Seattle/Bremerton Rentals: Dead On Arrival?

Question

Is anyone else having problems getting rentals filled? And if so, why? Or why not?

Of course, there could be a litany of reasons: COVID, bad time of year for moving, post-holidays, but I've rented out another unit in the middle of winter before and never had a problem.

I currently have a 2 bed/1 bath/900 sq ft rental in downtown Bremerton ready to rent (top half of a craftsman-style home; bottom half is a basement studio apartment that is currently rented). It seems to be priced fairly ($1,600) per my comps research, and it is literally within walking distance of everything in downtown Bremerton, which has become a hotspot since folks have been getting priced out of Seattle.

But I am getting NOTHING since I posted it Jan.18.

A few interested inquiries, but no follow throughs or cancellations. It's on CraigsList, AHRN (military housing), Zillow and its associated sites, even pushed it out to friends on Facebook, where it was shared WAY more than I thought it would be.

With my basement apartment, I've NEVER had a problem getting that rented.

It's just a bit shocking given again, the hot market that is Bremerton (or is it anymore?) and the success I've had in the past with my basement unit.

Thoughts? Just really puzzled.

Tiffany

Sherief Elbassuoni · Answer

@Tiffany Royal, some ideas:

• Try to post it on Facebook Market Place
• Try to take professional photos ($100-$200) but worth it
• Make sure it is priced right compared to surrounding rentals
• What is your pet policy?
• Make it open for month-to-month as well as a year contract
• Did you get any section 8 interest?
• .....

These are just some of the ideas

Will Kenner · Answer

@Tiffany Royal

Always frustrating hearing crickets on a listing......

Doing a quick lookup of Bremerton on Rentometer, the average rent for a 2/1 is $1,363 with the 75th percentile being $1,517. This is based on a sample size of 187 units, so high confidence in the comps. Therefore I think you may be priced a bit high.

Amanda Conway · Answer

@Tiffany Royal, I've only been a renter, so my input may be different than your fellow investors. If we still lived in the Seattle area, I'd be trying to move out of our studio in the city to a place like Bremerton now that we've got a child.  I like the parking and back yard, but the price is too high to not be close to a ferry.  Although we don't have a pet, most of the people we know have pets.  Additionally, if you're looking for roommates to split the home, the $800/month price is higher than I'd want to pay.  When I search for homes, $1500 seems to be a major dividing line, so setting the price at something like $1490 would make a difference.

Steven Jones · Answer

@Tiffany Royal without looking at some comps myself or knowing the condition, that seems a bit high for a 2/1 900 sqft in Downtown. Lowering the asking may be your best option to get a tenant in. If that doesn't work, I'll buy it from you :)

Tiffany Royal · Answer

Hi all,

Thanks for the feedback. My gut has been telling me likely it's the price but then I tell myself "oh, just another few days" and repost it and get a few hits so I stick with it. Posted on FB Mktplace last night, and got 6 inquiries overnight, so we'll see what happens. Boyfriend and I are pro photographers, so check. :)

Pet policy is typically No, but as I've experienced with my basement unit, the tenant ALWAYS wants to get a pet (usually a cat) and I tend to say yes esp if the tenant has proven themselves to be responsible. For now, I'm not putting anything about pets and leaving it open. House has no carpet, just wood and tile floors.

I typically start with 6 month lease, then it goes month-to-month, but I'm never really concerned about this b/c my retention rate with tenants is always pretty good and if they leave me, it's for actually pretty good reasons for moving on in their life (getting married, moving to a new job, new chapter in life - my property tends to be a safety spot for young women who are going through major life changes and need a place to breath and figure stuff out. I love that aura about my place.)

No Section 8 interest.

Jay Hinrichs · Answer

its always price 95% of the time.

Brian Glasspoole · Answer

Hi Tiffany,

One of the aircraft carriers (Nimitz) is supposedly headed back to Bremerton, so there will be an influx of new tenants arriving soon.

HUD has a great portal to view fair market rents in any market.

https://www.huduser.gov/portal...

Nicholas Q. · Answer

@Tiffany Royal I had some vacancies two months ago in Bremerton and tried renting again at the same price as before but couldn’t fill it. I had to lower rent by $50/month and it then filled quickly. There does seem to be a bit of a pull back on rents in Bremerton as a result of the rent drop in Seatte but not much. That said, I agree with the others that $1,600 is a bit high even for walking distance unless it is completely brand new remodel.

Good luck!

Tiffany Royal · Answer

Yeah I got excited when that news came out last week LOL.... however, I have 3 appts lined up for tonight for viewing and many more inquiring, so that's progress.

Paul Lennick · Answer

Try posting on Facebook marketplace

Seattle/Bremerton Rentals: Dead On Arrival?

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