Best places to buy rental properties in Washington

March 8, 2022
● Written by
Teddy

Washington

Investing in Washington

Washington is one of the nine US States that don't tax income on a state level. It's one of the fastest growing tech hubs and it's been ranked as the #1 best state overall, by the US News and World Report, since 2019. The Nophin team crunched the numbers and found the five best places to invest in Washington rental properties.

Statewide vacancy rates

WA Rental Vacancy Rate via Federal Reserve Bank of St. Louis

Seattle, WA

Seattle is the largest city in Washington and where Starbucks initially got its start.

  • Population: 737,015
  • Median household income: $97,185
  • Median 1-bedroom monthly rent: $1,974
  • Median listing home price: $850,000

Spokane, WA

Spokane, also called Hoopstown USA, is famous for hosting the world's largest basketball tournament each year.

  • Population: 228,989
  • Median household income: $52,600
  • Median 1-bedroom monthly rent: $1,100
  • Median listing home price: $445,000

Bellevue, WA

Bellevue is the third largest city in Washington and home to companies like T-Mobile, Paccar, and Amazon.com.

  • Population: 151,854
  • Median household income: $129,497
  • Median 1-bedroom monthly rent: $2,600
  • Median listing home price: $1,600,000

Tacoma, WA

Tacoma is known as the "City of Destiny" as it was the final stop of rthe Northern Pacific Railroad (now called BNSF Railway).

  • Population: 219,346
  • Median household income: $64,457
  • Median 1-bedroom monthly rent: $1,550
  • Median listing home price: $495,000

Vancouver, WA

Located just north of Portland, Vancouver is a great place to buy properties. It's considered as one of the safest places to live in the US.

  • Population: 190,915
  • Median household income: $63,617
  • Median 1-bedroom monthly rent: $1,710
  • Median listing home price: $501,500

Nophin is landlord banking and software for rental properties

With FDIC-insured bank accounts and cards that seamlessly integrate with easy-to-use software, Nophin helps landlords increase returns and automate rental property finances. Check out what we offer on the Nophin homepage!

Methodology

To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources.

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Please note: Nothing above should be construed as legal, investment, tax, nor financial advice. This content is for informational purposes only. Consult a lawyer and/or an accountant if the above is right for your personal situation.

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