Monday, September 26, 2022
HomeProperty InvestmentNeighborhood Snapshot - Downtown, Tacoma, WA

Neighborhood Snapshot – Downtown, Tacoma, WA


The topic of right this moment’s snapshot is for Downtown, Tacoma, Washington. Primarily based on our evaluation, Tacoma’s year-over-year common rents elevated throughout all bed room sorts.

Our commonplace neighborhood evaluation makes use of a 12-month “LookBack” to determine a mean baseline hire. The outcomes from the 12-month LookBack evaluation are introduced within the tables beneath for Tacoma 1–2 bed room rents from March 1, 2021 – March 1, 2022:

 

Because the desk exhibits, 1BR models elevated by 11% from final yr or $156 extra, and the 2BR models elevated by 13% from final yr or $237 extra. As demonstrated by the desk, year-over-year efficiency for all chosen bed room sorts elevated in hire costs from final yr.

 

Market Exercise: Tacoma, Washington

Are you curious about investing in Tacoma? Location is a vital issue to contemplate when discovering a worthwhile marketplace for a rental property. The important thing traits of a very good location embody a robust financial system, a rising labor drive, and excessive rental demand. Beneath are some fast information concerning the Tacoma rental market that may show you how to along with your funding evaluation and general choice.

  • Value-to-Hire Ratio

    • Avg 2BR Home Value: $531,915 (In line with Redfin)
    • Avg Annual 2BR Hire: $24,696 ($2,058 x 12)
  • Inhabitants Development:
    • Tacoma’s inhabitants elevated by 11% during the last decade from 2010 to 2020 (In line with US Census)
  • Main Firms & Establishments:
    • True Blue Inc., PeopleReady, Geneva Basis, Sound Physicians, Milgard Home windows & Doorways, Tacoma Energy, MultiCare Well being System, CHI Franciscan Well being, Safeway & Albertsons
  • Employment Development: Employment progress elevated by 3% from 2020-2021 (In line with US Bureau of Labor Statistics)

About Rentometer

Rentometer is the #1 software for evaluating residential hire charges anyplace within the U.S. To succeed as an actual property investor, you want strong, present market intelligence that will help you set the correct hire charges in Tacoma. Understanding native rents (and the components that drive them) may also help cut back funding danger, improve occupancy and enhance your money move – and earnings. With Rentometer, you may have native, present rents obtainable proper at your fingertips.

This text was written by the Rentometer Content material Group. The Rentometer Weblog options recent takes and insights on rental housing subjects, providers, and know-how.


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