After two years of steady increases, the rental market is now seeing a drop in rental prices.
SPOKANE, Wash. — The average cost of rent in Washington state has dropped 3% since June, a new report from QuoteWizard found. However, the average cost is still up from 2020.
Since 2020, the average cost of rent has risen 23% in Washington. According to QuoteWizard, however, the average cost of rent has decreased 3% since June 2022.
The average cost of a 1-bedroom apartment in Washington state is now $1,323.
On top of rental prices dropping, rental insurance rates in Spokane and Washington state are below the nationwide average of $219 a year.
Washington’s average rental insurance yearly premium is $179, with its monthly premium costing $15.
Rental insurance is determined by:
- Your insurance claims history and credit score
- Your local environmental risks and crime stats
- Your deductible and coverage level
Ways to save on renters insurance:
- Look around for deals
- Bundle your renters and auto policies
- Increase your deductible
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Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.