Seattle Rents: High, But Not Highest In Washington State

It’s not a news flash that the real estate scene in Seattle has exploded in recent years. The Emerald City has gone from a town most people outside the state only associated with coffee and flannel, to the tech capital of the US (save for our friends in Silicon Valley). As home to some of the biggest tech names in the world and a booming job market to match, it’s fair to say there’s might not be enough housing to meet demand. Or, at least to meet demand AND your budget.

High rises, apartment buildings and condos are going up all over the city, and soon, our beloved skyline will be dotted with more and more buildings and towers, making the Seattle of just 10 years-ago look almost unfamiliar.

Seattle has recently made headlines as one of the most expensive places to live, get this, in the world. That’s right, recent data has placed Seattle’s rent rates at 5th highest in the nation and, supposedly 9th highest in the world! However, San Francisco and New York still dwarf us, tying for number one most expensive, world-wide.

Those of us who are Seattle Natives know that the average rental rate in Seattle has increased fairly dramatically in the last few years, but it’s interesting to note that, while Seattle’s rents have been on the rise, they don’t quite top the list of highest rents in the state.

According to recent data from Apartment List, Seattle ranks at number 5 in the state for highest rents, with the average monthly rent for a one-bedroom apartment at about $1,650.

Surprisingly, Mercer Island tops the list of cities in Washington for highest rents. A one-bedroom on Mercer Island goes for an average of a whopping $1,890 per month. No one said Island living was cheap, I suppose.

Filling in the gaps between number 1 and number 5 on the list are Bellevue at number 2 with an average of $1,860 per month for a one-bedroom (not a whole lot lower than their neighboring Island), Redmond at number 3 with an average of about $1,690 monthly rent for a one bedroom and Kirkland at number 4 with an average monthly rent of $1,660 for a one-bedroom.

Seattle and the Eastside are not the only places in Washington with rising rent rates. Tacoma tops the list nation-wide for fastest growing rent with a year-over-year growth rate of 7.7 percent. Seattle comes close, but not close enough to that figure with year-over-year rental rate growth at 5.3 percent.

Staggering growth aside, Tacoma is still a bargain in the rental market compared to Seattle, with a one-bedroom in Tacoma going for an average of $1,000 per month. For those of you keeping score, that’s a savings of $650 compared to Seattle.

But, proving that some things really don’t change, the cheapest places to live in the Evergreen State are still East of the Cascade Mountains. You can get a one-bedroom for only $600 per month in Walla Walla and it’s not much pricier in the State’s second largest city, Spokane, at around $630 per month.

What a difference a mountain range makes…

AOL Lusts Over Mercer Island Mansion

There is an array of wonderful things going for the Seattle area that makes folks from far and wide relocate to the beautiful Pacific Northwest. We have lush greenery, beaches, city life, and quaint neighborhoods; and a ton of gorgeous homes that can be yours for the taking. 

This week, AOL lusted over one particularly jaw dropping Mansion located in the Mercer Island neighborhood, that is 13,636 sf and an architect’s dream come true. Beautiful Noe-Classical Italian designed columns, stone exteriors, cherrywood doors and a crystal clear view of the lovely Lake Washington. A three level home with elevator access, surround sound theater, aroma therapy hot tub, and a long list of like-minded luxury amenities, this home is at the top of the must-see list for those looking to buy this Spring. Find the detailed listing here.

Mercer Island Home-Sold

This 2,700 sf home on Mercer Island was sold last week by an agent out of our Distinctive Home Shop in Mercer Island.   It is in a prime location on the West Side at the North end which means it has great Lake Washington views.  Located on a dead end street in the First Hill neighborhood, the home has 4 bedrooms, 1.75 bathrooms and a recently updated kitchen.  The lot is level and 12,000 square feet large with real value in the land and location.  The home is just minutes to downtown Seattle and Bellevue, has been well cared for and is a great project and/or rental investment.  Search more Mercer Island homes for sale by following the link.

Status: Sold
List Price: $749,000
Bed/Bath: 4/1.75