Federal Way rents are on the rise for the sixth month in a row.
Apartment rent prices in Federal Way have increased 2% in the past month compared to a national increase of 2.3%, according to a report from Apartment List. In Federal Way, median rents are $1,419 for a one-bedroom apartment and $1,675 for a two-bedroom apartment.
This is the sixth straight month that Federal Way has seen rent increases after a decline in November 2020. Federal Way’s year-over-year rent growth leads the state average of -0.1%, as well as the national average of 5.3%, the report states.
Compared to May 2020, rent costs have increased by 7.6% in Federal Way.
Throughout the past year, rent increases have been occurring not just in Federal Way, but across the entire Seattle-Tacoma metro area, according to the report.
Redmond has the most expensive rents in the Seattle metro area, with a two-bedroom median of $2,294; the city has also seen rent growth of 3.8% over the past month, the fastest in the area.
Over the past year, Seattle proper has seen the biggest rent drop in the metro, with a decline of 9.8%. Median two-bedrooms there cost $1,895, while one-bedrooms go for $1,520.
Lakewood has the least expensive rents in the Seattle metro area, with a two-bedroom median of $1,475; rents were up 2.1% over the past month and 10.5% over the past year.
Rents increased sharply in other cities across the state. Rents have grown by 20.4% in Spokane and 12.8% in Vancouver.
Federal Way’s median two-bedroom rent of $1,675 is above the national average of $1,165. Nationwide, rents have grown by 5.3% over the past year compared to the 7.6% increase in Federal Way.
While the city’s rents rose significantly over the past year, many cities nationwide saw decreases, including San Francisco (-14.3%), New York (-10.2%), and DC (-7.8%).
Renters will generally find more expensive prices in Federal Way than most large cities. For example, Spokane has a median 2BR rent of $1,235.