Seattle landlords - what's your experience been like?

Question

Considering buying a STR property in Seattle instead of the Eastside, but I'm concerned about the city council - their laws around crime as well as landlord regulations. How has your experience been as a STR owner? I heard they're hard on landlords, but maybe not on STR owners - is that true? Also, has crime impacted your STR and guests?

Michael Haas · Answer

We have 2 STR's inside the city of Seattle, and another 5 units outside the city. Although I do like STR investing in general, I've found that LTR in Seattle are so high that you don't get a that big a boost from going with a short term rental, after you factor in the extra costs around utilities, furnishing, etc. We're keeping our 2 Seattle STR's and they perform well, but that ratio between extra rental income and extra expense and hassle is just something to keep in mind if you're deciding between STR and LTR here in Seattle.

Sherief Elbassuoni · Answer

@Stacey H., I have STR in Seattle and out of Seattle and had no issues. The vacancy is very low and mostly smooth operation. It slows a little during winter, but this is a normal seasoning thing.

Eric Yu · Answer

To add onto what @Dennis Nguyen said, Eastside STR regulations are pretty strict. Seattle is one of the few metropolitan areas that's actually more favorable toward STRs (1 owner occupied one & 1 non-owner occupied one).

I have a 5 properties under STR management in Seattle & we've had 1 bad guest so far, but aside from that, there's been no issues when it comes to crime.

Dennis Nguyen · Answer

Hi Stacey! Real estate agent here in Seattle and also have a STR/MTR in Seatac and Burien. I haven't had any crime impact my properties but I do have alarm systems and security cameras on the outside just in case. My tenants and guests have had good experiences so far as well. I also have friends that operate STR in Seattle and their experience has been good too. I think if you have the right systems in place and proper insurance then it will help with the fear of break-ins if that's what you're concerned with. Happy to answer any questions you may have if you want to DM :)

Scott Simpson · Answer

I have a long term rental in Phinney ridge and crime has become more of a nuisance recently to the tenants. Graffiti has increased substantially since the pandemic too.

On a side note, I would be curious to learn more about your STR modeling too — I have been looking for places across the state, including Seattle, but the math just doesn’t pencil for me. I must be missing something!

Seattle landlords - what's your experience been like?

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