Make an informed decision about purchasing, managing, and leasing your Bellevue rental property with our guide to Bellevue property management.
Bellevue Local Profile
Bellevue is one of Seattle’s largest and wealthiest suburbs, and is so popular among residents that it has been named top five in best places to live in the USA three times since 2010, and was named “Second Best Place to Live in the USA” by the USA Today newspaper in 2014. With three major shopping centers, proximity to Seattle, Redmond, and Kirkland, and numerous commercial districts, Bellevue has a lot to offer in terms of job availability, education, and recreation. It’s proximity to tech giants like Microsoft, Amazon, Nintendo of America, and Valve Corp make the city highly popular among relatively well-off families with jobs in the area, or who are moving into the city.
Neighborhoods – Bellevue’s multiple neighborhoods define the area with individual style, history, and culture. Each also has its own pace, ranging from lakeside living at Newport Shores to the countryside of Eastgate/Cougar hills to the luxury of downtown living. Others, like Northeast Bellevue abut Microsoft. The city also has a thriving neighborhood outreach program focused on improvement and local development.
• Bridle Trails
• Eastgate / Cougar Mountain
• Northeast Bellevue
• Northwest Bellevue
• Sammamish / East Lake Hills
• West Bellevue/Downtown
• West Lake Hills
Education – With multiple schools to choose from, Bellevue has a lot to offer for families of small children and college age children alike. The Bellevue School District is one of the most celebrated in the region, with dozens of local schools. You can use the district’s tool to find out which schools your investment property aligns with. Bellevue is near 98 preschools, 44 elementary schools, 23 middle schools, and 16 high schools, as well as the Bellevue University and the City University of Seattle.
Parks & Trails – Like other cities in the area, Bellevue is home to multiple parks and trails, with more than 100 options to choose from. With 96 miles of trails, plus recreations and guided tours, as well as sports, there’s also plenty to do throughout the year. Bellevue partners with My Parks and Recreations to offer an interactive map with search functionality here.
Buying a Rental Property in Bellevue, Washington
What can you expect to get for rent in Bellevue?
- 4 bed/2 bath, 2,500 s.f. single family home – $2,640 – $3,200
- 2 bed/2 bath – 1,000 s.f. condo – $1,320 – $1,760
Rental rates will vary depending on where the property is located in Bellevue. In the more exclusive or popular neighborhoods, prices can be well over a dollar a square foot. Bellevue also has great schools which add to it’s desirability for a potential renter.
Managing a Rental Property in Bellevue, Washington
If you’re considering purchasing a home to rent in the Bellevue area, you should take the following into consideration:
Consider Your Financial Situation – Will you actually make money owning and renting the home in question? Is owning a rental property part of your short-term or long-term investment strategy? What are the tax advantages associated with owning a property of this type?
Properly Assess Your Landlord Skills – Keep in mind that managing a home is a lifestyle decision, which can be like adding a part-time job to your life. Showing the property, screening and choosing tenants, collecting rent payments, and managing maintenance requests are only a few of the duties of a landlord in Bellevue. Many landlords, in the end, choose to work with a property management company instead of taking on all of the management of their Bellevue rental themselves.
While it may, at first, seem to make sense to manage your own property, you may find that the trouble is just not worth the amount of money saved. SJA Property Management understands the time and effort needed to successfully manage your Bellevue rental property, and will work with you to maximize your income and minimize the risk related to owning your Bellevue rental home.
Other helpful links:
For more detailed information on any of the issues discussed above, please contact one of our SJA Property Management professionals at 425.658.1920.