Rents jump for single-family homes in Seattle area, but fall for apartments | Seattle RE Podcast

It's more expensive to rent a single-family home this year in the greater Seattle area than last, but the cost of renting an apartment is dropping. In April, the cost of renting a single-family home was up 4.3%. Meanwhile, apartment rents dropped 11%.

The median price of a single-family home in the greater Seattle area was $2,811 in March, according to a report by CoreLogic, making it the fourth-most expensive rental market among the areas surveyed. Rents for single-family homes in Honolulu were the most expensive at $3,050, followed by Los Angeles at $2,962 and San Diego at $2,956.

Nationally, single-family home rents grew 5.3% year over year — the largest year-over-year increase in 15 years. A year prior, at the start of the Covid-19 pandemic, rent prices were up 2.4% year-over-year.

Join your host Sean Reynolds, owner of Summit Properties NW and Reynolds & Kline Appraisal as he takes a look at this developing topic.

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