Kent condominium rental costs stay secure in October

Residence rents in Kent have been flat over the previous month, however are up 1.6% from October 2019.

At present, median rents in Kent are $ 1,275 for a one-bedroom condominium and $ 1,631 for a two-bedroom, in keeping with Kent’s year-over-year rental development leads the state common which fell 4%, in addition to the nationwide common which fell 1.4%.

All through the previous 12 months, lease will increase have occurred not solely within the metropolis of Kent, however all through the Seattle-Tacoma metro space. Of the ten largest cities for which has knowledge within the metro space, six have seen their costs enhance.

Lakewood has the most cost effective rents within the Seattle-Tacoma metro space, with a two-bedroom median of $ 1,382; As well as, town has seen lease development of 0.4% previously month, the very best within the metropolitan space.

Prior to now 12 months, Seattle correct has seen the biggest drop in rents within the area, dropping 12.2%. The 2-bedroom median prices $ 1,849, whereas the one-bedroom median prices $ 1,483.

Redmond has the most costly rents of the Seattle space’s largest cities, with a two-bedroom median of $ 2,131; rents have decreased by 2.3% within the final month and 6.9% within the final 12 months.

With rents rising barely in Kent, different main cities throughout the nation have seen rents rise sooner. In comparison with a lot of the nation’s main cities, Kent is much less reasonably priced for renters.

Washington as an entire noticed a 4% year-over-year decline, whereas different cities within the state noticed their rents enhance considerably. For instance, rents rose 4.8% in Spokane and three.9% in Vancouver.

Kent’s median two-bedroom lease of $ 1,631 is larger than the nationwide common of $ 1,101. Nationwide, rents have fallen 1.4% previously 12 months in comparison with the 1.6% enhance in Kent.

Renters will typically discover dearer costs in Kent than in most main cities. For instance, Spokane has a median two-bedroom lease of $ 1,051, whereas Kent prices multiple and a half occasions that value.

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