In an analysis of Zumper’s monthly national rent report for the month of April 2016, Sean Keeley of Curbed Seattle says that in the city of Seattle, “the median price of a 1-BR is $1,750/month, up three percent from the previous month and 9.4 percent year-over-year.” The current rental climate places Seattle as the 10th most expensive major city to rent-in within the United States and demonstrates yet another favorable outcome for purchasing in the Rent vs. Buy debate.
Which neighborhoods are most expensive within the city? As the article describes, the “Central Business District (a.k.a. Downtown) continues to be the most expensive area in the city to rent” while “the area around Pike Place Market” in addition to “Belltown, Capitol Hill, and First Hill” are also accompanied by hefty price tags with a range of around $1,800 to $2,300 per month in rent for a one-bedroom apartment. Further, “per Zumper, the fastest growing quarterly rents were found in Eastlake and Pike Place Market, up 12 percent and 10 percent, respectively” which mean homeownership is an increasingly viable option in these desirable areas.
As rents continue to increase, homeownership gains increasing favorability to residents when considering the pros and cons of the Rent vs. Buy debate. Discover how to leverage favorable prices and affordable in-city condominium living at NEXUS >>