Bellevue is the most expensive place in the region to rent an apartment, according to a new analysis. Courtesy photo

Bellevue is the most expensive place in the region to rent an apartment, according to a new analysis. Courtesy photo

Several Eastside cities are among most expensive to rent in Northwest

Bellevue topped the list for highest apartment rents during the first half of 2019.

Bellevue is the most expensive place in the Puget Sound region to rent an apartment, according to a new analysis, but several other Eastside ZIP codes got honorable mentions.

The analysis was conducted by RentCafe and looked at rent charged in apartment buildings with more than 50 units across the country during the first two quarters of 2019. Bellevue’s 98004 ZIP code was the most expensive in both Washington and Oregon, with the average monthly apartment rent sitting just under $2,850 a month. The area includes downtown Bellevue as well as the wealthy Hunts Point and Beaux Arts Village areas.

Seattle ZIP codes codes filled in the next three spots, including the neighborhoods of Belltown, Lower and East Queen Anne, and South Lake Union. Average rents ranged from between roughly $2,520 to $2,835 each month.

Redmond and Issaquah were also on the list and notable for having areas where rent has been growing the fastest. Redmond saw its average rent swell year-over-year by 5%, leading to an average monthly rent of $2,229. Issaquah’s 98027 ZIP code, which includes nearly the whole city excluding the Highlands, had an average rent of $2,445, marking a 6.2% increase over last year. The 98027 ZIP code also includes areas surrounding Tiger Mountain State Forest, including Mirrormont to the south and Preston to the east.

This Issaquah Highlands and Klahanie neighborhoods also saw significant year-over-year rental increases of 4.4%, bringing rents up to $2,445.

While rents on Mercer Island remained high at $2,242, it saw a modest increase in cost with rents rising by half a percentage point.

Nationwide, the New York City borough of Manhattan had the highest rents, clocking in at more than $6,200 each month.

When factoring in all housing costs, Bellevue got even more expensive. According to Zillow’s monthly charts, the average rent for all housing types in the city was $2,950 in August. For Redmond, rents were $2,800 on average, followed by $2,795 in Issaquah. However, these were dwarfed by the $3,650 monthly average for rent for all housing types on Mercer Island.

Nationwide, housing inventory may have finally hit a floor, according to a June analysis from Zillow. Housing stock had been dropping since late 2014, when there were more than 2 million units for sale in later months. This has more or less steadily declined until late last year when it reached around 1.55 million units. It has fluctuated since then, but in June there were more than 1.58 million units available.

The West Coast inventory has been on the rise since early 2018. In Seattle, there were 12,267 units for sale and 8,011 in San Francisco. Over the previous two years, there has been more than a 40 percent increase in listings in Bellevue, and a more than 30 percent increase in Kirkland. However, while rent increases have leveled out in Bellevue and Seattle, South King County cities like Renton, Kent and Federal Way all saw increases in 2019.

More in News

Malena Gaces, left, and other members of Washington CAN protest unfair move-out charges and alleged discriminatory behavior outside Kitts Corner Apartments in Federal Way in 2018. Sound Publishing file photo
King County could increase tenant protections

The council is considering ordinances designed to help renters.

Bellevue police will now carry Narcan to help reverse opioid overdose

Opioid overdoses remain on the rise in the region.

124th Avenue Northeast is one of many Bellevue locations affected by construction. Blake Peterson/staff photo
‘It’s really helping us build some firsts in Bellevue’: Checking in on transportation projects in the city

The council received an update on transportation projects at a recent study session.

The 2015 Wolverine Fire in the Okanogan-Wenatchee National Forest near Lake Chelan. Photo courtesy of the Washington Department of Natural Resources.
The smoky summer that wasn’t

While Washington had a mild season, wildfires burned near the Arctic.

Dane Scarimbolo and Dominique Torgerson run Four Horsemen Brewery in Kent. They were almost shut down in late 2017 by King County, which after years of letting them operate a brewery and taproom, decided they were in violation of county code. Aaron Kunkler/staff photo
Proposed winery ordinance irks King County farmers, neighbors and businesses

Concerns include more traffic, higher land prices, code enforcement and compliance.

Balducci runs against Hirt for District 6 county council seat

The former Bellevue mayor is essentially running unopposed.

Pos. 7 city council candidates discuss Bellevue’s character, housing options

Jennifer Robertson and James Bible responded to questions posed by the Reporter.

Zahn and Yu seeking pos. 5 on the city council

Zahn is the incumbemt; Yu is a principal engineer system architect

Most Read