But the opposite trend is emerging in the city's suburbs. In many cities outside of Seattle, rents are actually rising, a new report from ApartmentList found.
According to the study, rents in suburban areas nearby Seattle were up about 1% since the beginning of the year, while rents in Seattle dropped about 7% in the same time period. Some suburban areas outside of Seattle were also seeing much more significant rises in rent prices.
In Auburn, Washington, rents were up nearly 6% since the beginning of the year. In Lakewood, rents rose about 4%.
"While rents have declined steadily in the larger, denser, principal cities at the core of each metropolitan region, rents in the outlying suburban areas have, on the whole, rebounded to pre-pandemic levels," the study said.
The study found in 27 of the 30 large metro areas it analyzed, the cities in those areas were seeing "faster rent drops or slower rent growth" than the suburbs surrounding them.
"And in 11, including major economic centers like Atlanta, Dallas, and Philadelphia, apartments in the principal city are getting cheaper while at the same time apartments in the suburbs are getting more expensive," the study said.
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This could be due to a number of factors. First off, many attractions that draw people to cities, such as live entertainment, bars and restaurants, have taken a hit due to the pandemic.
"Many renters today are questioning whether it still makes sense to pay a premium for city living," the study said.
"In recent years, suburbs have offered cheaper housing options to those willing to sacrifice the benefits of living close to a job center. But in 2020, this affordability gap is shrinking in many metros that command the highest prices. After a decade in which proximity was at a premium, the pandemic has now sparked the flame of suburban rental demand. As a result, we should expect an uneven rental market recovery in the months to come."
Keep reading to see which cities around Seattle are seeing rising rents.
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Auburn saw the largest rise in rent prices out of the Seattle suburbs analyzed. The city saw rent prices increase nearly 6% since the beginning of the year.
Ted S. Warren, AP
Lakewood saw the second largest rise in rent prices out of the Seattle suburbs analyzed. The city saw rent prices increase nearly 4% since the beginning of the year.
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Federal Way saw the third largest rise in rent prices out of the Seattle suburbs analyzed. The city saw rent prices increase nearly 3% since the beginning of the year.
Elaine Thompson/Associated Press
Everett saw the fourth largest rise in rent prices out of the Seattle suburbs analyzed. The city saw rent prices increase 2.5% since the beginning of the year.
