REPORT: Median rent price spikes by shocking amount in Yakima, followed by Kennewick/Richland
KENNEWICK, Wash. — With inflation seeping its way into every aspect of modern American life, you’ll notice that rent prices are skyrocketing as well. Though it’s impacting certain places more than others, central Washington metropolitan areas like Yakima and the Kennewick/Richland areas have not been fortunate enough to escape the rising cost of living.
A recent study conducted by Stessa gathered the median rental price in metropolitan areas from 2019 to 2022. They broke it down into three categories: Small, Midsize, and Large metropolitan areas.
Of all small U.S. metropolitan areas listed in the study, Yakima had the fifth-highest median rent increase across the entire country. Stessa’s research found that the median price of a rental in Yakima, WA increased by 29.7% since 2019. This percentage increase represents an increase of $277 in median rental prices over the last four years.
While prices were already quite high in most large massive metropolitan areas, that’s a greater percentage increase in median rent price than any of the large U.S. cities listed in the study.
Smaller metro areas in Washington state are experiencing a tremendous spike in median rent price since 2019. Yakima ranked fifth on the overall list behind No. 3 Mount Vernon-Anacortes, WA (+33.2%) and Bremerton-Silverdale-Port Orchard, WA (+40.7%).
Rent prices are going up in the Tri-Cities as well, but not as dramatically as they are in Yakima. Stessa reported that the Kennewick-Richland metropolitan area saw a median increase of $102, representing a 9.4% increase in median rent costs for the area.
For more information from this Stessa report, click here.
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