Seattle held steady as the 10th most expensive rental market in the US in January, according to Zumper’s most recent National Rent Report. The median rent for a one-bedroom maintained at $1,790/month, while median two-bedroom rent rose a slight 2.92 percent to hit $2,470/month.
Despite the limited movement, median one-bedroom rent was still up 8.48 percent year-over-year, while median two-bedroom rent was up 6 percent.
Nationwide, the Zumper National Rent Index is up again for the 3rd month in a row, 0.4 percent to $1,143 for one bedroom apartments and 0.7 percent to $1,358 for two bedroom apartments. Cities with the hottest rental markets like San Francisco and New York experienced significant drops in prices for one bedroom apartments, 1.2 percent and 2.3 percent respectively. However, middle of the road cities like Nashville, Houston, and Fresno boosted up in price this month and recorded year over year growth in the double digits.
The cheapest rent of all was again in Toledo, Ohio. The second cheapest rent could be found in Fort Wayne Indiana, where a one-bedroom apartment rents for a median of $480. In other words, for the median price of a one-bedroom apartment in Seattle, you could rent four apartments in Fort Wayne. If you live in San Francisco, where a one bedroom costs a median of $3,310, you could rent seven apartments in Fort Wayne.
Sound tempting? You may miss the waterfront and city life of Seattle, but Fort Wayne has its own attractions. Check out the Moose Lake Christian Craft Village or pay a visit to Sweetwater, the largest music retail store in the nation. You could even hit up The Ball Hive and learn a game called “zorbing” which might be the solution to all of your problems.
That said, you may not want to pack your bags for Fort Wayne just yet. After all, Seattle rent prices are showing signs of dropping. Compared to a quarter ago, rent prices are down 2.8 percent in downtown Seattle, 3.5 percent in the University District and 3.1 percent in Queen Anne/Magnolia neighborhood. Perhaps Seattle will become more affordable yet.