According to Zillow's August rental market report, the typical rent in the Seattle metro area experienced a slight uptick of 0.4% from July to August, reaching a monthly average of $2,287. This marks a 0.6% increase compared to the same period last year.
Nationally, rental prices also saw modest growth, with rents increasing by 0.3% from July to August, reaching an average of $2,052. However, this year's 3.3% year-over-year growth rate pales in comparison to the record-high 16% surge observed in February 2022.
Monthly rent growth has been gradually slowing as the nation transitions into a cooler season. While August's 0.3% increase is slightly lower than July's 0.5% growth, it remains higher than the pre-pandemic August average of 0.2% between 2015 and 2019. This suggests some resilience in rent growth or a shift in seasonal norms due to the pandemic's impact.
Annual rent growth was most robust in cities like Hartford , Providence , Buffalo , Chicago , and Boston . On the other hand, western markets such as Austin , Las Vegas , San Jose , Phoenix , and Portland, Oregon , recorded the weakest year-over-year rent growth. These cities, known for their tech industries and as destinations for remote workers, have faced unique challenges in the rental market.
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