All Property Management ranked Seattle and surrounding areas as the No.2 best places to own rental property. Seattle rents are rising quickly and is creating a draw for those looking to own rental properties. The average rent in Seattle was $1,615 a month as of March 2015.
The organization gave Seattle this ranking “primarily due to its astonishingly-high year-over-year median rental price increase of 27.12 percent.” That’s four times faster than the rest of the country.
A good rental market, however, does not always mean strictly high rent. People have to be able to have jobs when moving to the area. The rankings took job growth into consideration as well as number of available homes for sale, number of high paying tech jobs, and even coffee shops per capita. The population is skyrocketing, the unemployment rate is low, and gleaming, luxury apartments are going up seemingly overnight (a recent count showed 75 cranes rising over downtown).
In addition to a hot rental market, the Seattle area has the third-tightest housing market out of all 75 markets the group examined. The median home price in Seattle is now $535,000, a 19 percent increase since March 2014. “The cost to carry property, as measured by property tax rates and annual homeowners insurance premiums, are the second-lowest in the country,” the report found.