Rent prices in Federal Way jumped 16.7% in 2021, according to Apartment List National Rent report.
The average price for a two-bedroom apartment in Federal Way is $1,850 as of Dec. 2021, the report states. The median rent price for a one-bedroom apartment is approximately $1,560.
Since the start of the pandemic, rents in Federal Way are up 19.7% compared to rent prices in March 2020, according to the report.
In Washington state, rent growth increased 20.1% over the past year.
Across the nation, 2021 was a record-setting year for rent growth.
“Over the course of 2021 as a whole, rent prices spiked an unprecedented 17.8 percent nationally,” according to the report.
The national median rent is $1,309. Rent growth outpaced all of the prior years of the company’s estimates since 2017.
In the past five years, 2018 had the second-fastest growth, with a rent growth increase of 3.2%. This data also shows rent growth in 2021 was five times the rate in 2018, according to Apartment List.
New York City experienced the fastest rent growth at over 32% in 2021. Spokane, Washington, landed in the 20th spot for fastest rent growth in the nation with 23.8%, according to Apartment List.