With local real estate prices skyrocketing, many current renters – and would-be buyers – are experiencing the phenomenon in the form of higher rents. In Seattle, rent prices have increased nearly 19% year-over-year, which is more than the state average of 17.8% or the national increase of 17.1%.
Seattle is not the only area where the increases have been steep. Nationally, New York City led the nation with a 33.3% increase over the last year, followed by Phoenix at 25.4% and Austin at 22.6%.