Bellevue is the most expensive place in the region to rent an apartment, according to a new analysis. Courtesy photo

Bellevue is the most expensive place in the region to rent an apartment, according to a new analysis. Courtesy photo

King County cities are among most expensive to rent in Northwest

Bellevue has highest apartment rents; Renton, Kent and Federal Way all saw increases in 2019.

Bellevue is the most expensive place in the Puget Sound region to rent an apartment, according to a new analysis, but several other Eastside ZIP codes got honorable mentions.

The analysis was conducted by RentCafe and looked at rent charged in apartment buildings with more than 50 units across the country during the first two quarters of 2019. Bellevue’s 98004 ZIP code was the most expensive in both Washington and Oregon, with the average monthly apartment rent sitting just under $2,850 a month. The area includes downtown Bellevue as well as the wealthy Hunts Point and Beaux Arts Village areas.

Seattle ZIP codes codes filled in the next three spots, including the neighborhoods of Belltown, Lower and East Queen Anne, and South Lake Union. Average rents ranged from between roughly $2,520 to $2,835 each month.

Redmond and Issaquah were also on the list and notable for having areas where rent has been growing the fastest. Redmond saw its average rent swell year-over-year by 5%, leading to an average monthly rent of $2,229. Issaquah’s 98027 ZIP code, which includes nearly the whole city excluding the Highlands, had an average rent of $2,445, marking a 6.2% increase over last year. The 98027 ZIP code also includes areas surrounding Tiger Mountain State Forest, including Mirrormont to the south and Preston to the east.

This Issaquah Highlands and Klahanie neighborhoods also saw significant year-over-year rental increases of 4.4%, bringing rents up to $2,445.

While rents on Mercer Island remained high at $2,242, it saw a modest increase in cost with rents rising by half a percentage point.

Nationwide, the New York City borough of Manhattan had the highest rents, clocking in at more than $6,200 each month.

When factoring in all housing costs, Bellevue got even more expensive. According to Zillow’s monthly charts, the average rent for all housing types in the city was $2,950 in August. For Redmond, rents were $2,800 on average, followed by $2,795 in Issaquah. However, these were dwarfed by the $3,650 monthly average for rent for all housing types on Mercer Island.

Nationwide, housing inventory may have finally hit a floor, according to a June analysis from Zillow. Housing stock had been dropping since late 2014, when there were more than 2 million units for sale in later months. This has more or less steadily declined until late last year when it reached around 1.55 million units. It has fluctuated since then, but in June there were more than 1.58 million units available.

The West Coast inventory has been on the rise since early 2018. In Seattle, there were 12,267 units for sale and 8,011 in San Francisco. Over the previous two years, there has been more than a 40 percent increase in listings in Bellevue, and a more than 30 percent increase in Kirkland. However, while rent increases have leveled out in Bellevue and Seattle, South King County cities like Renton, Kent and Federal Way all saw increases in 2019.

More in News

Auburn Veterans Parade announces award winners

The city of Auburn has announced the winners of its 54th annual… Continue reading

City sets Nov. 18 public hearing on property tax levy, revenue sources

The city of Auburn estimates the 2020 property tax levy will be… Continue reading

Civil rights activist Mendez to speak in Kent

Nov. 14 at Green River College Kent Campus

At the breakfast are, from left: Pacific Mayor Leanne Guier; Seattle Major Jenny Durkan; Auburn Mayor Nancy Backus; King County Councilmember Pete von Reichbauer; Federal Way Public Schools Superintendent Tammy Campbell; Algona Mayor Dave Hill; former Federal Way Mayor Mike Park; and Federal Way Mayor Jim Ferrell. COURTESY PHOTO
Durkan emphasizes regional collaboration to South King County leaders

Seattle Mayor Jenny Durkan joined King County Councilmember Pete von Reichbauer’s November… Continue reading

Construction work to affect intersection of R Street SE and 28th Street SE | UPDATES

On Thursday, Nov. 14, and Friday, Nov. 15, construction work by Rodarte… Continue reading

Coulterberry and jockey Amadeo Perez charge to victory in the $50,000 Muckleshoot Tribal Classic in Septemver at Emerald Downs. COURTESY TRACK PHOTO
Emerald Downs announces 2020 race dates; 63-day meet opens April 18

Emerald Downs Racetrack and Casino has announced a 63-day live racing season… Continue reading

MultiCare Auburn Medical Center notifying patients of tuberculosis exposure

Advisory follows confirmation that an employee at the hospital tested positive for the disease

Political activist Tim Eyman campaigns for Initiative 976 on Nov. 5 in downtown Bellevue. The initiative promised $30 car tabs while functionally eliminating the ability of agencies like Sound Transit to raise taxes for its projects. Photo by Aaron Kunkler
Election analysis: I-976 vote casts South King County against Seattle, Eastside

Preliminary precinct counts show support for the initiative split by region.

Honoring those who served and sacrificed

Mission continues to recognize and help veterans

Most Read