How will Seattle rental properties do in 2018? For many, 2017 was a banner year, and landlords are hoping that this continues. Rental rates remain competitive, and rentals are in high demand as well. What will 2018 bring for Seattle landlords?
Is the Seattle Market Still Hot?
2017 was an outstanding year for Seattle rentals. In October 2017, the Seattle Times stated that “Seattle is now a full year into its reign as the hottest housing market in the country, an unusually long surge that doesn’t look likely to end anytime soon.” The reasons for the rental boom are complex, but the interest in local rentals is in part due to the rise of Seattle’s technology industry and workers who’ve moved to the city to enjoy this booming industry and mild climate, combined with the movement of Boomers from larger homes into smaller ones or rentals. All of this is taking place against a background of families who want to rent, college students who need a home, and Millennials who are in town for a while before moving elsewhere to pursue new career opportunities.
2018 Could Be Even Stronger
According to PwC and The Urban Land Institute, Seattle isn’t just in the top cities to watch anymore. It’s been voted the top city in Emerging Trends in Real Estate, says the Seattle Times. The report focuses on those who are working and investing in the real estate market: people like you. While there may be tumult in the world as a whole, Curbed states that “As far as the real estate industry is concerned, the immediate future promises a relatively smooth ride.”
What Does This Mean For Property Investors?
If you’re investing in property, Seattle’s booming market is both a boon and a challenge. Housing prices are rising consistently as people are interested in buying property in the area. This means that it’s becoming less affordable to purchase property. However, rental prices are also rising, and rental interest remains strong, so investors who can afford the purchase price of a home or larger properties such as apartment blocks will benefit from this opportunity. As long as interest remains high amongst renters, you’ll have a large group of people who are keen to live in your rental properties, so there is an advantage to adding to your portfolio before the housing price rises again.
Bring New Help On Board This Year
Are you considering investing in new Seattle rentals? With Seattle’s rental market continuing its strong growth, it’s a good time to invest. However, adding more rentals to your portfolio can make your life more complicated and difficult if you don’t have plans to coordinate the extra workload. Property management is about much more than owning properties: it’s about promoting rentals, bringing on new tenants, and managing the operations of the property. You also have to coordinate with tenants when it comes to payment and damage deposits, plus tend to property inspections and make sure that tenants are treating your property well. If you’re tired of this list, connecting with a property management company can help you add to your investments without increasing your workload.
With Lori Gill and Associates, you’re covered when it comes to the challenges of being a landlord. Enjoy owning and investing in properties without the headaches of late-night calls or coordinating some of the more challenging aspects of property management, such as late payments. When you work with us, you know that someone is there to take care of your properties and your tenants, so that you can grow your investments. Connect with Lori Gill and Associates today.