Whether you’re a current investor in southwest Washington, or you’re thinking about investing in the local market, you’ll need to know what to expect for the rest of this year and the beginning of next year. In this blog, we’ll discuss the current state of the rental market in and around Vancouver.
There is an incredibly tight rental market in all of southwest Washington right now. We have a vacancy rate that’s less than two percent in Cowlitz and Clark counties. This means that landlords and rental property owners don’t have to worry about long and expensive vacancy times or any type of lengthy tenant turnover periods. We have never seen this before.
We have also seen a steady trend of rising rents in the Vancouver rental market. These increased rents and low vacancy rates mean that landlords and property managers have a lot of great tenants to choose from when they’re renting out properties. In recent years, we know that some rents have gone up 30 percent. However, in the next couple of years we expect that the average rental rates will increase at a pace of about three to four percent. The low vacancy rate should continue and we project it to stick around for a couple of more years at least.
All of this data tells us that it’s a great time to put a house in the rental pool. Highly qualified tenants are looking for attractive places to live, and you would be able to count on a steady stream of rental income while your property continues to appreciate. It’s a profitable market for investors who want to increase the size of their portfolios and for small investors who just have one or two properties to place on the rental market.
If you have any questions about these projections, or you’re considering renting out your property, please contact us at SunWorld Group Property Management.