Apartment rents in Kent were on the rise again in May.
Rents have increased 2.8% over the past month, and have increased significantly by 5.4% in comparison to the same time last year, according to the latest report from apartmentlist.com. Currently, median rents in Kent stand at $1,356 for a one-bedroom apartment and $1,735 for a two-bedroom.
This is the third straight month that the city has seen rent increases after a decline in February. Kent’s year-over-year rent growth leads the state average of minus 0.1%, as well as the national average of 5.3%.
Throughout the past year, rent increases have been occurring not just in the city of Kent, but across the entire Seattle-Tacoma metro area, according to the report.
Redmond has the most expensive rents in the Seattle metro, with a two-bedroom median of $2,294; the city has also seen rent growth of 3.8% over the past month, the fastest in the area.
Over the past year, Seattle proper has seen the biggest rent drop in the metro, with a decline of 9.8%. Median two-bedrooms there cost $1,895, while one-bedrooms go for $1,520.
Lakewood has the least expensive rents in the Seattle metro area, with a two-bedroom median of $1,475; rents were up 2.1% over the past month and 10.5% over the past year.
As rents have increased significantly in Kent, other large cities nationwide have seen rents grow more modestly, or in some cases, even decline, according to the report. Compared to most large cities across the country, Kent is less affordable for renters.
Rents increased sharply in other cities across the state. Rents have grown by 20.4% in Spokane and 12.8% in Vancouver.
Kent’s median two-bedroom rent of $1,735 is above the national average of $1,165. Nationwide, rents have grown by 5.3% over the past year compared to the 5.4% increase in Kent.
While Kent’s rents rose significantly over the past year, many cities nationwide saw decreases, including San Francisco (-14.3%), New York (-10.2%), and DC (-7.8%).
Renters will generally find more expensive prices in Kent than most large cities. For example, Spokane has a median 2BR rent of $1,235.
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