Apartment rent prices rise in Federal Way

Published 9:45 am Tuesday, September 27, 2022

Rent prices in Federal Way are on the rise once again.

In September, rent prices increased 0.5% month-over-month while nationally prices decreased 0.2%, according to Apartment List’s October rent report. Median rents in Federal Way are approximately $1,461 for a one-bedroom apartment and approximately $1,792 for a two-bedroom apartment.

Compared to this time last year, rent prices in Federal Way have gone up by 9.2%. Rent prices in Federal Way are up by 30.8% since the start of the pandemic in March 2020, according to the report.

“This is the tenth straight month that the city has seen rent increases after a decline in November of last year,” according to the Apartment List report. Federal Way’s rent growth year-over-year leads Washington’s average of 5.6%, as well as the national average of 7.5%.

Federal Way remains one of the more expensive cities to rent an apartment. For example compared to nearby cities, the average rent price of a one-bedroom apartment is $1,440 in Auburn and $1,250 in Tacoma. In Kent, the median one-bedroom rent price is $1,470 and approximately $1,730 in Renton.