No, $1,275 isn’t as much as you’d pay in New York City – 500 square feet will run you $2,250 in the Big Apple.
But it’s still evidence that rents are very much on the rise in fast-growing Seattle. Tech companies are drawing thousands of new workers to the city every month, and that’s driving up rents. A source told me the other day that Amazon is hiring 250 people a month in Seattle. They have to live somewhere.
The increasing cost of living has some Seattle City Councilmembers pushing for rent control. Developers and other civic leaders, however, are saying rent control is unlikely to work. Just look at New York City, where they’ve had rent control for decades.
Seattle is No. 6 on the list for most expensive 500-square-foot apartments, and No. 15 on Zillow’s list of the most expensive places for apartments. After New York, the other cities on the list are pretty much the ones you’d expect to see there: San Francisco, Boston, Washington, D.C.
Here are the top five most expensive neighborhoods, ranked by the average price of a 25-foot-by-25-foot box. I mean, apartment.
- Belltown: $1,275
- Downtown: $1,263
- First Hill: $1,258
- Capitol Hill: $1,089
- Eastlake: $1,056