Bellingham’s rental rates are climbing faster than Seattle’s — here’s why

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Bellingham’s rental rates are climbing faster than Seattle’s – here’s why Bellingham’s rental rates are up 5.6% compared to a year ago – Seattle’s has only increased by 4.9% bellinghamherald.com Bellingham and Whatcom County, Washington, housing rental rates continue to rise, at a rate even faster than Seattle’s.

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In a dearly loved town changing faster than much of its populace would like. neighborhoods near the community’s heart – it’s no mystery why home and rental prices are climbing, or why developers.

Rental rates are still climbing – but a bit more slowly than in previous months. Nationwide, the cost of renting a single-family home grew by 2.9 percent, to an average of $1,455, in November, according to the latest data from CoreLogic released Tuesday. By contrast, rent prices had grown by 3 percent the previous month, 3.2 [.]

Despite growing at a faster rate over the last year, Bellingham’s average rental costs are still lower than Seattle’s by a noticeable amount with an average rental rate of $1,623 compared to $2,204. There are two key reasons that Bellingham’s rental rates are increasing at a faster overall percentage rate than Seattle’s.

Only one city had high income growth that matched rent increases – Austin, TX. Rents in Austin rose rapidly from 1980 – 2014, but incomes grew even faster. Austin’s population has more than doubled since 1980, causing rents to increase by more than 40%, but real incomes increased even faster.

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Because mortgage interest rates are climbing pretty quickly, a lot of potential homeowners are shying away from the idea of entering into a mortgage. Renting is Cheaper (in some places) Image from Trulia. In larger cities, rent is rising faster than pay raises which makes it difficult for people to rent.

Whatcom County housing rental rates continue to rise, at a rate even faster than Seattle’s. The median rental rate in Whatcom County was $1,623 a month in February, a 5.6 percent increase compared.

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