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Price of rent drastically increasing across Washington
Escrito el 08 Jul 2022
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TRI-CITIES, WA. -
Along with other areas in our daily lives, analysts report that the price of rent is on the rise.
"What we are seeing is rent starting to vastly outpace people's ability to pay for it, and that's a big problem," said Senior Research Analyst with QuoteWizard, Nick VinZant.
According to analysts with QuoteWizard, the average price of rent in 2022 has increased by 19% since 2020.
"In just the last six months, it's up 6%. What's concerning about that is I don't think most people's income is up nearly that much," shared VinZant.
VinZant said here in Washington, the average cost for a one-bedroom apartment was $1,141 a month in 2020. He reports in 2022, that number jumped to $1,360 a month.
"We're not talking about like five or ten dollar increases in rent, we're now talking about hundreds of dollars more a month that people are paying, thousands of dollars a year. And when you add that on to inflation and other things that are happening, it has become unaffordable for people," explained VinZant. "This math long-term, it doesn't work. This can't continue."
These numbers are reflected across the state with the average price for a one-bedroom apartment being $1,678 a month in King County, $1,525 a month in Snohomish County, and $1,070 a month in Benton County.
"It's really an issue of supply and demand. In Washington we have seen the number of available apartments decrease by 17% in the last two years," stated VinZant.
He said this rise in rental prices can be dangerous if a person's income does not also increase.
"Eventually what we're seeing is that this math, it doesn't work long-term. You can't have a 6% increase in one year in the price of rent when people's income aren't anywhere near that," said VinZant.
He said this is a problem that can carry high stakes.
"Eventually, people are going to get priced out. The worst outcome of that is that they may become homeless," shared VinZant.
He said if you're looking to rent soon, to shop around and do your research to find a place that meets your needs within your price range.
He said you can also look into different lease lengths to see what could save you some money.
Along with other areas in our daily lives, analysts report that the price of rent is on the rise.
"What we are seeing is rent starting to vastly outpace people's ability to pay for it, and that's a big problem," said Senior Research Analyst with QuoteWizard, Nick VinZant.
According to analysts with QuoteWizard, the average price of rent in 2022 has increased by 19% since 2020.
"In just the last six months, it's up 6%. What's concerning about that is I don't think most people's income is up nearly that much," shared VinZant.
VinZant said here in Washington, the average cost for a one-bedroom apartment was $1,141 a month in 2020. He reports in 2022, that number jumped to $1,360 a month.
"We're not talking about like five or ten dollar increases in rent, we're now talking about hundreds of dollars more a month that people are paying, thousands of dollars a year. And when you add that on to inflation and other things that are happening, it has become unaffordable for people," explained VinZant. "This math long-term, it doesn't work. This can't continue."
These numbers are reflected across the state with the average price for a one-bedroom apartment being $1,678 a month in King County, $1,525 a month in Snohomish County, and $1,070 a month in Benton County.
"It's really an issue of supply and demand. In Washington we have seen the number of available apartments decrease by 17% in the last two years," stated VinZant.
He said this rise in rental prices can be dangerous if a person's income does not also increase.
"Eventually what we're seeing is that this math, it doesn't work long-term. You can't have a 6% increase in one year in the price of rent when people's income aren't anywhere near that," said VinZant.
He said this is a problem that can carry high stakes.
"Eventually, people are going to get priced out. The worst outcome of that is that they may become homeless," shared VinZant.
He said if you're looking to rent soon, to shop around and do your research to find a place that meets your needs within your price range.
He said you can also look into different lease lengths to see what could save you some money.
