6 month leases in downtown Seattle

[Mike C.]

I have an 800 sq. ft. condo in the Denny Triangle area, and I'm thinking through different strategies for how to rent it out at some point in the future.

The HOA unfortunately prohibits rentals for less than 6 months, which throws out the otherwise lucrative Airbnb option...

So, what are your thoughts on how a short-term lease (e.g., 6 months) would fare in the downtown Seattle area in terms of vacancy and rent?  And whether furnished vs. unfurnished would change the answer at all?

Maybe this has changed, but when I moved to Seattle and didn't want to commit to a single rental for a whole year, I found that 6 month leases were hard to get.  It seems like offering this could be a good way to differentiate yourself, and command a higher rent - but the costs may outweigh this.

One other concern I have is that, if I needed to use a property manager if I'm not in the area to self-manage, the management fees needed to get the place rented twice a year would really stack up.

Appreciate any opinions/experiences people have with this kind of strategy.

Thanks,

Mike

[Troy Fisher]

I think, 6 Month is great in the area right now.  You can continue to catch rents that are moving up quickly and not be behind the current climate.  However, if you are not living in Seattle, then I might suggest a 9 month lease that way you still only have 1 lease up a year most years.