Overview of Tacoma's Rental Market
The Tacoma rental market has experienced various changes, reflecting trends crucial for renters, landlords, and real estate professionals to understand. As of the latest reports, the average rent in Tacoma, WA, is around $1,676 to $1,830, showing slight variations across different sources.
This rent level represents a blend of various factors, including location, size, and quality of the apartments. Notably, rent prices tend to increase at different rates, according to each source's latest data.
This table summarizes key data points from the overview of Tacoma's rental market:
| Data Point | Information |
|---|---|
| Average Rent | $1,676 to $1,830 |
| Year-over-Year Change | Varies from slight decreases to increases, with one source reporting a 1.2% increase |
| Average Apartment Size | 818 sq. ft. |
| Rent Range | Diverse, catering to different income levels and lifestyle preferences |
| Expensive Neighborhoods | North East Tacoma, North End Tacoma, West End Tacoma |
| Affordable Neighborhoods | Central Tacoma, Eastside Tacoma, South Tacoma |
| Popular Neighborhoods | South Tacoma, South End Tacoma, Fife, New Tacoma, Johnson Estates |
| Comparison with Other Cities | Middle-ground status in the regional market, competitive with neighboring cities and the Seattle metro area |
This table encapsulates the essential aspects of Tacoma's rental market, highlighting its diversity in terms of pricing, apartment size, neighborhood desirability, and its competitive position within the broader regional context.
Rent Trends and Changes
The Tacoma rental scene has displayed stability and growth over recent periods. Reports indicate a year-over-year change ranging from a slight decrease to increases in average rent. Specific trends highlight a 1.2% year-over-year increase to a more substantial rise, depending on the data source. The median rent for an apartment varies, with one-bedroom and two-bedroom apartments having different average rents, reflecting Tacoma's renters' diverse needs and budgets.
Rent trends and changes in Tacoma's rental market:
| Aspect | Details |
|---|---|
| Year-over-Year Change | Ranges from slight decreases to increases, with a specific report of a 1.2% increase |
| Monthly Rent Trends | Shows variations with some sources indicating stability and others reflecting slight to moderate increases |
| Annual Change | Varied across sources, from slight decreases in some areas to increases in others |
| Median Rent for 1-Bed | Varies, with one report indicating $1,365 |
| Median Rent for 2-Bed | Varies, with one report indicating $1,705 |
| Comparison Over Time | Tacoma rents have shown both stability and growth, with specific trends highlighting a 0.6% increase in one month |
| National Comparison | Tacoma's rent growth is compared to both state (0.0%) and national averages (-1.0%) |
| Rank Among Large Cities | January rent growth in Tacoma ranked #10 among large U.S. cities for its monthly increase |
This table provides a snapshot of the dynamic nature of the rental market in Tacoma, highlighting the fluctuations in rent over time, both on a monthly and yearly basis, and how these trends position Tacoma in comparison to broader averages and rankings among large cities in the U.S.
Apartment Size and Rent Range
The average apartment size in Tacoma is 818 square feet, with various options available, from studios to more spacious three-bedroom units. The rent range is equally varied, catering to different income levels and lifestyle preferences.
The market includes affordable options in neighborhoods considered more economical and higher-priced rentals in sought-after areas, demonstrating Tacoma's wide-ranging appeal.
Information on apartment sizes and rent ranges in Tacoma's rental market:
| Aspect | Details |
|---|---|
| Average Apartment Size | 818 square feet |
| Studio Apartments | Smallest and most affordable, part of the diverse housing options |
| 1-Bedroom Apartments | Closer to the average size, offering a middle ground in terms of space and cost |
| 2-Bedroom Apartments | More generous square footage, suitable for those needing more space |
| 3-Bedroom Apartments | Largest among the common choices, ideal for families or sharing among roommates |
| Rent Range | Varies significantly across different apartment types and locations |
| Affordable Options | Located in neighborhoods like Central Tacoma, Eastside Tacoma, and South Tacoma |
| Higher-Priced Rentals | Found in sought-after areas such as North East Tacoma, North End Tacoma, West End Tacoma |
| Most Common Price Range | Apartments priced between $1,500 – $2,000 constitute a significant portion of the market |
| Least Common Price Range | Condos priced between $700 – $1,000 hold the lowest market share |
This table reflects the diversity in apartment sizes and rent ranges within Tacoma, highlighting how different neighborhoods cater to varied budgets and lifestyle needs. It showcases the balance between affordability and luxury in Tacoma's housing market.
Popular Neighborhoods and Their Characteristics
Tacoma's rental market is segmented across various neighborhoods, each with unique characteristics and average rent prices. North East Tacoma, North End Tacoma, and West End Tacoma emerge as some of the more expensive areas.
