Rental Potential in Renton WA

[Ben F.]

I am evaluating a property in Renton closer to the Seattle border (close to Lake Washington), and have a question about the rental potential and quality of tenants in that area. Has anyone rented a property in that neighborhood? Have you had any issues with vacancies, or the quality of tenants? Any other thoughts about the area based on experience? 

[Brian Hughes]

I live in the area :)   (technically,  upper rainier beach so a bit farther north just into seattle)

Neighborhoods around here do vary widely as to their appeal, type of property most prevalent and the type of tenant they will attract.  A lot of the housing stock in the area dates from postwar up to about 80's.   Skyway hill is cape cod, mid century and split level heaven depending on when the particular subdivision was built.   

My personal experience is with 2-4 unit multifamily properties C/C+ class  (have one in S seattle, one in burien - both with similar tenant bases to what such a property in renton would see) - so if the property you are looking at is similar I can say you will probably get mostly blue collar and service industry working class people.    Given proximity to several large employers like boeing, paccar, etc.  and good commute location to most everywhere if the place is decent and halfway fairly priced you will never have a problem filling a vacancy.   

If its a house or higher end property I can't speak from direct experience but would say overall its a good residential area,  though there are a few pockets here and there one might want to avoid.   Walking, biking or driving around a while will make it clear whats what.

There are a couple (way overpriced) small complexes in downtown renton right now I like,  but the cap rate at asking prices are abysmal.  Listings are fairly recent but I may eventually approach them.   Renton is pretty much top of my list for reinvesting proceeds from my seattle duplex sale.