Real Estate Investing in Spokane, Washington
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in Spokane, WA? Our answer, based on the numbers below.
For Homebuyers
GOOD FIT
Grade B (73/100)
Solid choice — stable market with a reasonable entry point and good rental backup if you ever need to move.
For Investors
MIXED
2.9 / 5
(46/100)
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
Risks to Know
1 flag
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
What’s happening in Spokane, WA?
Click any question — our AI will research it live from the web and show you sources.
🏦 30-yr Fixed Rate:
6.76%
as of Sep 10
Source: Freddie Mac PMMS
Avg Investability
★★★★★
Avg Home Value
$204,259
Avg Monthly Rent
$1,585
ZIP Codes
22
Market Trends — Spokane, WA
Home Value History
Rent History
Local Pulse Report
AI-researched developments and news for Spokane, WA. Updated on demand as visitors ask.
Growth & development in Spokane, WA Updated 145 days ago
Spokane has seen a surge in housing development and new businesses, though some large-scale projects and employer numbers have faced setbacks.
Opportunities
- Over 2,000 apartment units were delivered in Spokane County in 2024, significantly expanding the rental housing supply. — This increases housing options and helps address demand in the region. Spokane Construction Outlook
- The City of Spokane issued a record 1,433 residential permits in 2024, a 32% increase over three years, largely for multifamily housing. — This indicates a strong commitment to increasing housing availability and diversity. KREM
- Spokane Valley saw several new businesses open in 2025, including Beans & Berries cafe, Liberty Lake Family Therapy Clinic, and a new Five Below. — These new establishments offer more choices for dining, services, and shopping for residents. Spokane Valley, WA
- Downtown Spokane welcomed numerous new businesses in 2025, such as Jupiter's Eye Café, Domini's Sandwiches, and Gene Juarez. — These additions enhance the vibrancy and diversity of downtown's retail and service offerings. Downtown Spokane Partnership
- The City of Spokane's Water Department received a $2.8 million grant in April 2025 for solar infrastructure, battery storage, and charging stations. — This investment promotes clean energy and supports the city's sustainability goals. City of Spokane
Concerns
- The pace of new multifamily project starts in Spokane County moderated in 2025, with fewer than 1,000 units under construction. — Higher interest rates and construction costs are slowing the expansion of housing supply. Spokane Construction Outlook
- The Trump administration defunded a Spokane electrical grid project and the Northwest hydrogen hub in October 2025. — This action halts projects aimed at advancing clean energy and grid resilience. The Spokesman-Review
- Spokane's manufacturing sector lost 300 jobs in 2025, despite projections for future growth. — This indicates a short-term contraction in employment opportunities within a key industry. Spokane Journal of Business
- UPS is closing its Jameson Park facility in Spokane as part of nationwide layoffs in 2025 and 2026. — This closure results in job losses and reduces local shipping infrastructure. The Quake 102.1
- Spokane city employees were notified in October 2025 of potential job cuts (30-50 positions) due to a projected $13 million deficit in the 2026 budget. — These potential layoffs create uncertainty and reduce public sector employment. The Spokesman-Review
Bottom line: Spokane is experiencing a housing boom and new business growth, but faces challenges with slowing construction starts and some employer cutbacks.
Local news & events in Spokane, WA Updated 145 days ago
Spokane faces ongoing challenges with housing affordability, crime, and air quality, while also seeing community efforts to address these issues and host various local events.
Opportunities
- The Spokane City Council introduced a "Renters' Right to Cooling" ordinance on April 13, 2026, requiring landlords to maintain bedrooms below 80 degrees Fahrenheit. — This expands choice and opportunity by ensuring safer living conditions for renters during hot weather. City of Spokane
- The City of Spokane will purchase cooling fans for seniors and residents with disabilities, to be distributed by Meals on Wheels, as of April 9, 2026. — This provides a direct benefit to vulnerable residents, enhancing their comfort and safety. City of Spokane
- Spokane's air quality for fine particle pollution improved in summer 2025, with no days exceeding federal limits, a first since 2016. — Improved air quality enhances public health and offers more opportunities for outdoor activities. The Spokesman-Review
- The City of Spokane is bolstering its Neighborhood Resource Officer Program, adding a fourth officer to the downtown area as of January 28, 2026. — This aims to increase public safety and community engagement, potentially reducing crime. City of Spokane
- Spokane is hosting numerous community events, including theater performances, concerts, and festivals, throughout April and May 2026. — These events provide diverse entertainment and cultural opportunities for residents. Spokane Public Radio, The Spokesman-Review, Eventbrite, Dow…
Concerns
- Spokane ranks as the 11th most polluted metro area in the nation for short-term particle pollution, according to a 2025 report. — Poor air quality restricts outdoor activities and poses significant health risks for residents. American Lung Association
- A survey from April 2025 indicated that 64% of Spokane voters are concerned about housing and homelessness, and 49% about housing costs. — High housing costs and limited options restrict residents' ability to find suitable and affordable homes. The Spokesman-Review
- Violent crimes in Spokane County increased in 2024, with 2,177 total violent crimes, up from 1,658 in 2004. — Rising crime rates can increase fear and mistrust, limiting residents' sense of safety and freedom. Spokane Community Indicators
- The City of Spokane and Spokane County were declared liable in August 2025 for cleaning up PFAS contamination from firefighting drills at Spokane International Airport. — This imposes unconsented costs on taxpayers for environmental cleanup and addresses a serious health concern. RANGE Media
- Spokane experienced a significant increase in emergency department visits due to flu and respiratory illnesses in January 2026. — This can strain healthcare resources and lead to increased health risks and costs for residents. The Spokesman-Review
Bottom line: Spokane is actively addressing resident concerns through new ordinances and community programs, but continues to grapple with persistent issues in housing, crime, and environmental health.
