The top rental markets in Washington are Seattle, Vancouver, Tacoma, Bothell, Olympia, Kirkland, Kent, Spokane, and Renton.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Washington Rental Trends:
Washington is a beautiful state that expects to be coal-free by 2025 and has flourishing industries in agriculture, technology, and maritime. As a place for all ages, its culture is attracting many renters with a variety of appealing properties that property investors don’t want to miss out on. Here are some highlights from the top rental markets in the Evergreen State:
Days on Market:
The city with the lowest number of days on market is Renton at only nine days – under the national average which sits at 15 days; Kirkland has the highest number of days on market at 16.
The top three towns for the largest amount of leads per listing are equal to or over the national average at 38. Here they are:
- Kent – 81 leads per listing
- Tacoma – 58 leads per listing
- Olympia – 38 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Spokane comes just under that with the lowest average rent of $1,027 for a two-bedroom compared to the highest rent in Washington at $2,301 in Seattle.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. Washington’s highest median sale price comes above that at $687,000 in Kirkland with its lowest median sale price lower than the national average at $249,000 in Spokane.
Washington’s median income rings in at $57,480 – above the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen in Washington cities between 2018 and 2019. With the largest being an increase of 25% in Spokane at $1,000, and the largest decrease in Renton at -35.9% with the current average at around $1,250 – just above the national average for security deposits which is also $1,200.
All of the Washington cities had a livability score 64 or higher with the highest being Kirkland at 78!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.