In contrast, Central Tacoma, Eastside Tacoma, and South Tacoma offer more affordable living options. The popularity of these neighborhoods varies, with factors such as proximity to amenities, community vibes, and overall living costs influencing renter preferences.
Popular neighborhoods in Tacoma and their characteristics, focusing on the rental market:
| Neighborhood | Average Rent | Characteristics |
|---|---|---|
| North East Tacoma | $2,065 | Known for its higher-priced rentals, offering scenic views and upscale living environments. |
| North End Tacoma | $1,991 | Features historic homes and vibrant community spaces, appealing for its charm and proximity to amenities. |
| West End Tacoma | $1,827 | Offers a mix of suburban feel with access to parks and waterfronts, ideal for families. |
| Central Tacoma | $1,292 | Most affordable, with a diverse community and access to cultural and educational institutions. |
| Eastside Tacoma | $1,381 | Offers affordability with a strong sense of community, improving infrastructure and amenities. |
| South Tacoma | $1,576 | Known for its value for money, providing a variety of housing options with convenient transport links. |
| South End Tacoma | $1,615 | Popular for its residential feel, accessibility to downtown, and family-friendly parks. |
| New Tacoma | $1,637 | Downtown area offering a mix of modern apartments and amenities, attractive for young professionals. |
This table showcases the diversity within Tacoma's neighborhoods, highlighting how each area caters to different preferences, from affordability and community atmosphere to proximity to amenities and scenic views.
Comparison with Other Cities
Tacoma's rental prices position it distinctively compared to neighboring cities and the broader Seattle metro area. While some areas within Tacoma offer competitive rents with or even lower than other cities, the overall average rent in Tacoma indicates its middle-ground status in the regional market.
The city provides a mix of affordability and quality living, making it an attractive option for a diverse population of renters.
Tacoma's rental market dynamics present a comprehensive picture of current trends, neighborhood preferences, and comparative affordability. With an average rent that encapsulates the city's diverse offerings, Tacoma remains a significant player in the Pacific Northwest's rental landscape.
Understanding these trends is essential for navigating the rental market effectively, whether looking for a new home or investing in rental properties.
A comparison of Tacoma's rental market with other cities, particularly focusing on average rent and how Tacoma stands within the broader Seattle metro area and against other notable cities:
| City/Area | Average Rent | Comparison with Tacoma |
|---|---|---|
| Tacoma, WA | $1,676 – $1,830 | Base comparison point |
| Seattle, WA | $2,267 | Seattle's average rent is significantly higher, reflecting its status as a major urban center. |
| Bellevue, WA | $2,558 | Bellevue shows even higher rent levels, associated with its affluent neighborhoods and tech hubs. |
| Renton, WA | $2,139 | Renton's average rent is higher, close to Seattle's, due to its proximity and amenities. |
| Lakewood, WA | $1,619 | Lakewood presents a slightly lower rent, offering a more affordable alternative close to Tacoma. |
| Puyallup, WA | $1,945 | Puyallup's rent is somewhat higher, likely due to its unique community features and location. |
| Seattle Metro Area | $1,912 | The broader metro area's average is higher, with Tacoma offering a more affordable option within. |
| National Average | $1,207 (1-Bed) | Tacoma's rent is above the national average, reflecting its growing appeal and regional value. |
This table highlights Tacoma's position within the regional and national housing market, showing it as a middle-ground option that balances affordability with the benefits of urban living.
As we've journeyed through the diverse landscapes of Tacoma's rental market, it's evident that this vibrant city offers a unique blend of affordability, scenic beauty, and community spirit. From the historic charm of North End Tacoma to the affordable vibrancy of Central Tacoma, each neighborhood weaves its own narrative, making Tacoma not just a place to live, but a place to belong.
Whether you're drawn to the waterfront serenity of West End or the bustling urban vibe of New Tacoma, there's a slice of this city tailored just for you. With its competitive position within the greater Seattle metro area and a rental market that caters to a wide range of preferences and budgets, Tacoma stands out as a beacon of opportunity.
Here, amidst the backdrop of Mount Rainier and the shimmering Puget Sound, your perfect home awaits, promising a blend of Pacific Northwest beauty and a community rich with possibility. Dive into Tacoma's rental market, and discover not just a place to call home, but a place where your life's next chapter is waiting to unfold.
Sources:
- RentCafe: https://www.rentcafe.com/average-rent-market-trends/us/wa/tacoma/Â
- Rent.com: https://www.rent.com/washington/tacoma-apartments/rent-trendsÂ
- ApartmentList: https://www.apartmentlist.com/rent-report/wa/tacomaÂ
- Zumper: https://www.zumper.com/rent-research/tacoma-waÂ
- Point2Homes: https://www.point2homes.com/US/Average-Rent/WA/Tacoma.html
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