Seattle rent increases may have slowed in the last two years, but are now on the rise again.
That's according to a report released by Zillow Thursday, which says median rents across the country are increasing at the fastest rate since May 2016. Nationwide, median rent has risen 2.8 percent since last February to $1,445. Where are these increases the worst? Yep. West Coast cities like Seattle.
The $2,204 median rent in Seattle is 4.9 percent higher than this time last year, according to Zillow. New York, for comparison, has a median rent of $2,401 but a year-over-year change of just .5 percent. San Francisco has a median of $3,412 but an increase of just 1.9 percent. Sacramento tops the list with an increase of more than 8 percent to a median $1,849. (In calculating median rent, Zillow factors in houses and apartments in its database, including both occupied and for-rent units.)
Buying a home, meanwhile, is increasingly out of reach. "For-sale inventory is tight, and with home prices continuing their rapid climb, it's becoming more and more difficult for renters to become owners, forcing them to rent longer than they otherwise would have," Zillow senior economist Aaron Terrazas said in a statement.
See the full comparison of rents and year-over-year rent change here. Pittsburgh is looking pretty good.