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Specialty # of Agencies
Single House or Condo 19
Apartment Buildings 22
Home Owners Association 13
Total Local Companies 30

The average rent for a 3 bedroom house in Seattle, WA is $1,777.00. When you receive your requested free market assessment, compare the average rent to what a property manager expects your property to rent for before making your decision on which manager to hire.

Seattle, WA Rental Market Overview

Seattle is the largest city in the Pacific Northwest, surrounded by pristine waterways, two mountain ranges and three national parks. Its coastal location and the establishment of the Port of Seattle have long contributed to the city's success as a major economic center. Meanwhile, Seattle's natural beauty has attracted some of the most iconic Fortune 500 companies of the past decade, including.Amazon.com, Costco, Starbucks, Microsoft, and Nordstrom. Driven by growth in the technology sector, Seattle has maintained a relatively strong economy even through the recession.

Demand for Seattle Rentals is on the Rise

Seattle's comparative prosperity continuously attracts a steady stream of people to the region, spurring demand for rental properties. With median house prices 40 percent higher than the national average, property ownership is out of reach for a large portion of Seattle's population, including the region's steady influx of new employees. Pair this with the fact that while new job creation is trending upwards, construction of new rental housing units has declined by nearly 80% in recent years, and you have the makings of an increasingly tight rental market. Owners of existing rental units have lately been able to raise rents substantially in response to rising demand.

Seattle Neighborhood Geography

Perhaps the best way to describe Seattle neighborhoods is by starting from the retail core, but it isn't easy. Unlike most American cities, some Seattle neighborhoods lack specific boundaries. There are overlaps and omissions on maps printed by realty companies or documents produced by community councils. A good example of this cartological confusion starts directly north of downtown, where the urban neighborhoods of Eastlake, Belltown and Denny Triangle sometimes overlap or vanish from local reference materials. For instance, some recent maps erase the old Denny Triangle and replace it with an expanded Eastlake, a neighborhood that extends north along the eastern shores of Lake Union. Other maps--and even community blogs--combine Belltown with the Denny Triangle and call it the Denny Regrade. "Regrade" harkens back to a massive sluicing project in the early 1900s that washed away one of the Seattle's original seven hills. When it comes to neighborhood names, Seattle locals know the synonyms while tourists ask for clarifications or directions.

Whether you call it the Denny Regrade, the Denny Triangle or Eastlake and Belltown, continue further north you'll find the Seattle Center neighborhood in the shadow of the Space Needle and a hill too high to be washed away: Queen Anne Hill. At 456 feet it's Seattle's second-highest hill and home to almost 30,000 inhabitants. West of Queen Anne is the Magnolia district, a hilly peninsula comprised of the Briarcliff, Lawton Park and Southeast Magnolia neighborhoods. Lawton Park is on the grounds of the former Fort Lawton, an army base that existed here from 1900 to 2011.

North of Magnolia and across the Lake Washington Ship Canal and Chittenden Locks are the overlapping neighborhoods of Ballard and Fremont. Despite the surge of upscale condominiums and trendy musical venues, Ballard remains closely associated with Seattle's Scandinavian settlers and seafaring community. Just east of here is Fremont, a neighborhood that abounds in artistic counterculture. Fremont's most memorable statuary includes a refurbished Vladimir Lenin monument and a car-smashing troll sculpture beneath the north side of the Aurora Bridge. The quirky creativity of this region dovetails nicely with nearby Wallingford, Ravenna, Green Lake and the University District, all appealing neighborhoods that offer an extensive range of off-campus housing options for students attending the nearby University of Washington.

North of Green Lake is the Northgate district, an area made up of four neighborhoods: Haller Lake, Maple Leaf, Pinehurst and Licton Springs/North College Park. Haller Lake is one of Seattle's northernmost neighborhoods, bordered by Broadview on the west and Lake City to the east. Below Lake City and extending along the shores of Lake Washington are Hawthorne Hills--sometimes labeled Windermere or overlapped with an area with the same name--and Laurelhurst. Both of these affluent neighborhoods have the highest median household incomes in Seattle.

