SPOKANE, Wash — It's no secret that Spokane's real estate market is hot as more people flock to the area.
Data from Zillow, an online real estate database company, says home values in Spokane have increased by 11.4% over the past year. The company also predicts they will rise by 5.7% in the next year.
According to Zillow, the typical value of homes in Spokane is sitting at $274,412.
It's not just home values that are increasing. Rents are also rising throughout the county, multiple reports say.
A report from Apartment List published in October 2020 says rents in Spokane increased moderately by 0.3% from August to September. However, they are up significantly by 4.3% compared to the same time in 2019.
The median rents in Spokane stand at $762 for a one-bedroom apartment and $1,047 for a two-bedroom apartment, according to the report.
On the bright side, Apartment List says Spokane is still more affordable than most large cities across the country. The Lilac City's median two-bedroom rent of $1,047 is below the national average of $1,106. However, rents have fallen by 1.4% over the past year compared to the 4.3% rise in Spokane.
Other cities, including Phoenix and Detroit, have also seen rent increases over the past year.
A national rent report from Zumper published on Oct. 3 ranked Spokane as the 74th most expensive rental market in the nation in September, with the prices of one-and-two-bedroom apartments sitting at an average of $870 and $1,110, respectively.
Spokane Valley is also one of the top cities where rents are rising the most, according to a report from a business insurance company. Using data from both Zillow and Apartment List, AdvisorSmith reported that rent increased by 11.3% in the city from September 2019 to 2020.
The weighted average rent in Spokane Valley is sitting at $1,186 in September 2020, the report says.
Those who are looking for their next place to call home may be able to gather some insight from Zumper on the most expensive and affordable neighborhoods.
Its data shows that rents are highest in the Riverside, Moran Prairie, West Central, Thorpe Westwood and East Central neighborhoods. The areas of Bemiss, Hillyard, Lincoln Heights and Northwest Spokane are among the most affordable, according to Zumper.