Seattle’s rental housing market is booming. Will you join in?
Seattle’s rental housing market is booming. Will you join in?

Oh, Seattle: city of rain and city of glorious forests. Seattle is not only the rainy city, though. It’s a place where rental housing is very strong due to

several demographic trends. Why are Seattle rentals a good investment? Let’s see what trends are in your favor.

Seattle Rental Housing Trends

According to a Crosscut feature, Seattle is experiencing a “development tidal wave that is already testing the limits of the local housing market.” With multiple high rises planned for the downtown core, the city is poised to build on its success with retirees, creatives, and tech employees.

If you’re looking for a long term rental investment, Seattle is the place to go. According to Housing Wire, Seattle is in 8th place for the best city in the country to experience gains in home equity. On average, you’ll be able to charge monthly rent that more than covers your mortgage payments, and the city is considered to be a good investment location.

Own Seattle Rentals and Live the Sweet Life
Retirees are moving out of houses in the suburbs into higher-density apartments downtown.

Seattle Rentals Are Ideal for Retirees

The suburbs used to be the place for family. In the 1950s, the rancher surrounded by lawns, a tire swing, and a white picket fence was the national ideal. However, as Baby Boomers grow older and their families leave them with a nest that’s a little too big, they’re seeking walkable and engaging urban communities to fuel their retirement pursuits.

The changing demographics of the country are reflected in home values as well: as of November 2014, urban home values exceeded those of suburban home values across the nation. Whether retirees are seeking easy access to recreation centers and libraries, theater and dance, or simply an exciting social scene, Seattle’s bustling urban areas are a growing hub. With the funds from the sale of their homes in their pockets, these retirees are able to afford downtown rents.

Seattle’s West Coast Culture Attracts Creatives

The other trend fueling Seattle’s rental housing boom is the market that creatives and tech workers have developed. They’re moving to the downtown core to seek out jobs and engage in a vibrant cultural community. This demographic is often young, mobile, and keen to rent instead of buy. With an average income of over $100,000 a year, creatives are not limited in terms of their rental possibilities. While these individuals are attracted by the job market in Seattle, they’re also fueling it: with a steady supply of housing and a booming number of creatives, new businesses can come into the city to set up shop. This is a positive cycle, because new shops generate even more jobs and more interest in rental housing.

As a property investor, Seattle is a sweet-looking investment, and as long as the boom in the creative and tech industries continues and retirees continue to flock to the downtown core, these rental apartments will continue to make a steady income. When you’re looking at Seattle rentals, work with a property management company that knows the local market. Lori Gill and Associates has 20 years in the rental property management industry in the Puget Sound area. Put our experience to work for you as you seek out, invest in, and maintain your real estate investments in the Seattle area.