Return to Seattle's retail core and you'll find more neighborhoods directly to the east on two more hills: First Hill and Capitol Hill. The steep slopes create astounding sunset views of the city and Puget Sound to the west and/or rosy sunrises over Bellevue and the Cascade Range to the east. Residents--especially seniors--often refer to First Hill as Pill Hill after visiting the numerous health care facilities and clinics around the crest. In the early 1900s this neighborhood was home to affluent residents and featured numerous Victorian manors and stately Tudor homes. While modern construction displaced or replaced First Hill's oldest architecture, visitors can still find an abundance of mature trees and venerable estates throughout Capitol Hill. Further east of these two hills are the waterfront neighborhoods of Madison Park and Madison Valley. Washington Park, Denny-Blaine (sometimes called Harrison) and Leshi are often lumped into the Madison Valley district as one highly affluent neighborhood.

Just south and within walking distance of Seattle's retail core is Pioneer Square, one of the two oldest neighborhoods in the city. Further east from here is the Chinatown-International District and Seattle's Central District (or Central Area). Around the 1920s strict housing covenants containing racial restrictions limited minorities to these two areas, creating two of the most ethnically diverse neighborhoods in Seattle. In recent years market pressure and increased housing costs have diluted some of this diversity, although the decades of influence on architecture remain. South of the International District is Georgetown, the only rival to Pioneer Square for venerability. Georgetown is part of the Duwamish River Industrial District and features more area--or sprawl--than Pioneer Square. Commercial interest resulted in a recent community revival that continues to evolve with bars, restaurants, boutiques and coffee houses.

West of Georgetown are the districts of West Seattle and Delridge, which is make up two dozen tiny neighborhoods--so many that we only cover a few here. The High Point neighborhood in Delridge is 520 feet above sea level and the highest point in the Seattle metro area. Recent renovations and redevelopment resulted in one of the most diverse neighborhoods in the city with a significant number of immigrants from East Africa and Southeast Asia. At the northernmost tip of the district is the neighborhood of Alki Point, a beachfront neighborhood that remains one of the most popular local destinations throughout the summer months. Far to the south is the neighborhood of Fauntleroy, a daily destination for Washington State Ferry commuters who make their way between West Seattle and Vashon Island or the Kitsap Peninsula.

East of Georgetown is the district of Southeast Seattle/Rainier Valley. These two place names are frequently used in an interchangeable manner that confuses everyone except long-term residents. Although the region was annexed to Seattle in the early 1900s, most of these neighborhoods feature older homes that were shortly built after World War II. A number of Rainier Valley communities have aliases, including Rainier View (also called Lakeridge), Rainier Beach (also called Atlantic City Beach) and Dunlap (sometimes known as Othello). Most Rainier Valley neighborhoods are primarily residential, but Columbia City is sometimes defined as an urban village with pedestrian enhancements and unique ethnic and income diversity. North of Columbia City is the shoreline neighborhood of Mount Baker, while the Lakewood and Seward Park waterfront communities border Columbia City to the south.

Seattle Property Management Companies Can Help

With many Seattle property investors taking advantage of rising home prices and the hot rental market, professional property management has become increasingly important. Seattle property management companies help investors maximize returns on their income properties, while also attracting and keeping the highest quality tenants.

Seattle Rental Market at a Glance

  Seattle MSA US
2012 Population 3.5 million 380 million
2010 Percentage of renters 38.23% 34.0%
2013 (1st Q) Rental vacancy rate 4.6% 8.4%
2013 Median house price $361,000 $185,400
2013 Median income $58,890 $51,425
2013 Median rent (3 bedroom) $1,754 $1,350

The vacancy rate of the greater area of Seattle, Washington (population: 3,552,157) has declined since its peak of 8.5% in the third quarter of 2010 to 4.6% for the beginning of 2013. The median rent has increased since its 2010 price of $1,602 and is currently at $1,754. The median family income is currently $58,890 and the median home price is $361,000.

