We get asked all the time: “Is now a good time to be renting my home out?” The short answer: unequivocally yes! In the 30 years we have lived and rented in the Seattle market there has never been a better time. Here’s why.
Vacancy rates are at historic lows. We consider anything under 5% vacancy to be “full”. Since the beginning of 2020 we have been running steadily under 3% vacancy. In May we hit 0% for the first time ever! And most of our vacancies
We have found the quality of tenant prospects looking for a new place since the pandemic hit has risen. A lot of tenants that we would not normally rent to for a variety of reasons are staying hunkered down, and the only ones out there looking are high quality.
Long Term Market Prospects
Uncertainty breeds fear, and fear is an emotion that often controls our decisions. In this case, though, we feel pretty confident that the rental market will continue to strengthen for the long term. The reasons are not good (in our humble opinion).
As the USA experiences increased economic stratification, which is partially responsible for homelessness, home affordability is slipping through the fingers of the American dream. Fewer and fewer first time homebuyers will be able to afford to buy a home. Rental demand will continue to grow.
In addition, the world is more mobile than ever and many people are reluctant to dive into a 30 year mortgage, preferring instead to rent.
What are you waiting for? Don’t let your fears control you. Acknowledge them, do your research, then act boldly and do not look back. You will be aptly rewarded.
We need to point out here that we are in the Seattle market, and cannot recommend all of the above for other markets. Each market is different.