Seattle Rental Market: July 2022
If you’re looking to rent in Seattle, you can expect to spend on average $2,190 for a roughly 700 square foot apartment; higher than the national average, however a lot less than Manhattan’s $5,000 average! Here’s roughly what you can expect when looking for a studio, 1-bed or 2-bed rental this summer, and where to look if you’re wanting a deal.
Studio Average Rent – $1,395
Increasing slightly from the winter months, the average rent for a studio apartment is $1,395/month. Studios in South Lake Union are on the higher side at $2,100, but the median rent in neighborhoods like Greenwood, Mt. Baker, and Eastlake are below average at around $1,000 – $1,200.
One Bedroom Average Rent – $1,950
Trending similar to studios, one bedroom apartments are also increasing steadily from winter months. A one bedroom in Seattle will run you close to $2,000/month. If you’re looking to stay under the average, the median rent in North Queen Anne, Green Lake, and Phinney Ridge are in the $1,600/month range.
Two Bedroom Average Rent – $2,500
The average rent for a two bedroom in Seattle trends differently than studios and one bedrooms. Currently, the average rent for two bedrooms (and three bedrooms) is similar in price to winter months, at around $2,500/month. The average two bedroom decreased by roughly 8% from springtime (March-May). However, we are seeing a 25% increase from last year as the median rent in June 2021 was $2,000 for a two bedroom.
The rent for two bedrooms depends heavily on neighborhood. The median rent for a two-bedroom near Pike Place Market is $4,243 whereas Seward park is $1,450.
Neighborhoods with a higher price tag:
- Pike Place Market
- Central Waterfront
- Seattle Central Business District
- East Queen Anne
- South Lake Union
- Lower Queen Anne
- North Queen Anne
More affordable neighborhoods:
- Innis Arden
- Richmond Beach
- Rainier View
- North Queen Anne
- University District
- Green Lake