Seattle | Bellevue | Everett: New Lease Rates up 23.5%

RealPage analytics reports that although inflation is casting doubt on the U.S. economy, the red-hot rental market continues unabated. "Rent growth reached another record high in May, as did renter incomes," the company said. 

With the largest rent increases in pricier class A and B apartment units, new lease rate changes (trade outs) are rising fast. Renters renewing leases in the same unit continued to see big discounts compared to new renters.  

Markets with the steepest rents for new tenants are:

1. Miami - 34.2%
2. New York - White Plains 32.6%
3. Fort Lauderdale - 30%
4. Tampa - ST Petersburg - 26.9%
5. Orlando 26.7%
6. San Diego - 25.5%
7. West Palm Beach 25.1%
8. Nashville - 23.7%
9. Seattle-Bellevue-Everett 23.5%
10. Newark-Jersey City - 23.5%