Believe it or not, rents are down in Washington state
![rent generic](https://kuow-prod.imgix.net/store/ee88479d190dfa11645376e9a7a510e1.png?ixlib=rails-4.3.1&fit=clip&crop=faces&auto=format&w=924&h=634)
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.
RELATED: $142K salary needed to afford a 'starter' home in Seattle
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.
RELATED: Inflation got a little higher in July as prices for rent and gas spiked
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.”