It’s not news to anyone living in Seattle that the cost of rent is considerably high today, given the low inventory and influx of renters in and around the city. But just how much has the cost of rent risen over the past decade? The folks over at Seattle Rentals pulled together some rental rates from 2002 in the Downtown Seattle area, and the comparison to 2012 is quite stagnant.
The average cost of rent in 2002 for a studio apartment rental was $548/Mo if you can believe it, compared to $940 in 2012. A one bedroom downtown unit used to be around $1,031, and today is $1,664, and a two bedroom was $1,662 whereas today is $1,719. What will rent be over the next ten years?