SPOKANE, Wash. — As part of KREM 2's Boomtown Week, we have investigated how rent prices affect the Inland Northwest. From 2022 to 2023, the average rent price stayed relatively the same. However, in the last five years, the average rent for a one-bedroom apartment increased by more than $350.
In the same five years, rent increased by almost 50%, while the median household income only increased by 23%. There is good news, though. In the past year, more and more houses have been going up for rent. Spokane's vacancy rate is almost 5%, up from 2% during the pandemic. That means less competition to drive up prices.
KREM 2's Nicole Hernandez asked four strangers to share their experience with Spokane's rental process.
"We have a one-bedroom apartment. [It's] just the two of us, and it's pretty small. And it's $1,500 a month," one man named Chris said. Chris and his wife make around $6,000 a month combined, paying 22% of their monthly income for housing.
"I moved there 20 years ago and haven't left because the rent is so cheap," Greg, a man living in a Spokane Housing Authority building, said. He pays $387 a month. "So I get to pay less than a third a month, which is awesome," he added.
Paying less than 30% of a person’s monthly income for housing is the general rule of thumb for an individual’s economic vitality. Still, more than half of Spokane renters don’t meet that threshold.
Jeffrey pays $725 a month, but he only makes $935 a month. He is among the 25% of Spokanites who spend more than half their income on housing.
"I always manage. I get food stamps," Jeffrey said. "It is crazy. This whole rent is ridiculous."
The rental prices are difficult even for people who work full-time, like Tyler. "I'm currently homeless," Tyler said. "I work full time at a local diner and still don't make enough to get myself housed up properly. It's really hard."
Four random strangers in Spokane, all with different stories, are connected with one thing in common: Spokane’s relatively expensive rental market.
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