Business

The rent squeeze continues for Tacoma, Lakewood as Seattle sees a small break

By Kate Martin

kmartin@thenewstribune.com

October 19, 2016 12:31 PM

The Stadium Vue25 apartment building at North Third and North J streets earlier this year. A new survey shows Tacoma rent prices still inching upward this fall.
The Stadium Vue25 apartment building at North Third and North J streets earlier this year. A new survey shows Tacoma rent prices still inching upward this fall. KATE MARTIN/staff file
The Stadium Vue25 apartment building at North Third and North J streets earlier this year. A new survey shows Tacoma rent prices still inching upward this fall. KATE MARTIN/staff file

Tacoma apartment rents have increased for the 11th straight month, according to Axiometrics, a research firm that tracks apartment rentals.

Tacoma-Lakewood’s average rent was $1,266 in September 2016, compared with August’s $1,256.

Seattle-Bellevue-Everett’s average rent prices in September dropped to $1,777 from August’s $1,799, possibly fueled by an increase in the number of apartments available, said Axiometrics’ senior vice president of analytics Jay Denton.

“Seattle is still among the top-performing metros in the nation, but deliveries of new units accelerated in the third quarter and the pace is expected to quicken through the second quarter of 2017,” Denton said in a news release.

Rent prices in the Tacoma-Lakewood area were 9.6 percent higher in September than they were at that time a year ago. Rental costs in the same time year over year in the Seattle-Bellevue-Everett area were up 5.6 percent. Nationwide, rent prices grew by 2.6 percent, according to Axiometrics.

In a separate survey, Rent Jungle, a website that also offers data on apartment rentals, shows Seattle’s average rents for 2-bedroom apartments peaked in June at $2,802 per month. By September, the average 2-bedroom rent had dropped a few dollars to $2,795 per month.

Kate Martin: 253-597-8542, @KateReports

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