Kent apartment rents declined 0.2% in February compared to January, but have increased sharply by 15% in comparison to the same time last year.
Currently, median rents in Kent stand at $1,476 for a one-bedroom apartment and $1,889 for a two-bedroom, according to apartmentlist.com. Kent’s year-over-year rent growth lags the state average of 19.2%, as well as the national average of 17.6%.
Rates in Kent also dropped 0.2% in January compared to the previous month.
Lakewood has seen rents fall by 0.8% over the past month, the biggest drop in the Seattle-Tacoma metro area. It also has the least expensive rents in the Seattle metro, with a two-bedroom median of $1,539.
Seattle proper has seen the fastest rent growth in the metro, with a year-over-year increase of 21.5%. The median two-bedroom there costs $2,080, while one-bedrooms go for $1,668.
Bellevue has the most expensive rents of the largest cities in the Seattle metro, with a two-bedroom median of $2,517; rents grew 1.9% over the past month and 20.3% over the past year.
As rents have increased sharply in Kent, a few large cities nationwide have seen rents grow more modestly, according to apartmentlist.com. Compared to most large cities across the country, Kent is less affordable for renters.
Rents increased sharply in other cities across the state, with Washington as a whole logging rent growth of 19.2% over the past year. For example, rents have grown by 17.7% in Spokane and 14.8% in Vancouver.
Kent’s median two-bedroom rent of $1,889 is above the national average of $1,294. Nationwide, rents have grown by 17.6% over the past year compared to the 15% increase in Kent.
Renters will generally find more expensive prices in Kent than most large cities. For example, Spokane has a median two-bedroom rent of $1,301, where Kent is nearly one-and-a-half times that price.