Schools in Spokane, WA Updated 145 days ago
Spokane Public Schools recently passed a significant bond measure for facility upgrades and new programs, while also seeing increased student enrollment.
Opportunities
- In November 2025, Spokane voters approved a $200 million bond for Spokane Public Schools with 61.82% approval. — This bond funds major facility modernizations and the creation of a new trades high school, expanding educational opportunities. Spokane Public Schools
- The approved bond will establish a four-year SPS Trades High School on the Spokane Community College campus. — This new program provides specialized vocational training and career pathways for students. Spokane Public Schools
- The bond will rebuild Adams and Madison elementary schools, and modernize North Central High School, Garry Middle School, and Chase Middle School. — These projects improve learning environments and accessibility for students in older facilities. Spokane Public Schools
- Spokane Public Schools' student enrollment reached approximately 30,000 children in the 2023-2024 school year, the highest since before the pandemic. — Increased enrollment indicates growing community engagement and demand for the district's educational offerings. KREM.com
- The Community School (TCS) and SPS administrative offices are relocating to a newly purchased building, saving over $300,000 annually. — This consolidation saves taxpayer money and offers TCS students enhanced integration with higher education and businesses. NEWTech Prep - SPS
Concerns
- The approved $200 million bond will add an average of two cents to homeowners' existing school bond bill over the next 15 years. — This represents an increase in property taxes for residents to fund school projects. Spokane Public Schools
- Spokane Public Schools' average classroom size of 18.6 students is higher than the state average of 17.8. — Larger class sizes can potentially limit individualized attention for students. KREM.com
- Adams Elementary, built in 1909, and Madison Elementary, over 70 years old, have struggled with efficiency, accessibility, and space, requiring portable classrooms. — Outdated facilities can restrict optimal learning environments and accessibility for students. KREM.com
Bottom line: Spokane Public Schools is undergoing significant facility improvements and program expansions, funded by a recently approved bond, alongside increasing enrollment.
Civic & policy in Spokane, WA Updated 145 days ago
Spokane has seen significant state and local government activity, including expanded property tax exemptions, new housing density regulations, and changes to public meeting procedures.
Opportunities
- A new state law, effective 2027, expands property tax exemptions for seniors, disabled people, and veterans in Spokane County by raising the income threshold to $74,000. — This helps more vulnerable residents afford to stay in their homes by reducing their property tax burden. Spokane Journal of Business
- Spokane City Council permanently extended the Building Opportunity for Housing (BOCA) ordinance in November 2023, allowing up to six multifamily units near public transit. — This increases housing options and density, addressing the city's housing crisis and promoting infill development. Futurewise
- Spokane County Commissioners voted unanimously in November 2025 to maintain the current property tax levy rate for 2026, forgoing a 1% increase. — This decision prioritizes community affordability by preventing an additional tax burden on residents. Spokane County News Flash
- The City of Spokane secured an additional $1.15 million in March 2026 for the Northeast Regional Law Enforcement Academy, allowing more officers to train locally. — This investment improves public safety by enhancing law enforcement training and potentially lowering recruitment costs. City of Spokane
- Spokane City Council expanded designated 'festival streets' in April 2026 to include Garland and Sprag Avenues. — This removes barriers for neighborhoods and event organizers to host public street events, fostering community engagement. KREM.com
Concerns
- The expanded property tax exemptions for some Spokane County residents will result in other homeowners paying slightly more due to a tax shift. — This imposes an unconsented cost on a broader group of taxpayers to offset the exemptions. Spokane Journal of Business
- Spokane City Council approved a one-year moratorium in April 2026 on new drive-through fast-food facilities in certain busy areas. — This restricts business development and limits consumer choice in designated areas. KREM.com
- Spokane City Council voted in March 2026 to limit public testimony at meetings to two minutes per person, down from three, and created an 'express lane' option. — This restricts the time individuals have to express their views on multiple legislative items. Spokesman-Review
- Spokane City Council passed an emergency ordinance in March 2026 preventing private property owners from leasing spaces as immigration detention facilities. — This restricts property owners' choices for how they can use their commercial or residential properties. KREM 2
Bottom line: Spokane is navigating growth and affordability with new housing policies and tax adjustments, while also refining local governance and public engagement.
