Believe it or not, rents are down in Washington state

Washington state experienced the largest drop in rental prices over the past year in the United States.

According to Rent.com's August report, Washington state saw a 7.72% decrease in rents from July 2022 through July 2023.

Focusing just on the Seattle-Tacoma-Bellevue region, rents have gone down by 10.75% during that same time. Rent.com's data shows Seattle's current median rent at $2,833. This accounts for all bedroom types across the rental market.

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While many states have experienced rents on the rise, those that have seen declining prices are mostly in the West. Oregon rent went down 5.66%, and Idaho's went down 2.48%.

It's important to note that rental prices go up and down over time. Rent.com’s own data shows that national rents peaked in summer 2022 with $2,053 national median rent. The current national median is $2,038. After that, rents declined until February 2023, and have been rising nationally ever since.

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Also according to Rent.com: “Over two years, the cost of renting has increased by 14%, representing annualized growth of nearly 7% and adding almost $250 to monthly rent bills. Over the course of the pandemic, rents have risen 25%, or more than $400, since 2019.”