Seattle renters paid 8.6% more this year; higher rents expected in 2015

Seattle tenants paid an estimated $8.7 billion in rent this year, which is up 8.6 percent from the $7.1 billion paid in 2014.

According to Seattle online real estate company Zillow Inc., the estimated 11,000 Seattle renters paid $71 extra per month, or $852 per year, in rent this year compared with 2013.

Nationally, Zillow (NASDAQ: Z) renters paid $441 billion in rent in 2014 compared with $420 billion last year, an increase of nearly 5 percent.

Seattle’s 8.6 percent annual rent increase trailed double-digit increases registered in cities like San Francisco (13.5 percent increase), Denver (10.8 percent) and Pittsburgh (10.6 percent).

And renters shouldn’t look for relief any time soon.

“Next year, we expect rents to rise even faster than home values, meaning that another increase in total rent paid similar to that seen this year isn’t out of the question. In fact, it’s probable,”said Zillow Chief Economist Stan Humphries, in a statement.

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