expand our view to the wider Seattle metro area, the median rent is $1,917 meaning that the median price in Kent ($1,689) is 11.9% lower than the price across the metro as a whole,” according to apartmentlist.com. “Metro-wide annual rent growth stands at minus 0.2%, above the rate of rent growth within just the city.”
Among the 19 cities in the Seattle metro that apartmentlist.com tracks, Issaquah is currently the most expensive with a media rent per month of $2,378. Lakewood, near Tacoma, is the metro’s most affordable city, with a median rent of $1,397. The metro’s fastest annual rent growth is occurring in Kirkland (3.2%) while the slowest is in Shoreline (minus 5.1%).
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