Tacoma: Rents Are Cheaper Than Bellevue, But Still Rising

The Tacoma News Tribune reports that rents are climbing in Tacoma, not just for market-rate units but for those approved as part of the city's 12-year multifamily property tax exemption program. Apartment List claims Tacoma's month-over-month rents were up 1.1 percent in April, compared with a 0.9 percent increase nationally. According to the service, that ranks Tacoma's rent growth right in the middle of the nation's 100 largest cities, with a year-over-year increase of 8.4%, down slightly from about 11 percent a year earlier. 

Apartment List reported Bellevue's rents shot up 21.5% in the past year, the fastest in the Puget Sound region. Affordable units rents also increased because the Housing and Urban Development increased 2022 area median incomes at $101,800 for a family of four, up from $91,100 one year earlier. That allows rental housing providers to increase rents between $152 and $220 for units rented at 80% AMI and $131-$188 higher for units rented at 70% of AMI.