Bellingham’s rental rates are climbing faster than Seattle’s — here’s why

Spokane has a 2.9 percent apartment vacancy rate with an average rental rate of $886, according to a September 2017 report by University of Washington’s Runstad Center for Real Estate Studies.

The average rent across all unit types is $2,330 in downtown Seattle, $2,180 in West Bellevue, $2,120 in South Lake Union and $2,050 in Belltown, according to Apartment Insights/RealData.

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Home values in Seattle are growing twice as fast as San Francisco, Zillow says. The median rental price in the U.S. is $1,430 per month, up 2 percent over the past year, Zillow reported. Rents in Riverside increased 6 percent to a median of $1,833, while in Seattle rents went up 5.5 percent to $2,189.

But home prices are rising faster here than anywhere else in the country – growing even faster than rents – and there is a historic shortage of homes for sale. So many would-be homebuyers are.

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Why use Zillow? Use Zillow to find your next perfect rental in Bellingham.You can even find Bellingham luxury apartments or a rental for you and your pet. If you need some help deciding how much to spend on your next apartment or house, our rent affordability calculator can show you rentals that may fit your budget in Bellingham.

The biggest jump occurred in Seattle, where the median single-family-home price was $575,000, a 15 percent annual gain, and median condo price was $395,000, 32 percent more than a year ago. A big factor in the soaring Seattle condo prices is the handful of new downtown projects, where units can cost $600,000 or more.

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