Whether you’re an experienced real estate investor or just looking for your first-time investment, the Seattle area is a promising location. While real estate costs are soaring, which makes it difficult for low-level investors to get in, it makes for high returns with high-rental rates set up to combat the ever rising demand for housing in the area. While it’s difficult to forget the smaller areas like South Union or Pioneer Square, there are significantly more opportunities in larger areas and outlying suburbs. The following tips from Seattle property management companies help with the most in-demand areas in Seattle where you can invest in rental property.
With proximity to the Bellevue and Newport High schools, easy access to some of the area’s biggest employers like Microsoft, (Amazon is just across the 520 bridge) and beautiful scenery, it’s not a wonder that Bellevue is one of the top investment areas in Puget Sound. The demand for rentals is always higher than the available units, and homes rent and sell quickly. However, Bellevue property managers should expect to invest in condos and large, single family homes.
Redmond is home to Microsoft and as such, always in need of more housing and housing opportunities and Microsoft brings in tech employees to work on their products. The area offers a variety of investment opportunities ranging from single family homes to the occasional apartment building or condo, as well as commercial buildings including restaurants and storage.
Kirkland has a huge potential for Seattle property managers because it’s located in the exact middle of almost everything. Not only is it a short drive to Seattle, it’s also close to some of the top high schools in the area, located near enough to Microsoft, Amazon, and other tech companies to make it easy to drive to work from, and has an attractive cultural setting that makes it good for families as well as singles.
Ballard is one of the hottest locations for Seattle investors, mainly because it’s experiencing a huge renovation. While the reputation isn’t stellar, the area is home to more than a dozen new large scale investment buildings, and has room for plenty more. Ballard’s combination of a large population increase plus a population-density friendly zoning also makes it a great location for building new apartments and condos, many of which are snapped up before construction even finishes. With property in high-demand, you will have be fast to get something, but rental rates are high and only looking to go up.
Are you planning to invest in the Seattle/Puget Sound area? If so, contact SJA for help with your property management.