Apartment rents in Kent decreased 0.3% in November compared to October, snapping a streak of nine consecutive months of increases.<\/p>\n
Rents, however, are up 14.2% compared to November 2020, according to apartmentlist.com. Rents are up 14.7% since the start of the pandemic in March 2020.<\/p>\n
“After a wild 2021, rent growth is finally flattening out across the United States,” according to apartmentlist.com. “In November, our national rent index increased a marginal 0.1%, the lowest growth rate we’ve measured all year. Prices have risen nearly 18% in 2021, but as we enter the slow winter season, the market is finally beginning to cool.”<\/p>\n
Median rents in Kent currently stand at $1,477 for an one-bedroom apartment and $1,890 for a two-bedroom.<\/p>\n
Kent’s year-over-year rent growth of 14.2% lags the state average of 20.3%, as well as the national average of 17.7%.<\/p>\n
This month, rents fell in 53 of the nation’s 100 largest cities. Boise, Idaho saw the largest decline for the second straight month (3.7%), and prices fell in other fast-growing cities that saw major rent growth this year, like Spokane (3.1%), and Reno, Nevada (3%). But they also fell in some of the nation’s largest and most expensive cities, like San Francisco (2.7%), Seattle (2.1%), and Boston (1.9%).<\/p>\n
In the Seattle-Tacoma area, Bellevue has seen rents fall by 2.2% over the past month, the biggest drop in the metro area. It’s also the most expensive city in the Seattle area with a two-bedroom median of $2,487.<\/p>\n
Seattle proper has seen the fastest rent growth in the metro area, with a year-over-year increase of 22.6%. The median two-bedroom there costs $2,133, while one-bedrooms go for $1,710.<\/p>\n
Lakewood has the least expensive rents in the Seattle-Tacoma area, with a two-bedroom median of $1,568; rents fell 0.9% over the past month but rose 17.5% over the past year.<\/p>\n
Rents increased sharply in other cities across the state, with Washington as a whole logging rent growth of 20.3% over the past year. For example, rents have grown by 28.1% in Spokane and 14.3% in Vancouver.<\/p>\n
Kent’s median two-bedroom rent of $1,890 is above the national average of $1,285. <\/p>\n
Renters will generally find more expensive prices in Kent than most large cities. For example, Spokane has a median two-bedroom rent of $1,361.<\/p>\n","protected":false},"excerpt":{"rendered":"
First drop in 10 months; prices up 14.2% compared to last year <\/p>\n","protected":false},"author":212,"featured_media":53089,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,4],"tags":[],"yst_prominent_words":[],"class_list":["post-53088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home","category-news"],"_links":{"self":[{"href":"https:\/\/www.kentreporter.com\/wp-json\/wp\/v2\/posts\/53088"}],"collection":[{"href":"https:\/\/www.kentreporter.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kentreporter.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kentreporter.com\/wp-json\/wp\/v2\/users\/212"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kentreporter.com\/wp-json\/wp\/v2\/comments?post=53088"}],"version-history":[{"count":0,"href":"https:\/\/www.kentreporter.com\/wp-json\/wp\/v2\/posts\/53088\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kentreporter.com\/wp-json\/wp\/v2\/media\/53089"}],"wp:attachment":[{"href":"https:\/\/www.kentreporter.com\/wp-json\/wp\/v2\/media?parent=53088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kentreporter.com\/wp-json\/wp\/v2\/categories?post=53088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kentreporter.com\/wp-json\/wp\/v2\/tags?post=53088"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.kentreporter.com\/wp-json\/wp\/v2\/yst_prominent_words?post=53088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}