Vacancy rates and population estimates taken from census.gov/housing
Rent data from HUD.gov
Median family income and price from CNNMoney.com
Percentage of renters reported by City-data.com

Seattle

Is Seattle a Good Location For Investment Properties

Market Conditions for Seattle Rental Properties

Top Rated Seattle Washington School Districts

Historic Buildings in Seattle

Most Expensive Neighborhoods in Seattle

Secondary Markets Receiving More Attention

Top Single Family Managers

Offices in Seattle and Bellevue
Seattle/Bellevue, WA 98004

Managing: Single-Family : Multi-Family :
BRINK strives to provide the most Professional, effective, accurate and efficient property management service available.
Free Quote...

425 Pontius Ave N , Suite 203
Seattle, WA 98042

Managing: Single-Family : Multi-Family : Association : Commercial
Doing business in the Puget Sound region since 1944. We've earned a reputation for high caliber service, responsiven...
Free Quote...

18551 Aurora Ave. N #310
Shoreline, WA 98133

Managing: Single-Family : Multi-Family : Association :
We are a family owned business offering Real Estate services since 1932 in the greater Seattle area.
Free Quote...

Top Multi-Family Managers

2621 Eastlake Avenue East
Seattle, WA 98102

Managing: Multi-Family : Commercial
Our goal is to provide the highest standard of investment real estate services.
Free Quote...

22404 66th Ave S
Kent, WA 98032

Managing: Single-Family : Multi-Family : Association :
We customize our agreements to fit your needs. We will service your rental properties as if they were our own, with c...
Free Quote...

10324 Canyon Rd E, Suite 206
Puyallup, WA 98373

Managing: Single-Family : Multi-Family :
We Make Owning Property Profitable & Enjoyable
Free Quote...

Top Association Managers

Multiple Locations in TX, CA, FL, CO, AZ, NV, MO, NC, GA
WA

Managing: Association :
Comprehensive community management services
Free Quote...

9500 Roosevelt Way NE #100
Seattle, WA 98115

Managing: Single-Family : Multi-Family : Association : Commercial
Since 1972, WPI has a proven track record in managing properties in King and Snohomish County.
Free Quote...

2018 156th Ave NE
Bellevue, WA 98007

Managing: Multi-Family : Association :
At Propvivo, we are passionate about building great residential communities that you would love to be part of.
Free Quote...

Additional Seattle, WA Property Management Companies

613 Market St.
Kirkland, WA 98033

Managing: Single-Family : Multi-Family : Commercial
Our property management team adds value to its clients' properties while maintaining low-overhead costs.
Free Quote...

5604 California Ave SW
Seattle, WA 98136

Managing: Single-Family : Multi-Family :
Our highest priority is to establish quality client relationships and to represent homeowners with professionalism and...
Free Quote...

19410 HWY 99 , Suite A-136
Lynnwood, WA 98036

Managing: Association : Commercial
Quality: The Roots of our Business
Free Quote...

12418 83rd Avenue South
Seattle, WA 98178

Managing: Single-Family : Multi-Family :
We are honest, dependable, and conscientious business people. We won't rest until we know all of your property man...
Free Quote...

16398 NE 85th St. , Suite 200
Redmond, WA 98052

Managing: Single-Family : Multi-Family :
Top Rated BBB Property Management Company!
Free Quote...

1333 N. Northlake Way, Suite H
Seattle , WA 98103

Managing: Single-Family : Multi-Family :
Protecting your valuable asset and representing your best interests on a day to day basis.
Free Quote...

25620 126th Pl SE
Kent, WA 98030

Managing: Single-Family :
Stop paying agency fees and work directly with the broker. Ask about our low rates.
Free Quote...

