A couple of year-end rent rate reports offer some interesting numbers.
Nationwide, renters spent $504.4 billion in rent for 2018, according to Zillow’s HotPads.com. That’s up $12.6 billion from 2017.
The total works out to be “about $10 billion more than the GDP of Belgium,” according to HotPads’ blog.
New York’s metro paid the biggest chunk of the nation’s total rent at $55.65 billion, followed by the Los Angeles region at $40.42 billion.
Rent payments for the Seattle region totaled $9.8 billion for the year, according to the site.
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We have a bit more time before we see December’s local numbers, but rent website Zumper’s November review of area rental rates showed:
▪ Bellevue had the most expensive median one-bedroom rent: $2,030. Kirkland was No. 2 at $1,940. Seattle was third at $1,900. Tacoma was 13th on the list at $1,210.
▪ The cheapest was Marysville ($910) Lakewood ($960) and University Place ($1,030).
▪ The state median one-bedroom monthly rent rate for November was $1,263.
▪ Tacoma saw the largest growing rent rate in November compared with the previous month at 5.2 percent, followed by Redmond at 5.1 percent.
▪ Tacoma also had one the fastest growing rent rates year over year for November based on Zumper’s data, outpaced only by Puyallup, University Place and Auburn.
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