Whether you have fallen in love with being an Airbnb host, are looking for a change in career path, or itching to find a great real estate investment, you may want to seriously consider making a Seattle Airbnb investment. Recently, short-term vacation rentals have simply exploded in the upper northwest, creating amazing opportunities for those looking to get into the Airbnb rental market.
Increasing Tourist Traffic
People from all over the world enjoy visiting Seattle. The city offers trendy neighborhoods, beautiful outdoor spaces, and a wide variety of entertainment options for families, couples, and individuals alike.
In fact, the city and surrounding area set a new tourism record last year. According to Visit Seattle, nearly 41 million people visited Seattle and King County in 2018, which was a 2.5 percent increase from 2017. More than half of those people stayed at least one night, which was also an increase from the previous year. For those owning a Seattle vacation home, that means plenty of bookings to go around.
Here are some neighborhood highlights:
Pike Place Market: A well-known and long-standing farmer's market, Pike Place is located in the heart of the city's historic district. Besides typical produce offerings, Pike Place has fresh fish, ethnic foods, arts, antiques, cafes, and more. Enjoy street musicians while you shop and eat.
Pioneer Square: Also in the city historic district, Pioneer Square features Victorian Romanesque architecture as well as bistros, museums, and nightlife. Check out the old town underground and learn about the gold rush. Stroll throughout the artsy district and grab refreshments along the way.
Seattle Center: You can be certain that something interesting will be happening at the Seattle Center, which is a 74-acre urban park. Visit attractions such as the Space Needle, Children's Theatre and Museum, and Chihuly Garden and Glass. Special events are frequently held in this area.
Bustling Business Area
Besides all those tourist bookings coming to your Seattle Airbnb investment, you will also attract business-related guests as well. Seattle and neighboring areas are home to major corporations including Amazon, Microsoft, and Starbucks. In addition, Costco, MSNBC, and T-Mobile call the northwest city their headquarters. When various business associates or stakeholders come to call on these and other businesses, make your Seattle vacation home available as the perfect place to stay for business travelers.
LEGISLATION and Prices
The new Seattle Airbnb legislation approved in 2017 limits short-term rentals to 2 units per host (please make sure to review Seattle's short-term regulations for a worry free Airbnb investment) yet has not reduced the growth of active listings in the region based on this Airdna report. This means that hosts are still being able to make money with short-term rentals.
In addition, the cost per square foot is roughly half of the cost in comparable cities such as San Francisco. Both these factors make Seattle a great place right now to buy Airbnb properties and watch those returns come in.
Typical Airbnb Incomes
According to industry sources, the average Airbnb monthly rental income is about $3,250. With a median home price of about $805,000, you can expect a solid return if your property has a high booking rate.
If you want to be in good company, check out neighborhoods such as the Queen Anne area, Atlantic, and Central Seattle, where the Airbnb occupancy rate is about two-thirds of all homes. Both the Atlantic and Central Seattle, along with Denny Triangle and Judkins Park, have the highest Airbnb rental income. Real estate values are still on the rise with properties appreciating in value.
Work With Professionals
For more details on navigating the Seattle area Airbnb market or assistance managing your real estate investments, consider working with a Seattle Airbnb management firm. Professional property managers, like Air Concierge, can take much of the work and worry out of taking care of your property, its bookings, and your guests, leaving you free to simply enjoy your return on investments.