Kent and Tacoma Have Fastest Growing Rents in State
The peak rental season is coming to a close and, according to our most recent market report, in September rents continued their cooldown in appreciation. The national average rent was $1,354, remaining virtually flat for the 4th month in a row and showing the slowest annual growth in 6 years.
Here are the main stats of our latest survey of the apartment market, put together with data from Yardi Matrix:
Although nationally and in the most expensive cities, rents have remained fairly stable for the past few months, all cities are not created equal – small and mid-sized cities have seen dramatic Y-o-Y increases and values continue to spiral.
Kent is one of the cities that boast the highest Y-o-Y increases, coming in at No. 7. Although rents have declined .1 percent over the past month, they have increased significantly (8.8%) compared to a year ago, reaching $1,409.
Tacoma almost made it to our Top 10 Cities with the fastest growing rents – the 7.7% Y-o-Y increase means renters here are now paying $1,172 on average.
After a 7.3% increase, the average rent in Seattle reached $2,016, but Bellevue remains the city with the highest average rent in the state.
As Nadia Balint states, “the Northeast and West Coast have laid claim to the priciest rental markets for ages, and September’s numbers show no signs of a change.” And indeed, despite not seeing any major jumps for months now, hubs like Manhattan, Boston, San Francisco, and San Jose remain the nation’s most expensive markets.
For more details, check out the full report here
Tacoma’s 98403 is the 3rd most expensive zip code in Pierce County
Ranking third, Tacoma’s 98403 registered a median sale price of $439,500. Tacoma’s 98407 has the largest residential transaction in Pierce County so far- the property at 4501 North Stevens Street changed hands in late September 2017 for $5,356,666.
Here are some more highlights from the Property Shark study:
– Fox Island’s 98333 is #1 most expensive zip code in Pierce County, and is the only Pierce County zip code featured in the top 50 priciest zips in Washington state
– Tacoma has two more zip codes in the top 10, 98422 and 98407, ranking 6th and 10th respectively.
Tacoma’s most expensive zip code posts median 1.5 times the national figure
Although Pierce county grabbed only one spot among the state’s top 50 zip codes, the second most populous county in Washington showcases plenty of luxurious real estate and high-priced zip codes. In fact, the county’s top 10 most expensive zip codes average median home prices well above the national rate.
Fox Island is home to 98333, the #1 most expensive zip code in Pierce county. Here, the median home price clocked in at $550,000 over the past 12 months, making this the 38th priciest zip code in the state as well. Located between Mount Rainier and the Olympic Mountains, and with an abundance of waterfront real estate, Fox Island has evolved into a wealthy Tacoma exurb in the recent past. The Puget Sound island is known for its fishing, scuba diving, beaches and charming downtown.
Just 5 miles from Fox Island and less than 13 miles from Tacoma, Gig Harbor ranks as Pierce County’s #2 most expensive zip code, with 98332’s median sale price reaching $450,000 between October 2016 and September 2017. A former logging and fishing town, Gig Harbor started evolving into a vibrant suburb of Tacoma in the 1950’s. It remains a popular residential market and tourist destination.
Pierce County’s economic powerhouse Tacoma could not be missing from the county’s most expensive zip codes, ranking 3 times among its top 10. Tacoma’s most expensive zip and Pierce County’s 3rd priciest, zip 98403 registered a median sale price of $439,500. Covering parts of North End and New Tacoma like Hilltop, Old Town, North Slope and Stadium District, 98403 includes plenty of waterfront real estate and city landmarks, in an area that is rapidly gentrifying.
Tacoma was also the setting for Pierce County’s largest residential transaction. Initially listed for $6.4 million, 4501 North Stevens Street traded hands in late September 2017 for a cool $5,356,666. Located in 98407, the 22-bed Haddaway Hall estate includes a 15,600-square-foot historic mansion, carriage house, chapel, staff lodgings and an educational building left over from its days as a Baptist seminary. Totaling well over 40,000 square feet of living space, the property also includes a greenhouse over its 6+ acres and is also known as the old Weyerhaeuser Mansion.
You can read the full study, and see the complete rankings here
