Do you own rental properties in Bellevue, Washington? More people than ever are interested in calling Bellevue home, so it isn't easy to know what to charge renters. We can help you out with this primer on average rental prices.
Below is our guide to the city of Bellevue. You'll find an overview of the town, the current average rent in Bellevue, as well as projections for the future. Keep reading for everything you need to know!
Living in Bellevue
There are a lot of reasons to live in Bellevue, often considered Seattle's "satellite" city. Bellevue is only ten miles away from Seattle's downtown area. This means that Bellevue residents can experience the perks of the city while still enjoying a slower pace of life. The stunning features in Bellevue make your rental property investments and property management opportunities exceptionally lucrative.
Bellevue includes a lot of new construction, which has blossomed in the last twenty years as a result of Seattle's tech boom. This means that most rentals are new, clean, and full of modern amenities.
It also means that there are lots of jobs in Bellevue for those in the technology industry. Microsoft, eBay, Oracle, Google, and Salesforce all have bases here in Bellevue. This makes for an easy commute!
The Bellevue School District is one of the most celebrated in the region, with local Bellevue schools, many of which rank near the best in the country. You can use the district's online tool to find out which schools your investment property aligns with. There are 98 preschools, 44 elementary schools, 23 middle schools, 16 high schools, and the Bellevue College in the Bellevue area. Bellevue has a lot to offer for families of small children as well as college students. Many tenants come to live in Bellevue for the great school district, which can benefit investment properties.
Additionally, Bellevue has easy access to a myriad of leisure activities. Bellevue Square is a massive shopping center, with everything you could need. The city is also bordered by water to the East and the West, so there are lots of nice parks and water views for residents.Average Apartment Rent in Bellevue, Washington
Average Apartment Rent in Bellevue, Washington
What can you expect to get for rent for a Bellevue investment property?
Bellevue's average rent depends on neighborhood and housing type. The overall average apartment rent in Bellevue, Washington is $2,130. But this is dependent on the size and quality of the unit.
The average monthly rent for a one-bedroom apartment in Bellevue is $1,829. This is actually an 18% decrease from last year, mainly due to the pandemic.
This average hasn't been so low since 2018 and is nearly the lowest it has been in the last five years. In 2015, the average price of a one-bedroom apartment in Bellevue was over $2,400.
What about houses for rent in Bellevue, Washington? Approximately 61% of the housing in Bellevue is comprised of single-family homes. This is good news for new residents who have children or who may want to start a family.
Currently, the average rental price for a four-bedroom unit in Bellevue is $3,775. This is actually a 5% increase from last year. In the last five years, the average rent for these types of units has grown steadily, resting at just below $3000 in 2015.
Bellevue also contains a lot of new construction condominiums and complexes. These are great for the high population of young folks who move to Bellevue for jobs in the technology industry.
The average price of a studio unit is $1,500, which is 19% lower than this time last year! Rental costs for this type of unit haven't been so low since before 2015. Last year, the average rent for studios in Bellevue was nearly $1,900.
Rent in the Suburbs Of Bellevue, Washington
Bellevue is a medium-sized municipality with a population of 144,403. This means there are lots of different neighborhoods and suburbs to choose from. So how does the price break down between each sub-area of Bellevue?
Downtown Bellevue, Northwest Bellevue, and Clyde Hill all have an average rent of $2,509. This is higher than the Bellevue average because you have the advantage of being centrally located.
West Bellevue and Wilburton sit a little lower, at about $2,349 per month.
Factoria, Somerset, Newport, and Cougar Mountain/Lakemont all average $2,128. These neighborhoods are all more suburban. You're further from downtown Bellevue, but with other benefits like access to prime shopping centers.
Eastgate is the only neighborhood that averages below $2,000, sitting at $1,896.
For first-time property owners, this neighborhood breakdown can serve as a useful guide. But as experienced property managers, we can help you refine your rental price even further.
This is because while these are the averages, you will see homes and units priced well above these averages. Approximately 5% of the rental rates in Bellevue are between $3.8-6.5K.
Projections for the Future
Buying a Rental Property in Bellevue, Washington
What can we expect from the future?
Many real estate experts project that in the next year or two, the market will stabilize again. For most types of units in Bellevue, this means that prices will increase again. This intense fluctuation is largely attributable to the pandemic.
For example, some Seattle and Bellevue residents who work in the tech industry decided to temporarily move further from town during the pandemic. This is because their jobs allow them to work remotely.
Additionally, fewer people have been willing to move into units that include shared amenities in their rental costs during the pandemic. Apartment gyms, swimming pools, or shared rooftops are being utilized less and so people want to live in places where they aren't paying for them.
But as more people become vaccinated, this trend is going to reverse quickly. Many real estate analysts project that by the end of 2021, people will be flocking to condominiums again. That means that if you want to invest in property in Bellevue, now is your chance!
Managing a Rental Property in Bellevue, Washington
There are so many good reasons to purchase investment properties in Bellevue. In addition to being a wonderful place to live, rent in Bellevue is about to bounce back in a big way.
Some important task landlord must learn how to navigate: rent analysis, property marketing, in-person showings, understanding local rules and laws, qualifying applicant, lease enforcement, inspections, maintenance requests, and emergency service.
All these tasks can add up, and soon, you may feel like doing another job. Many landlords choose to work with a professional property management company to take care of all property management responsibilities and trust their expertise in strategizing rental prices and reducing vacancies.
If you need assistance managing rental property in Bellevue, we can help!
Contact us to get started. We'll help you make the most out of your investment.
Helpful City of Bellevue, WA links:
https://bsd405.org/schools/find-your-school/
https://www.bellevuedowntown.com
https://bellevuewa.gov/city-government/departments/development/codes-and-guidelines/code-compliance
