When looking at cities across the Seattle metro area, Bellevue has once again taken first place as the most expensive city to rent in for the month of May. According to the latest data from the Zumper Seattle Metro Area Report, the median rent for one-bedroom units in Bellevue saw a significant jump of 6%, landing at a median of $2,480. Meanwhile, two-bedroom units in the city grew by 3.1%, reaching $2,970.
This surge in rental prices has solidified Bellevue’s position as the priciest area for renters. Redmond comes in second on the list, with one-bedroom units priced at $2,370, followed by Kirkland at $2,340.
According to an employee at Zumper, it seems Amazon’s newly built towers in Bellevue could be a major factor in the upward pressure seen on rent prices in the city. A strong demand for housing is likely created because of this as workers look for homes in the area for a shorter commute.
On the other hand, Oak Harbor emerges as the most affordable city, with one-bedroom units going for $1,280. Wenatchee takes second place with rents at $1,310, while Tacoma and Lakewood share the third spot, both boasting rents of $1,400.
The report also highlights the rapid growth in rental prices across the region. Bellevue came in first with the largest monthly rent price growth rate, experiencing a 6% increase. Redmond followed closely behind with a 5.8% climb, while Kirkland rounded out the top three with a 5.4% uptick.
These findings are based on an analysis of active listings that hit the market last month, with listings aggregated by city to calculate median asking rents. As the demand for housing continues to outpace supply in the Seattle metro area, renters in Bellevue and neighboring cities may continue to face high prices for the foreseeable future.
