It’s no secret: Seattle’s commercial rental market is booming. This means that if you’re in the business of commercial property rentals, Seattle is the place to be. As Seattle’s demographics change, there is more and more need for additional property, and that means there’s an increased demand for well-organized commercial property owners in the Seattle housing market. Are you the right person to step into the Seattle housing market and become a successful commercial property owner?
Seattle is Ready for More Housing
Seattle needs more housing and the rental market is hot, with high demand and increasing rents. Why is this happening? A number of trends are converging in the Seattle area. Some of them are demographic: baby boomers are retiring to smaller apartments in the downtown core, while Millennials are trying to determine how they can buy for the first time. Many new technology workers are moving to the Seattle area and are looking for homes with easy transit access or work from home possibilities. Urban apartments in the Seattle area are suitable for all of these groups, hence the housing crunch.
Housing Construction is Booming
New apartment construction is helping to fill the housing gap. According to the Seattle Times, “apartment supply around downtown will increase 25 percent from 2016 through 2018.” These new properties need buyers. If you have the ability to purchase these properties, you could participate in the active Seattle rental market.
Seattle Property Opportunities Outside the Seattle Core
There are also commercial and home property opportunities in the areas around Seattle. For instance, in Tacoma, housing prices and land prices have also gone up due to the fact that people are leaving the Seattle area and seeking lower rents elsewhere. According to the Daily Journal of Commerce, in Tacoma “costs are up 5-10 percent — and more in some cases — over the past year or two.” Pierce and Snohomish counties are seeing the most domestic in-migration of any counties in the United States, says the Seattle Times. These areas are also creating neighborhoods similar to those found in the Seattle area, with local amenities such as local breweries.
Expanding Your Commercial Property Rental Business
When you’re setting up your rental business, you need support. You need someone who understands the trends in the local property market so that you can find the best properties that will rent easily. You need help marketing your property, finding tenants, interviewing tenants, running background checks, and preparing your building for the next rental. You also need ongoing assistance with repairs and maintenance. Partnering with a property management company can help you grow your property portfolio in a way that feels easy, not onerous.
At Lori Gill and Associates, we’re here to help you succeed in the property rental market. Connect with us and see how we can help support your commercial property rental business. Contact us today.