Local Market Rents in Various Tacoma, WA Neighborhoods

[Erin Caldwell]

Hello everyone!

I am new to real estate investing, and am gathering all the information I can. I am looking in the Tacoma area for a BRRRR strategy 2-4 plex (aka a fixer upper). I have put in an offer on a triplex in South Tacoma, awaiting a response.

However, I'm wondering about all different areas in Tacoma. I linked an article below (the first one from Business Examiner), it says that rents in South Tacoma have gone up 10.8% in the past year. Do you guys agree with these figures?

Where are your rents going for each month in your neighborhood? I know each neighborhood and each property is so different, but I also know the market is changing so fast. Have you noticed changed with rents recently? Thanks for the help!

http://www.businessexaminer.com/blog/April-2017/Ta...

http://www.thenewstribune.com/news/business/real-e...

[Curtis Bidwell]

Hi @Erin Caldwell  I have a couple properties in the Tacoma area, though most of my holdings are in Thurston and Mason counties.  The short answer is, YES.  The rental market has boomed the last 2 years throughout the region. 

In Olympia I have increased new, incoming residents by about 14% over the last 12 months. On average we are a bit below the Tacoma market in rents. But my 2/1 apartments are now going for $1050 ($925 a year ago). similar size unit as a duplex with garage is $1150. 3/2.5 SFR is $1650.

In Puyallup I have a nice 2450sf 4/2.5 home that rents for $2500.  It rented in 3 days last in the middle of February!

Even in Shelton (somewhat depressed market, tertiary, bedroom community to Olympia) I am getting $925-950 for a 2/1 apartment. 

Hope that helps give you some perspective.    Good luck on your new purchase.  South Tacoma should be a good property for you!