The state of Washington is leading the country’s current real estate boom. It’s an upswing that experts predict will continue throughout 2018. A recent report released by Veros Real Estate Solutions, a firm that provides data-based services, singled out Washington’s home-price appreciation as demonstrating nation-leading strength, a trend that should support above-average price growth throughout the new year.
Tacoma’s Housing Market Rivals Seattle As Leading Hub For Buyers & Renters
As homebuyers flock to Washington in droves, many are setting their sites on Tacoma. A recent King5 news report revealed that Tacoma ranks 5th in the list of most competitive housing markets in the country. Additionally, in June 2017, over 50% of all Tacoma home sales sold above list price. One of the main factors driving the Tacoma housing surge? Simple economics. According to Steve Crowell of Keller Williams Puyallup, the intense and highly-competitive local housing market means, “we’re getting a lot of people out of Seattle that have discovered their money goes a lot further down here as up there.”
It’s A Great Time To Lease Your Tacoma Rental Property
Yes, now is a good time to sell a home in Tacoma. However, landlords here are learning that right now is a great time to lease their Tacoma rental properties. As Tacoma real estate continues to heat up, maintaining an investment rental home in our bustling city can mean an increase in overall market value and long-term financial gain.
Tacoma tenants are driving the rental market at almost the same pace as the housing industry. For some, despite offering more home for your buck than surrounding cities, Tacoma may still prove too expensive to buy outright. Others relocating from other regions may want to indulge in a little “try before you buy” here. Whatever the reason for their arrival, this recent influx of renters has brought a significant increase in rental property demand and a shortage of inventory.
Low rental inventory is great news for landlords; owners of well-maintained and available Tacoma properties can ask for (and get) top dollar for rental rates. Noted real estate-data firm, Trulia, announced that median rents rose approximately 8.8% from 2016-2017, raising average rents to a whopping $1,785 per month. This recent rent boost grants our city the distinction of having the biggest rent increase in the nation, making it the perfect time to list your Tacoma rental property.
Contact Double Z
Have questions about listing your rental property? Double Z Property Management has answers. Contact our property maintenance specialists today to hear more about our comprehensive suite of rental services.