Kent apartment rents declined 0.2% in January, but have increased sharply by 14.4% in comparison to the same time last year.
Currently, median rents in Kent stand at $1,469 for a one-bedroom apartment and $1,880 for a two-bedroom, according to apartmentlist.com. This is the third straight month that the city has seen rent decreases after an increase in October of last year. Kent’s year-over-year rent growth lags the state average of 19.8%, as well as the national average of 17.8%.
Throughout the past year, rent increases have been occurring not just in the city of Kent, but across the entire Seattle-Tacoma metro area.
Bellevue has the most expensive rents in the Seattle metro area, with a two-bedroom median of $2,463; the city has also seen rent growth of 0.7% over the past month, the fastest in the metro.
Over the past month, Tacoma has seen the biggest rent drop in the metro, with a decline of 1.1%. Median two-bedrooms there cost $1,625, while one-bedrooms go for $1,238.
Lakewood has the least expensive rents in the metro area, with a two-bedroom median of $1,548; rents went down 0.6% over the past month but rose 14.4% over the past year.
As rents have increased sharply in Kent, a few large cities nationwide have seen rents grow more modestly. Compared to most large cities across the country, Kent is less affordable for renters, according to apartmentlist.com.
Rents increased sharply in other cities across the state, with Washington as a whole logging rent growth of 19.8% over the past year. For example, rents have grown by 19.3% in Spokane and 14.7% in Vancouver.
Kent’s median two-bedroom rent of $1,880 is above the national average of $1,285. Nationwide, rents have grown by 17.8% over the past year compared to the 14.4% increase in Kent.
While Kent’s rents rose sharply over the past year, many cities nationwide also saw increases, including New York City (plus 33.5%), Phoenix (plus 27.9%), and Boston (plus 25.7%).
Renters will generally find more expensive prices in Kent than most large cities. For example, Spokane has a median two-bedroom rent of $1,293, where Kent is nearly one-and-a-half times that price.
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