Seattle renters spend $7.8 billion

Seattle renters in the metro collectively paid a whopping $7.8 billion in 2014, Zillow reports.

Rents in the metro has grown steadily over the past years, a burden every Seattle renters have to carry, especially those who are still struggling to finance a house of their own.

Zillow says rents shelled out by Seattle renters were up by $617 million, or almost 9 percent, from 2013. The average renter paid about $71 more a month last year.

“Cumulatively, U.S. renters paid $441 billion in rent in 2014 compared to $420 billion last year, an increase of nearly five percent (4.9 percent), as both the number of renting households and the average rent rose nationally.” according to the Zillow press release.

Total Rent Paid By The Largest 25 Metros Covered by Zillow*

Metro

Cumulative 2013 Rent

Cumulative 2014 Rent

Percent Change

2013-2014

Monthly Payment Change 2013-2014iii

United States

$420.4 billion

$441 billion

4.9%

$26

New York-Northern New Jersey

$48.2 billion

$50 billion

3.6%

$20

Los Angeles

$32.5 billion

$34.2 billion

5.3%

$42

Chicago

$13.4 billion

$14.3 billion

7.4%

$50

Dallas-Fort Worth

$9.4 billion

$10 billion

6.2%

$35

Philadelphia

$7.8 billion

$8.1 billion

4.4%

$23

Houston

$8.2 billion

$8.8 billion

7.2%

$43

Washington, DC

$13.1 billion

$13.4 billion

2.1%

$2

Miami-Fort Lauderdale

$9.7 billion

$10.5 billion

7.7%

$59

Atlanta

$6.8 billion

$7.2 billion

5.7%

$30

Boston

$9.2 billion

$9.8 billion

6.9%

$58

San Francisco

$12.8 billion

$14.6 billion

13.5%

$163

Detroit

$4.3 billion

$4.5 billion

4.6%

$20

Riverside, Calif.

$5.9 billion

$6.2 billion

4.4%

$26

Phoenix

$5.9 billion

$6.2 billion

6.0%

$34

Seattle

$7.1 billion

$7.8 billion

8.6%

$71

Minneapolis-St Paul

$4.3 billion

$4.5 billion

4.8%

$25

San Diego

$7.9 billion

$8.3 billion

6.1%

$55

St. Louis

$2.7 billion

$2.8 billion

3.3%

$10

Tampa, Fla.

$4.1 billion

$4.3 billion

4.9%

$24

Baltimore

$4.2 billion

$4.3 billion

3.0%

$9

Denver

$4.4 billion

$4.9 billion

10.8%

$86

Pittsburgh

$2.2 billion

$2.4 billion

10.6%

$56

Portland, Ore.

$3.9 billion

$4.1 billion

7.1%

$46

Sacramento, Calif.

$3.8 billion

$4.0 billion

5.2%

$33

San Antonio

$2.6 billion

$2.8 billion

5.5%

$25

“Over the past fourteen years, rents have grown at twice the pace of income due to weak income growth, burgeoning rental demand, and insufficient growth in the supply of rental housing. This has created real opportunities for rental housing owners and investors, but has also been a bitter pill to swallow for tenants, particularly those on an entry-level salary and those would-be buyers struggling to save for a down payment on a home of their own,” said Zillow Chief Economist Stan Humphries. “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.”

As Seattle renters continue to expect a rise in rent, do you think it’s about time to consider financing your own home? What are your considerations? We love to hear your feedback in the comments.