01 Aug Market Conditions and Rental Property Management in Seattle
If you were heading out onto the ocean, you’d look at the weather conditions before you sailed. You need to do the same with your property investments. A serious look at Seattle’s property market shows that the forecast is for a continued heat wave in the property market, with rental property in high demand.
Seattle’s Housing Market is Booming
Seattle’s housing market has been busy for a while now. This is due to trends that are happening across the country that have fused with trends that are happening primarily in Seattle. Across the country, Boomers are downsizing into smaller apartments as their children leave the nest. They’re looking for trendy urban centers full of amenities where they can enjoy urban life. At the same time, Millennials are starting families and looking for homes that work for those families.
In Seattle, these housing market trends are exacerbated by the rise of the tech industry in the city. Young people are flocking to Seattle from across the country. Some of these tech industry employees decide to buy, leading to a hot housing market. According to Forbes, one of “the metropolitan statistical areas where listings stayed on the market the shortest amount of time in May (was) Seattle-Tacoma-Bellevue.”
Seattle Rentals Are Popular
Not everyone decides to buy when they move to Seattle. In fact, both Millennials and Boomers are enthusiastic renters. Millennials are mobile in their work, while Boomers are mobile in their retirement. According to NBC News, Boomers and Millennials have this in common: “last year, homeownership rates in the US fell to a historic low, and while millennials — who are less likely to buy than previous generations — are partly to blame, the surging interest among boomers to rent rather than own mustn’t be discounted.”
What does the fusion of a hot housing market and a keen population of renters mean for landlords? Just as Seattle’s housing prices and hot housing market make home ownership less affordable, Seattle’s rental market is also booming. This means that if you have a property for rent, you’ll have no lack of tenants available to rent it. In fact, your main concern will be how to determine which tenants are the best ones for your property.
Managing Your Seattle Houses for Rent
While you’ve decided to invest in the Seattle property market, you may not live in Seattle. You could also be busy during the day. Perhaps you don’t have the interest or the skills to complete all of the work on the properties yourself. Not everyone wants to market properties, complete background checks, call the landscaping company, or find a new part for the toilet. That’s where a property management company comes in.
When you work with a property management company, you can decide what aspects of property management appeal to you and work for your tenants and your schedule. The management company can coordinate many aspects of your rental properties so that your tenants get prompt service and you can enjoy owning properties without having to manage every aspect of the property.
Are you considering an investment in Seattle houses for rent? If so, consider investing in property management as well. When you work with a property manager, it’s easier to coordinate your marketing, find new tenants, and organize your properties so that they’re well-maintained. Contact Lori Gill and Associates and find out more about how we can help you with your rental property management.