Here’s how Tacoma rents are faring amid national slowdown in monthly rates

Tacoma’s rocket-rise of apartment rents has slowed for a third month in a row, according to new data from one report, while a second report shows some of the city’s lowest-priced rents returning.

Apartment List, in an email accompanying its report of November numbers, said Wednesday, “Rents in Tacoma decreased 2.2 percent month-over-month in November, compared to a 1 percent decrease nationally.”

It added, “Month-over-month growth in Tacoma ranks as the ninth sharpest decline among the nation’s 100 largest cities,” monitored by the company.

Median rents in Tacoma are $1,198 for a 1-bedroom apartment and $1,530 for a two-bedroom, according to Apartment List.

Its November report showed that rents in Tacoma dropped 1.7 percent month-over-month in October, compared with a 0.7 percent decrease nationally. At that time, it was the second straight dip after a slight increase in August.

Apartment List draws from median rent statistics from the Census Bureau, extrapolated to the current month using a growth rate calculated from its listing data and using a same-unit analysis, comparing only units that are available across both time periods.

The listing and data company said that year-over-year rent growth in Tacoma is down 1.2 percent, compared with an increase of 18.3 percent this time last year.

“Year-over-year growth in Tacoma ranks No. 8 slowest among the nation’s 100 largest cities,” Rents in the city have risen more than 20 percent since March 2020.

The slowdown is reflective of national trends, with the company noting rents falling nationally for a third straight month.

“A 1 percent price decline in November is the single largest monthly drop in the history of our index, which stretches back to 2017,” it said. “The cooldown is widespread, as rents fell this month in 93 of the nation’s 100 largest cities.”

Average rents comparison

Meanwhile data from Rent.com shows a slightly different picture of Tacoma rates using data from its site listings, skewing higher.

It shows the average rent in Tacoma for one-bedroom units, at $1,612, among the only ones with a year-over-year drop of 7 percent. It showed the average studio renting for $1,553, up 7 percent from 2021, and average 2-bedroom unit rent at just over $2,000, up 4 percent from last year.

It also showed at least 1 percent of listings now in the $501-$700 range. In June, it showed none. But, like June, it still shows just 3 percent of its listings under $1,000 in the city.

For the surrounding area it shows the following average rents for one-bedroom units and comparison to last year:

▪ Seattle: $2,326, down 2 percent

▪ Bellevue: $2,639, up 4 percent

▪ Bremerton: $2,015, down 7 percent

▪ Kent: $1,878, up 11 percent.

▪ Puyallup: $1,685, up 6 percent.

▪ Lacey: $1,625, no change.

▪ Lakewood: $1,609, up 2 percent.

▪ Federal Way: $1,535, up 6 percent.

▪ Auburn: $1,480, up 13 percent.

▪ University Place: $1,410, down 20 percent.

▪ Olympia: $1,355, up 1 percent.