How is the Renter Pool in Tacoma vs Renton

[JATIN KALRA]

So, I purchased a rental property in renton about 18 months ago: townhouse 2010 built, 1300sqft 2 bed, 2.5 bath, 2100 rent. When I decided to rent it, I had a pool of renters within 4 hours of Open house. Out of 12 renters / applications, 70% of them had 80k+ income and 650+ credit; all highly qualified and I was able to rent the place out within a day. They didnt move for 7 days, but thats fine.. atleast I knew my property was rented quickly. I know the rules have now changes for first come first serve.

Now, I am looking for another property. I rather pay for maintenance myself than HOA. Hence, I am looking for SFR. Renton, Kent, and parts of Auburn are out of price range for SFR. I am now looking for something in tacoma (Budget is 400-450k). I am looking for 1300-1800 sqft, maybe 1970-1980s property (i will either remodel or purchase good turn key condition), 3 or 4 bed, 2 bath. My Question is 3 part:

1) Remove location as a variance; Assume both properties are in one area: Renton, Kent, Seattle, Tacoma.. any other place..How easy it is to rent a SFR (with added responsibility of lawn maintenance) vs townhouse / condo? Note that the rent will be a little higher: 2300ish..Would my pool of quality renters increase, decrease or stay the same? What is the average time it took you to find a tenant? What is the longest your property has stayed on market without a suitable tenant.

Personally, I would rather live in a 1 bedroom condo rather than 5 bed 3000 sqft SFR even if they were both same rent.

2) Remove house type as a variance: If i purchased exactly similar townhouse in tacoma (or anywhere south of Auburn like puyallup), would my pool of quality renters increase, decrease or stay the same? I am probably assuming 1800ish rent. What is the average time it took you to find a tenant?

3) Finally, putting it all together: If you have had experience with townhouse or SFR specifically in tacoma, i would love to know the type pool of quality renters as well as how long it will take to find a tenant?

I am trying to figure out if I should stick with townhouse in renton / kent or would i be ok with i move south with sfr.

[Michael Haas]

@JATIN KALRA "Personally, I would rather live in a 1 bedroom condo rather than 5 bed 3000 sqftSFR even if they were both same rent."

You are not your tenant my friend - I assume since you'd rather live in a 1 bed condo your single or with a partner but no kids. Your tenant in a 5 bed house will be a large family, or (much more likely in the Puget Sound Region) a group of young professionals each with their own room. 

Our experience is that Condos/Townhomes tend to be easier to rent but are often harder to cashflow. We've had a lot of success cash flowing large single family rentals, often rented by the room to young professionals.

Kent and Auburn will likely be quieter rental markets and you may see a bit less demand, but that's just me guessing - we don't have any rentals in Kent or Auburn :). 

Good luck! Feel free to PM me to grab a coffee and talk about rental strategies in more detail.