Here is some information on evaluating Bellevue as a potential investor, as well as managing a property in Bellevue. Our goal is to help investors make an informed decision about purchasing, managing, and leasing their Bellevue home or investment.
Bellevue Property Management Info:
Bellevue Local Profile
Bellevue is by far one of Seattle’s largest and wealthiest suburbs, becoming 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. At that time, the Median household income in Bellevue was $91,449. Bellevue also has a very well educated population with more that 64% of adults having a college degree. This ranks among the highest rate in the nation.
With three major shopping centers in close 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. The average commuter travel time is approximately 22 minutes.
Neighborhoods – Bellevue’s multiple neighborhoods define the area with individual style, history, and culture. Each also has its own pace, ranging from lakeside living in Meydenbauer Bay, to more of a rural feel in Eastgate/Cougar hills, to the luxury of downtown high-rise living. Other neighborhoods like Northeast Bellevue are nearby Microsoft, making them desirable for tenants that work there. 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 – The schools in Bellevue are a major draw for tenants. 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 and many ranking near the best in the nation. You can use the district’s online tool to find out which schools your investment property aligns with. There are 98 preschools, 44 elementary schools, 23 middle schools, and 16 high schools, as well as the Bellevue College in the Bellevue area.
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 for a Bellevue investment property?
- $1.35 – $1.90 per square foot (3000 sq ft home rents for approximately $4000 per month)
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 two dollars a square foot. Bellevue also has great schools which add to its desirability for a potential renter.
Managing a Rental Property in Bellevue, Washington
If you’re considering purchasing a property to rent in the Bellevue area, here are some things to take 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. Marketing, showing the property, screening and choosing tenants, understanding all the laws, collecting rent payments, enforcing the lease, managing maintenance requests and providing 24 hour emergency service, are a few of the duties of a landlord in Bellevue. In the end, many landlords choose to work with a property management company instead of taking on all of the management of their Bellevue rental themselves.
While initially it might seem to make sense to manage your own property, you may find that the trouble is just not worth the amount of money saved. Also when you take into account the liability protection, potential for a higher rent amount, and lower vacancy rate, often times a professional management company can be less expensive that self management. 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:
- Bellevue Chamber of Commerce
- Bellevue Downtown Association
- Bellevue Rental Codes
For more detailed information on any of the issues discussed above, please contact one of our SJA Property Management professionals at 425.658.1920.