Apartment rents in Kent dropped 0.6% in May, down 4.9% compared to May 2022.
Kent’s rent growth over the past year has has fallen behind both the state (-1.7%) and national averages (0.9%), according to the latest report by apartmentlist.com.
The overall median rent in the city is $1,408 per month for a one-bedroom unit and $1,815 for a two-bedroom apartment.
Five months into the year, rents in Kent have fallen 0.8%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to May 2022 rents had increased 6.9%. Since January 2021, rents are up 16.1%. Since January 2022, rents are up 2.8%.
In the Seattle-Tacoma metro area, the median rent is $1,752 meaning that the median price in Kent ($1,773) is 1.2% greater than the price across the metro as a whole.
Mercer Island is currently the most expensive, with a median rent of $2,488. Lakewood is the metro’s most affordable city, with a median rent of $1,356. The metro’s fastest annual rent growth is occurring in Lynnwood (2.5%) while the slowest is in Bellevue (-5.6%).