Seattle Named 5th Most Expensive City In US, But Is Not Most Expensive City In Washington

It’s not a news flash that the real estate scene in Seattle has exploded in recent years. The Emerald City has gone from a town most people outside the state only associated with coffee and flannel, to the tech capital of the US (save for our friends in Silicon Valley). As home to some of the biggest tech names in the world and a booming job market to match, it’s fair to say there’s might not be enough housing to meet demand. Or, at least to meet demand AND your budget.

High rises, apartment buildings and condos are going up all over the city, and soon, our beloved skyline will be dotted with more and more buildings and towers, making the Seattle of just 10 years-ago look almost unfamiliar.

Seattle has recently made headlines as one of the most expensive places to live, get this, in the world. That’s right, recent data has placed Seattle’s rent rates at 5th highest in the nation and, supposedly 9th highest in the world! However, San Francisco and New York still dwarf us, tying for number one most expensive, world-wide.

Those of us who are Seattle Natives know that the average rental rate in Seattle has increased fairly dramatically in the last few years, but it’s interesting to note that, while Seattle’s rents have been on the rise, they don’t quite top the list of highest rents in the state.

According to recent data from Apartment List, Seattle ranks at number 5 in the state for highest rents, with the average monthly rent for a one-bedroom apartment at about $1,650.

Surprisingly, Mercer Island tops the list of cities in Washington for highest rents. A one-bedroom on Mercer Island goes for an average of a whopping $1,890 per month. No one said Island living was cheap, I suppose.

Filling in the gaps between number 1 and number 5 on the list are Bellevue at number 2 with an average of $1,860 per month for a one-bedroom (not a whole lot lower than their neighboring Island), Redmond at number 3 with an average of about $1,690 monthly rent for a one bedroom and Kirkland at number 4 with an average monthly rent of $1,660 for a one-bedroom.

Seattle and the Eastside are not the only places in Washington with rising rent rates. Tacoma tops the list nation-wide for fastest growing rent with a year-over-year growth rate of 7.7 percent. Seattle comes close, but not close enough to that figure with year-over-year rental rate growth at 5.3 percent.

Staggering growth aside, Tacoma is still a bargain in the rental market compared to Seattle, with a one-bedroom in Tacoma going for an average of $1,000 per month. For those of you keeping score, that’s a savings of $650 compared to Seattle.

But, proving that some things really don’t change, the cheapest places to live in the Evergreen State are still East of the Cascade Mountains. You can get a one-bedroom for only $600 per month in Walla Walla and it’s not much pricier in the State’s second largest city, Spokane, at around $630 per month.

What a difference a mountain range makes…

New Scam in the Seattle Apartment Market

According to the Seattle Times, there’s a new scam in the housing market. Online scammers advertise listed homes and foreclosed properties as for rent on popular rental websites such as Craigslist, with potential renters sending a deposit before receiving the keys. Be wary if the deal looks to be good to be true and/or the “property manager” asks you to wire funds through Western Union or Moneygram without letting you see the rental unit. For more details and tips, please read the article here.

Mid Island Home-RENTED

This is a wonderful Mercer Island home in Mid Islane is in a great location and neighborhood.  The 2,050 sf home is updated and remodeled throughout.  It features a true chef’s kitchen with high end appliances that opens to a family room and fabulous, sunny and level backyard with sport court.  There is a newer roof, furnace and refinished hardwood floors. This home is an absolute must see!

Status Rented
List Price $3,000
Bed/Bath 3,2.5

South End Mercer Island Home-RENTED

Mercer Island South End

Mercer Island South End Home

This 3,750 sf home lies in the South End of Mercer Island.  The home has a super floor plan and is in a great neighborhood with cul-de-sacs at both ends of the street.  On the main floor there is a living room, dining room, family room, playroom and office. The home’s upper level has four bedrooms and two bathrooms.  The updated kitchen has Cherry Cab and top of the line appliances including a gas stove.  The home has a great, level yard that is partially fenced.

Status Rented
List Price $3,300
Bed/Bath 4,2.5

South End Mercer Island Home-RENTED

Mercer Island South End

Mercer Island South End Home

This 3,750 sf home lies in the South End of Mercer Island.  The home has a super floor plan and is in a great neighborhood with cul-de-sacs at both ends of the street.  On the main floor there is a living room, dining room, family room, playroom and office. The home’s upper level has four bedrooms and two bathrooms.  The updated kitchen has Cherry Cab and top of the line appliances including a gas stove.  The home has a great, level yard that is partially fenced.

Status Rented
List Price $3,300
Bed/Bath 4,2.5

Mercer Island South End Home-RENTED

South End Rental Home

South End Rental Home

This Ridgecrest Lane home in the South End of Mercer Island has sweeping lake and mountain views from every floor.  This premier residences is private and serene, boasting well over 5000 sq ft of first class appointments.  The chef’s kitchen has new appliances and granite throughout, and the master suite has an extra sitting room and fireplace.  The lower level features a  bar with an entertaining room.

Status Rented
List Price $3,995
Bed/Bath 4,4