Washington is one of the five most expensive states to rent in the United States.
Property owners have only increased rent from 2021 to 2022. This increased by 2.8% in Seattle alone.
Considering Bellevue is right next to Seattle, this city should not be too far behind Seattle.
How do you conduct a rental valuation in the Bellevue, WA area? These are the biggest factors you should consider.
Neighborhood
One of the biggest things that will influence rental valuations is what neighborhood an apartment is located in. The reason for this is that certain neighborhoods draw more demand due to things around that area.
What neighborhoods are the most walkable? Which ones have the most things to do? Which neighborhoods are seeing the most development? What about public schools in each neighborhood?
All of these things can help draw demand to a certain area. You need to consider what makes people want to move to Bellevue and what they may be looking for.
If you are looking to attract families, you will want an apartment in a good school district. If you want to attract a younger crowd, walkability and things to do are likely going to be more important.
Once you do the appropriate research, you can see what neighborhoods in Bellevue are best for this.
Size of Your Apartment
Another thing you need to consider is how large of an apartment you are offering. If you can offer more bedrooms and bathrooms for a renter, that is likely going to drive up the price.
An extra bedroom could mean that two people may want to split an apartment. Or, multiple generations of a family may decide to live there.
Extra bathrooms are a bonus because some people may consider this a big convenience. Picture two people living together who need a bathroom in the morning to get ready for work. If there are two bathrooms in the apartment, you can cut the waiting time out completely.
Certain bathrooms also help those with accessibility issues. Those with physical limitations may need a shower that they can stand up in. If at least one of your bathrooms offers something like this, it could drive up demand.
Safety
Finally, you need to consider how safe your area is. Do people feel comfortable walking around that neighborhood? What about leaving valuables in the apartment?
Safety is something people are willing to pay extra for. It can offer someone peace of mind, and it can create more desirability for potential renters.
Get a Rental Valuation
These are three of the biggest things you need to consider when doing a rental valuation for your rental property. From there, you can get a much better idea of what you can charge for rent.
Do you need help with this process? If so, Brink Property Management is here for you.
We have more than 27 years of property management experience in the Greater Seattle Area. As a result, we know what goes into this area and what it takes to maintain a property effectively.
For more information, message us here.
