I'm looking to invest in a 2/3/4plex in the Spokane area since I've heard so much about it. I'd like to move there for a year or two and renovate the units as I can myself, but am curious about how easy it is ti find renters around the area?
I've read some great news articles about everything other than finding a building, but haven't had too much trouble locating some that match my goals.
With that, does anyone have any advice on areas that are better for renters, or reasons for/against buying a rental property in the Spokane area?
I am not an expert, but know from family in the area there was a pretty tight market for rentals. I think vacancy rates were quite low prior to pandemic, not sure where it stands now.
It is fairly similar to the housing market and it's very competitive for renters. I have multiple friends who have bought a small multi family to house hack and then have had no problem even filling individual rooms in those units to up their cashflow.
I'm looking at 6 bed, 3 bath single family houses on the north side (more mother-in-law set ups) in between Gonzaga and Whitworth to hopefully target student housing. I've managed a couple Gonzaga properties and it's a breeze to find people especially over the summer.
I would agree with Haydn. From my understanding, the rental market for those seeking rentals is equally as competitive as it is for those looking to buy a home. The rental inventory has simply been low and even more folks are looking to move into the Spokane area. I don't think you'll have any trouble in the near future finding renters for a moderately rehabbed rental.
I'm not sure how familiar with the area you are, but some desirable areas of Spokane include anywhere on the South Hill south of 14th, Kendall Yards, Perry District, and in general, most areas north of Francis. In my opinion, these are surefire desirable areas in Spokane. There are definitely other pockets in town that would attract renters too!
I hope that helps!
Thank you all! This is exactly the input I was looking for. I'm excited to get started out there!
As already mentioned finding a vacant rental is almost as difficult as purchasing a home in Spokane at the moment. This means we have plenty of renters ready to sign leases. However, in my experience finding, high-quality renters can be a challenge if you don't what you are doing. If you decide to self-manage I would at minimum advise using a screening service or partner with a local property manager to do the initial application phase.
Spokane has quickly been put on the map because of its affordability. I like to say it is a "10-year overnight success." The town still has a ton of room to grow and I don't sense the market slowing. Rents are beginning to rise slowly and as they do it will allow for more rentals to actually pencil.
Best of luck!