With each Seattle neighborhood exuding a personality all its own, you’ll have plenty of options if you’re looking to invest in rental properties. The real estate investment possibilities in Seattle are exciting. Seattle is so diverse that there’s no doubt you’ll find something within your budget that will meet your goals.
For obvious reasons, you’re going to want to start with neighborhoods that most people will want to live in. It also helps to know how much you could potentially charge for rent. We’ve put together this list of the best rental property areas in Seattle to help you get started on your search.
We took Niche’s top neighborhoods to buy homes in Seattle and examined the percentage of people opting to rent vs. own a home. We also took a look at the median rent and home value.
Mann has a population of 7,736 with 47% of its people choosing to rent rather than own a home. The median rent is $1,329. The median home value in Mann is $445,725.
The median rent in Laurelhurst is $1,277. About 26% of its 6,684 population, rent rather than own homes. The median home value is $965,275.
Loyal Heights has a population of 10,839 with 36% of its residents choosing to rent rather than own a home. The median rent is $1,351. The median home value is $504,643.
Madrona has a median rate of $1,636 and has a population of 9,790; 31% of which prefer to rent. The median home value is $636,745.
The median home value in North Delridge is $298,240, and the median rent is $1,266. Of its residents, 44% rent.
Westlake may only have a population of 3,636. However, a whopping 74% of its residents rent rather own homes. The median rent is $1,567. The median home value is $377,049.
Ultimately, the decision comes down to you. Do you want to invest in property that has a high home value in an area where renters are few and rent is low? While this doesn’t sound appealing, it’s for people who think long-term and recognize that having a high-value home in their portfolio might be good to have to resell later on. In a neighborhood like Laurelhurst, the homes are worth more yet more people are looking to own vs. rent.
On the other hand, you could choose to invest in property in Westlake where the property may be more in your price range and where a high percentage of the population are looking to rent. In 2017, Westlake ranked #1 for Best Places for Millennials in Seattle Area. Or you can pick an area like Madrona where the median rent is one the highest in Seattle, allowing you to collect bigger rent a month.
Ultimately, the decision is up to you. The Seattle real estate market is so diverse that you can choose property based on your short- or long-term business goals.