Kent apartment rental rates decline slightly in August

Apartment rental rates in Kent declined 0.5 percent in August compared to July but are up 1.4 percent compared to August 2018.

Median rents in Kent stand at $1,479 for a one-bedroom apartment and $1,842 for a two-bedroom, according to the latest report by apartment list.com. This is the second straight month that the city has seen rent decreases after an increase in June. Kent’s year-over-year rent growth lags the state average of 1.7 percent, as well as the national average of 1.5 percent.

Throughout the past year, rent increases have been occurring not just in Kent, but across the entire Seattle metro area.

Lakewood has the least expensive rents in the Seattle metro, with a two-bedroom median of $1,493; the city has also experienced the fastest rent growth in the metro, with a year-over-year increase of 4.4 percent.

Bellevue has the most expensive rents of the largest cities in the Seattle metro area, with a two-bedroom median of $2,424; rents were up 0.4 percent over the past month and 2.3 percent over the past year.

Many large cities nationwide show more affordable rents compared to Kent

As rents have increased slightly in Kent, a few large cities nationwide have also seen rents grow modestly. Compared to most large cities across the country, Kent is less affordable for renters.

Rents increased slightly in other cities across the state, with Washington as a whole logging rent growth of 1.7 percent over the past year. For example, rents have grown by 1.8 percent in Vancouver and 1.3 percent in Spokane.

Kent’s median two-bedroom rent of $1,842 is above the national average of $1,191.

While Kent’s rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (3.7 percent), Austin (3.2 percent) and Boston (2.2 percent).

Renters will generally find more expensive prices in Kent than most large cities. For example, Spokane has a median two-bedroom rent of $905, where Kent is more than twice that price.