1333 N. Northlake Way, Suite H
Seattle , WA 98103

Managing: Association :
Protecting your valuable asset and representing your best interests. Managing Associations with greater then 10 units.
Free Quote...

10909 Portland Ave Suite L
Tacoma, WA 98445

Managing: Single-Family : Multi-Family :
We have managed rental homes and properties for over 30 years
Free Quote...

PO Box 75535
Seattle, WA 98175

Managing: Association :
Having managed over 30 associations, we understand associations' concerns, issues and needs.
Free Quote...

Rental Ranking

  • What is it?
    • It measures a city's attractiveness for real estate investment.
      Higher Ranking = Higher Rental ROI Capacity.

2014 Q2 Report


All Property Management released the latest US regionally ranked data.
View report >

About Rental Ranking >
How is this Calculated >
Seattle Companies >

Top US Cities

View Full Report

The top five rental ROI cities per region

West

  1. San Francisco, CA
  2. San Jose, CA
  3. Seattle, WA
  4. Denver, CO
  5. Los Angeles, CA

Seattle, WA: Rental Property ROI Analysis

2014 Q2 Data Vacancy Rate Rent Variance Cap Rate Appreciation Job Growth Days on Market
Seattle 3.00% 1.31% 6.09% 4.90% 2.24% 33
75 US City Avg. 8.00% 0.57% 7.78% 5.00% 1.59% 73

Home to the world-famous Pike Place Market, the Seahawks and Mariners, unparalleled mountain views, the most coffee shops per capita in the U.S., and major corporations such as Microsoft and Boeing, it is pretty easy to understand why more than 630,000 residents choose to call Seattle home. Holding a place on Forbes list of Best Cities for Tech Jobs and Kiplinger list of 10 Best Cities for New College Grads.

 

Seattle has an active real estate market and is one of the toughest markets in the country for renters looking for available housing. It should come as no surprise, then, that Seattle ranks 3rd regionally and 8th nationally for rental real estate investment on the recently released All Property Management Q2 2014 Rental Ranking Report.

 

What data is this based on?

To calculate the All Property Management's Rental Ranking Report, we explore a number of different sources, including current government housing and jobs data, as well as housing appreciation forecasts for 75 cities across the United States. We look at specific factors such as home vacancy rates, capitalization rates, home value appreciation rates, annual job growth, change in rental rates, and average days a property stays on the market to determine which U.S. cities are poised to give investors the highest return on their rental investment.

 

Seattle ranks well in most of these categories, particularly in vacancy rates and average days on market. For example, the Seattle vacancy rate of 2.9 percent gives it a first place ranking among the 75 Metropolitan Statistical Areas that All Property Management evaluates for the Rental Ranking Report. As such, this is the most difficult market for renters looking for available rental properties, and gives investors and property owners an opportunity to capitalize on this need. The Seattle real estate market is quite active as a whole, however; properties sit on the market for just 33 days on average before being sold. This ranks Seattle 4th in the country for this particular category. Other positives for Seattle include an increase in year-over-year rental rates of 1.31 percent and job growth over the past year of 2.47 percent.

 

What does a high-ranking mean?

Is owning a rental property in Seattle profitable?
Quite simply, there has never been a better time to consider rental property investment in Seattle and the surrounding areas. Property owners and investors should capitalize on the lack of rental housing in the market, while rising rental rates will help owners see quality returns on their investment.

 

Thinking about renting out your Seattle property? Seek the assistance of a local, qualified property manager and automate your rental profit. Get free quotes emailed to you from 5 competing Seattle property management companies to compare rates and calculate the ROI. Or call 1-877-780-4510 to speak with a representative.

 

Our team at All Property Management specializes in connecting property owners with property agents in communities across the country. Expert property managers can assist with setting rental rates, advertising your property, screening and managing tenants, collecting rent, managing vendor relationships, and ensuring you are complying with local, state, and federal housing regulations, thus taking the hassle and worry out of managing your property. We look forward to working with you and welcome the opportunity to help you with all your property management needs.