Popular Neighborhoods for Buying an Investment Property in Seattle

Thinking about purchasing an investment property in Seattle? There are so many attractive areas to consider, that it may be hard to know where to start. Here is a look at a few popular neighborhoods you may consider when doing preliminary research.

Westlake is a gorgeous neighborhood on Lake Union that offers stunning views and affordable real estate. The median rent for a two-bedroom in the neighborhood is $2,795, which is a 25% increase from the previous year. Most Westlake residents rent their homes, which offers attractive opportunities for landlords. The median home price in the neighborhood is just over $688,000, which is an increase of over 5% from the previous year. Residents love Westlake because it features great schools and a variety of bars, restaurants, coffee shops, parks, and other amenities.

Capitol Hill is another popular neighborhood for renters. The neighborhood is one of Seattle’s primary cultural hubs and features a diverse array of clubs, restaurants, theaters, coffee shops, and art museums. Most of the residents in Capital Hill rent their homes and the average rent is around $1,600 per month. The average price of a home in the neighborhood is over $575,000. Seattle residents love Capitol Hill for its authentic vibe and unique culture, making it one of the most sought-after neighborhoods in the city.

Located on the north bank of the Lake Washington Ship Canal, Fremont is a hip neighborhood with a lot going on. It’s known for its quirky public art sculptures and gorgeous views of the Seattle skyline. Freemont is often ranked among the best Seattle neighborhoods to live in because of its welcoming atmosphere and proximity to downtown. The neighborhood is full of young professionals and the vast majority rent their homes. The median home value in Freemont is just under $700,000 and the median rent is just over $1,800.

Ballard is a trendy waterfront neighborhood along Shilshole Bay. The area boasts a variety of trendy boutiques, craft breweries, sandy beaches, and historic buildings. It was once a sleepy fishing village but has transformed into a bustling neighborhood with a growing culinary and art scene. Plus, it’s known for being a bike-friendly community, which is attractive to many Seattle residents. Ballard is a popular neighborhood with a competitive real estate market and the median sale price of a home is $880,000.

Ravenna is a quiet residential neighborhood in northeastern Seattle, located adjacent to the University of Washington campus. The neighborhood has a calm, suburban feel that attracts families, as well as students, and faculty of the university. The neighborhood also has a low crime rate and an easy commute into downtown Seattle, which attracts many working professionals as well. The median rental price for a 3-bedroom home in Ravenna is $3,250 and the median home price is around $620,000.

Where you ultimately decide to make a purchase depends entirely on your budget and what kind of strategy you’re looking to implement. But these are some of the most popular neighborhoods in the city that offer a variety of attractive opportunities for both investors and tenants.