AI-generated from public web sources. Always verify with official records. Not financial, legal, or investment advice.
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Best ZIP codes in Spokane-Spokane Valley, WA
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Landlord Ground Truth
Real numbers from people who own or manage rentals in Spokane, WA. Anonymous, moderated, never written by AI.
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Avg Home Value
$204,259
Avg Monthly Rent
$1,585
1% Rule
✗ Below
Landlord Friendly (WA)
★☆☆☆☆
🎓 Colleges & Universities in Spokane
9 Colleges
20,481 Students
3,743 Off-Campus Renters
B
4-Year Private · 7,306 students
C+
4-Year Private · 2,345 students
C+
4-Year Public · 6,286 students
📍 ~2,237 students rent off-campus
C
4-Year Private · 36 students
C
4-Year Public · 3,903 students
📍 ~1,506 students rent off-campus
C
Vocational For-Profit · 90 students
C
Vocational Private · 49 students
C
4-Year Private · 170 students
D
2-Year For-Profit · 296 students
Investor Insight: With 3,743 students living off-campus, Spokane has substantial rental demand from the college population — typically stable, lease-renewing tenants.
Neighborhoods in Spokane
Balboa-South Indian Trail
22 ZIP codes
Bemiss
22 ZIP codes
Brownes Addition
22 ZIP codes
Chief Garry Park
22 ZIP codes
Cliff-Cannon
22 ZIP codes
Comstock
22 ZIP codes
Country Homes
22 ZIP codes
Deep Creek
22 ZIP codes
East Central
22 ZIP codes
Emerson-Garfield
22 ZIP codes
Fairwood
22 ZIP codes
Five Mile-Prairie
22 ZIP codes
Foothills
22 ZIP codes
Forest Hills
22 ZIP codes
Hillyard
22 ZIP codes
Latah Valley
22 ZIP codes
Leona Drive
22 ZIP codes
Lincoln Heights
22 ZIP codes
Logan
22 ZIP codes
Manito-Cannon Hill
22 ZIP codes
ZIP Codes in Spokane, WA
99208
Home Value
$464,555
Rent
$1,622/mo
99205
Home Value
$323,280
Rent
$1,707/mo
99223
Home Value
$503,868
Rent
$1,873/mo
99207
Home Value
$281,610
Rent
$1,478/mo
99224
Home Value
$527,036
Rent
$1,582/mo
99203
Home Value
$498,105
Rent
$2,183/mo
99202
Home Value
$319,182
Rent
$1,563/mo
99217
Home Value
$377,322
Rent
$1,506/mo
99218
Home Value
$474,684
Rent
$1,561/mo
99201
Home Value
$331,163
Rent
$1,153/mo
99204
Home Value
$392,893
Rent
$1,204/mo
99251
Home Value
$0
99258
Home Value
$0
99209
Home Value
$0
99210
Home Value
$0
99211
Home Value
$0
99213
Home Value
$0
99214
Home Value
$0
99219
Home Value
$0
99220
Home Value
$0
99228
Home Value
$0
99260
Home Value
$0
Screen every ZIP in Spokane
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View PlansFrequently Asked Questions About Spokane, WA
What kind of market is Spokane, WA for investors?
Spokane, WA scores 2.9/5 for investability. Home values sit at $204K and rents near $1,585/mo, which keeps the rent-to-price ratio in reasonable territory for buy-and-hold investors.
What are vacancy rates like in Spokane, WA?
Spokane, WA carries elevated vacancy risk. Expect reliable absorption at market rents of $1,585/mo.
How much do tenants pay in Spokane, WA?
The typical rental in Spokane, WA commands about $1,585/mo monthly. That rent profile even-keeled cash flow against the $204K purchase basis.
Is house hacking profitable in Spokane, WA?
The a challenging house-hack environment in Spokane, WA reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
How deep is the rental pool in Spokane, WA?
Working renters make up the core of the Spokane, WA tenant base. The pool is reasonable for investors targeting long-term holds.
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