Why Should I Purchase a Rental Property in Longview, WA
Researching key statistics about a city will help you determine if the market matches your investment strategy. Learn how having a Longview, WA property manager on your team gives you access to real, proprietary data to help you make smart decisions.
Before investing in Longview, you will want to look at the demographics, home prices vs rental prices, real estate trends, forecasted economic growth, and other important statistics. Is this property going to help you reach your goals? Will you get the cash flow or appreciation you are looking for? Let’s take a closer look at the city of Longview.
About Longview, WA
Located between Seattle and Portland, Longview offers residents a rural lifestyle surrounded by many outdoor opportunities for fun. Lake Sacajawea Park offers 3.5 miles of trails full of trees, flowers, and gardens and is considered the city’s crown jewel. This tranquil setting is perfect for a day of kayaking, fishing, or canoeing. The Columbia River runs alongside the city on the Washington – Oregon state boarder.
- Population: 37,092
- Cost of living is 4% below the US average
- Median age: 42
- #43 for Emerging Metropolitan Areas
- #109 for Best Places to Retire in Washington
Real estate market in Longview, WA
- $251,700 average home value
- 19% appreciation in the past year
- 36.5% appreciation over the last 10 years
The area has experienced a significant increase in home values. If appreciation is part of your investment strategy, you may want to look for investment opportunities in Longview.
Economy and Industry
- $22,681 average income
- $38,681 median household income
- 0.7% recent job growth
- 34% future job growth
Many jobs are in the manufacturing, healthcare & social assistance, and retail industries. Although there has not been a significant amount of job growth this year, it is forecast to have significant growth in the future. Longview has been steadily growing in population each year. In the past 10 years it has seen a 7% increase. If you are looking for a city that is experiencing growth and has reasonably priced real estate that is increasing in value, Longview might fit in your rental property investment plan.
How to Accurately Set Rent for my Longview, WA Rental Property
What is a good rent rate for your property? As an investor, you want to set the rent rate to maximize profit and minimize vacancy. The market determines the rent rate, so offering a competitive rate will reduce your days on market.
Rental market in Longview, WA
- $920 average rent for 2 bedrooms
- $1,330 average rent for 3 bedrooms
- Average days on market: 11 days
- Occupancy rate: 93%
On average, properties are currently renting in 11 days. Keep in mind this may change and could be cyclical. The statistics above are averages that include various unit types and locations. When looking at the current rental market, only compare properties that are like yours in size, unit type, and number of bedrooms. One extra bedroom can make a significant difference in the rent price.
- 46% renter-occupied
- 53% owner-occupied
There are a lot of renters in the area which makes it a great place to own rental property. Owners that live in their properties tend to maintain their properties. Because there are more owner-occupied units in the area, your property should benefit from increased home values overtime.
Rental season matters
What is the hot rental market season in the city? In most areas, late Spring and early Summer are prime leasing months. If you rent your property during the peak season, you may be able to get a little more rent than if you were trying to lease it in an off season.
Check the trends for growth in the city
The rent you can expect to collect today and in future years can be affected by city growth trends. Check historical data that shows any growth trend and how the city is predicted to grow in the next 5 or 10 years. Are there new industries coming into the area? Longview is predicted to steadily grow in the future.
Want to know what your property will rent for? Mynd offers a FREE Rental Analysis.
Why Should I Hire a Property Management Company in Longview, WA
Longview Property Managers handle day-to-day operations
The role of the property manager is to make sure both tenants and owners are happy. They take care of tasks such as:
- Getting a property rent-ready
- Marketing the property
- Screening applicants and selecting a quality tenant
- Lease signing, enforcement, renewal, or early lease termination
- Taking care of maintenance requests including emergency issues.
- Collecting rent and distributing it to owners
- Evicting tenants if it becomes necessary
It is important to ask questions before hiring a Longview property management company. Be sure that your goals align with theirs. If you own a single-family home, you probably don’t want to use the company that manages mostly apartments. Don’t be afraid to ask questions about their eviction rate, average days on market, etc. At Mynd, we are happy to answer all your questions.
In addition to common maintenance issues, homes in the area may have issues with mold, water leaks, or moisture problems. Your property manager will know how to take care of these situations.
Laws and Regulations
When you own rental property, you are required to comply with laws and regulations that apply to it. These laws change frequently, and keeping up with them does require that you do your research. There are local, state, and federal laws that apply to your Longview rental property including:
- Unfair practices with respect to real estate transactions, facilities, or services
- Fair Housing in Washington State for Property Owners
- Washington Homestead Laws
If you own property in Longview, ensure your property complies with the Code Compliance Division.
Some common code violations include:
- Swimming pool fences violations
- Code violations (building, plumbing, electrical, and mechanical)
- Address identification violation – your address must be visible from the street
- Failure to keep trees, bushes, or shrubs from overhanging into the street or right-of-way
Keeping up with the changes might be a good reason to hire a Longview property manager. Their job is to ensure your property is compliant. Mynd has in-house counsel to ensure our policies and procedures comply with laws.
Ready to hire a Longview Property Manager?
Our property managers allow you to remove yourself from the situation so you can concentrate on managing your assets. Looking to diversify your portfolio in new markets, we can help you with remote investing. Mynd offers three pricing packages so you can select the level of service that fits your needs. Contact us today at Mynd about property management in Longview or for help finding your next investment property in one of the 19 markets we serve.
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