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May 2, 2017

Seattle rent growth up 5.4% annually

SEATTLE — San Francisco-based Apartment List has issued a May report for this region that shows Bellevue tops the area for median rents, with $2,650 for a two-bedroom unit and $2,050 for a one-bedroom. Bellevue rent growth was 0.6 percent over March. Annually, rents were up 4 percent.

Seattle ranked second, with $2,290 for a two-bedroom and $1,690 for a one-bedroom. Monthly rent growth was 0.3 percent. Annual rent growth was 5.4 percent.

Apartment List is a national listing service, and its analysis comes from those listings.

In the Puget Sound reading, the firm finds the highest rent growth — but lower median rents — in Kent, Lakewood, Renton and Everett.

In Kent, for instance, the median rent for a two-bedroom unit is only $1,400. But that figure has increased 9.7 percent annually and 1.2 percent monthly.

Many investors have been buying and renovating garden apartment complexes in Snohomish County and south King County because they offer more attractive returns, without the high land and development costs in Seattle and Bellevue.

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