I'm curious what people are actually getting for market rent in the Bremerton, WA area?
I'm currently renting a 3bd-1bth 850sqft unit in a duplex for $1400 in the Manette Neighborhood.
I'm looking at a similar sized duplex in West Bremerton and wondering if rents are similar over there? Zillow rental listings look similar to where our rent is in Manette. Is this actually the case? What is going on with the rental market here? Do you expect to see rents continue to increase?
@Christian Bateman I have been looking at the Bremerton market-have not bought anything there yet. Seattle sets the pace; as long as Seattle booms people will take the ferries to get there. I am surprised the rents are not even higher. All the best!
$.75-$1/sf seems to be the going rate in Bremerton. I'd go conservative, closer to $.75/sf. @Bjorn Ahlblad , I spent a few months in Bremerton living on my boat last year. It's pretty rough, especially closer to the ferry dock/shipyard. Though I'm sure rents will rise as the area gentrifies, especially with the planned development going in there...
Check Zillow, Craigslist, and Rentometer.
I have east Bremerton duplexes. 850 sqft 2bd/1ba by Lyons park in East Bremerton now at $1300. Those rents are up 80% in the last 7 years.
I would expect West Bremerton would be the same.
Is your place on Perry Ave? Those are the stats of a place i almost bought in Mannette November 17.
It's a good time here.
Look at HUD's fair market rents. $1400 is a steal. With vacancy at 2-4%, there are many more qualified renters than there are units right now. My only caveat would be that most duplex neighborhoods are not as nice as Manette, which will affect rents and tenant quality even if the unit itself is nice. My 3/1 gets plenty of attention at $1590. I'm betting rents continue to increase or flatten, remember our state is going to $13.50 minimum wage soon! So two full time adults with minimum wage could afford that. Tenants complain rent here is unaffordable, but people are just underemployed
@Christian Bateman - Manette is a GREAT neighborhood. Very desireable. Close to downtown, but with a very unique neighborhood culture.
You asked more specifically about the West Bremerton area, and I've found that it depends a lot on which neighborhood. I live in the Union Hill neighborhood, and have great folks around me. I rent an upstairs apartment out for $950/month (about 700sf). Proximity to the shipyard and ferry will increase the amount you can charge, but if you get too close to Callow or other parts of town, the return diminishes.
Let me know if you'd like to talk more specific neighborhoods or just get a coffee to chat strategies in the area!
I have three duplexes in East Bremerton off of Wheaton Way, four are 3/1.5/1250sf units that go for $1450 and the other two are 3/2.5/1350sf units for $1550. So about $1.15sf average rent, I've never had much trouble renting them altho the demand does respond to carriers coming into port or leaving. Poulsbo and Silverdale get a little more money per sf, and while prices reflect it I've found that they can be more profitable due to a somewhat higher quality renter pool (less turnover and damage) and the fact that maintenance expense is spread over a higher base rent (more a function of how many kitchen and baths you have than a percentage of rent).
@Kristel Knittel What is it about Callow? I noticed there's a neighborhood of duplexes down there, some look absolutely awful, others actually look pretty nice. And there's a cute park near Olympic that right near the water. It's all a little bit tucked away.
Also, what is the deal with all the dilapidated duplexes around Bremerton? I heard there are some old time slum lords that have owned forever and aren't willing to sell. Is this true? Any other explanations?
@Christian Bateman I know that park you’re talking about. And yes, there are slumlords who won’t fix up those properties (friend had a rental there). Regarding Callow, or any neighborhood, I’d get in contact with the police or fire department for the most informed and current idea of neighborhood crime. Not somewhere I’d walk alone at night as a woman. Everyone has their niche though! I’m sure someone will tell you they love investing there
I signed up for Ring's Neighbor alerts. Anyone with a Ring system in the neighborhood can discuss what's going on in their area, and there's a weekly crime report that includes the reported crimes to Bremerton PD. It's helped me choose neighborhoods that I am and am not comfortable investing/living in. Even proximity can be an indicator of where not to be, which may be something that feeds into Callow. There are some great businesses on that corridor (McGavins Bakery, restaurants, etc) and also some XXX type shops that attract a different type of consumer. It's all about who you want to do business with, and what you want to be near.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing