If you find yourself asking, “Should I sell or rent my home in Bothell?” read on for the latest trends in this rental market.
5 Key Factors Impacting Bothell Rental Market Trends
The Washington rental market continues to heat up. Real estate is coming out of the challenging time of the 2019 pandemic and all of its related ramifications. The local economy is doing…well, whatever it’s doing depending on which government agency you consult. You may be considering renting or selling your home in the Bothell area. Or, you might be considering selling your Seattle home and heading north. Or maybe you’re thinking about cashing out of your home in California and buying (or renting) somewhere with a more reasonably priced real estate market.
Even though Washington is a still booming market, we are still selling homes for much less than big cities in California. According to Managercasa.com, California’s median home price rose above $800,000 in May, 2023 for the second straight month, rising 3.0% to $836,110, while typical home values in Washington state as of June, 2023 are $577,353, representing about a 5% decrease from 2023.
Bothell, Washington is a city located in King and Snohomish Counties, about 20 miles northeast of Seattle. Over the past decade, since the fated 2008, 2009 real estate and economic bust, Bothell has experienced significant growth, with an increasing population and expanding job opportunities in the technology, healthcare, and education sectors. This growth has had an impact on the rental market in the area.
Key rental trends observed in Bothell
Rising Rental Prices: Bothell has seen a gradual increase in rental prices over the years. This is a reflection of the growing demand for housing in the area. However, rental prices can vary based on factors such as property type, size, location, and amenities. As of summer 2023, rents are upwards of $3,200 or more for a typical 2-3 bedroom home. This can mean an excellent financial opportunity for homeowners considering renting their home. Our property managers in Bothell, charge a fair, flat rate that is not tied to your rental rate. For most property management clients of ours, this results in about $1500 in annual savings.
Low Vacancy Rates: The tech jobs are moving into the area. Seattle rental rates are downright scary (for example, $4,500 a month for a nothing-too-special, 1600 square foot apartment). This creates high demand in suburban areas. Due to the high demand for rental properties, Bothell has maintained low vacancy rates. This means that finding available rental units may require some effort, particularly in sought-after neighborhoods. For landlords, this means longer tenant placements and less turnover. Using our professional property managers in Bothell, our average client keeps tenants for several years.
Diverse Rental Options: Bothell offers a mix of rental options, including apartments, townhouses, and single-family homes. The rental market caters to a variety of preferences and budgets, ranging from more affordable options to upscale properties. While VerraTerra does manage multiplex units, the bulk of our property management clients are single family homeowners.
Strong Rental Market for Families: Bothell’s family-friendly environment, good school districts, many high quality retail and dining options, plus proximity to outdoor recreational areas make it an attractive location for families. Rental properties suitable for families, such as houses with multiple bedrooms and yards, tend to be in the highest demand.
Commuter-Friendly Location: Bothell’s proximity to major employment centers, including Seattle and Bellevue, makes it appealing to professionals who prefer a suburban lifestyle or are just trying to escape the suffocating Seattle rents. This demand from commuters can influence rental prices and competition for available units. Bothell offers many public transportation options, making commuting easy and more affordable than other outlying areas.
Conclusion: Is it a good time to rent your home or should you sell it instead? If you are considering renting your Bothell home, this is an excellent time, especially if you purchased your home several years ago. Bothell is a highly desireable city and many residents of Seattle and Bellevue are making their way north in search of more affordable rent and quality of life.
If you’d like help learning more about the Bothell rental market in relation to your home, contact one of our local property managers. We can provide a no-cost rental and market analysis to help you make the decision of whether to sell or rent your Bothell home.