Kent apartment rents up 16.8% compared to June 2021

Apartment rents in Kent increased 0.6% in June and are up sharply by 16.8% compared to the same time last year.

Median rents in Kent are $1,477 for a one-bedroom apartment and $1,904 for a two-bedroom, according to the latest monthly report by apartmentlist.com.

This is the sixth straight month that the city has seen rent increases after a decline in December 2021. Kent’s year-over-year rent growth leads the state average of 13.8%, as well as the national average of 14.1%.

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 $2,451; the city has also seen rent growth of 20.9% over the past year, the fastest in the area.

Lakewood has the least expensive rents in the Seattle-Tacoma area, with a two-bedroom median of $1,442; rents grew 0.3% over the past month and 7.5% 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.

Rents increased sharply in other cities across the state, with Washington as a whole logging rent growth of 13.8% over the past year. For example, rents have grown by 11.3% in Vancouver and 3.5% in Spokane.

Kent’s median two-bedroom rent of $1,904 is above the national average of $1,339. Nationwide, rents have grown by 14.1% over the past year compared to the 16.8% rise in Kent.

While Kent’s rents rose sharply over the past year, many cities nationwide also saw increases, including New York City (+26.8%), Austin (+17.4%), and Phoenix (+17.1%).

Renters will generally find more expensive prices in Kent than most large cities. For example, Spokane has a median two-bedroom rent of $1,290, where Kent is nearly one-and-a-half times that price.