A recent study by RentCafé highlights rising cost of rent across the U.S., with some surprising local statistics
According to a recent study produced by RentCafé, the average cost of rent continues to increase. In April, the national average for rent was $1,314, up 2 percent from last year.
However, while rent is up in 81 percent of U.S. cities, the study said the 2 percent increase is actually a modest uptick compared to increases from previous years.
Local cities, however, saw bigger increases, reflecting the high-demand for housing in Seattle, the Eastside, and surrounding cities.
According to the survey, the average cost of rent in Bellevue increased 3.7 percent, year-over-year, bringing the average cost for an apartment up to $2,090. Another Eastside city, Renton, saw an increase of 3.8 percent, year-over-year, bringing the average cost of rent to $1,521.
Neighbors to the south, Kent and Tacoma, however, saw more significant increases. In Kent, the average cost of rent rose to $1,325, up 6.6 percent from last year; and Tacoma’s average rent rose to $1,116 — a whopping increase of 9.5 percent from last year. The nearly 10 percent increase landed Tacoma fourth among a list of top 10 cities with the fastest-growing rents.
However, while cities like Kent and Tacoma saw big increases in rent, they still remain more affordable than Seattle and the Eastside.