Sunset Three Twenty apartments in Federal Way (1901 SW 320th Street). Courtesy photo

Sunset Three Twenty apartments in Federal Way (1901 SW 320th Street). Courtesy photo

Federal Way apartment rents increase 7.6% over the past year

May marks the sixth straight month Federal Way has seen rent increases.

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.


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