Real Estate Investing in Redmond, Washington (98053)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98053 (Redmond, WA)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
- High price-to-rent: Price-to-rent ratio 36.0 — hard to cash-flow at these prices.
What’s happening in Redmond, WA (98053)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98053 Redmond
The 98053 ZIP in Redmond, WA is a local-operator market. Outside capital chasing a $1.4M entry has to pair deep knowledge with the discount.
Distressed markets are won on execution, not on spreadsheets. ZIP 98053 reflects the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Nearby ZIPs in Redmond have seen price recovery that 98053 has not matched. King County data supports the view that the spread is structural rather than temporary.
The 98053 ZIP's population of 22,838 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that clocks in at the need for careful underwriting.
The 98053 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Redmond:
Property Strategy for 98053
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $1,038,746 | $3,310 | 2.3% | +7.6% | $519,373 |
| 3BR | $1,204,876 | $4,330 | 2.6% | +8.7% | $401,625 |
| 4BR | $1,774,497 | $5,090 | 2.1% | +10.3% | $443,624 |
| 5BR | $2,137,595 | — | — | +10.5% | $427,519 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98053 Compare?
| Metric | 98053 | Redmond | Seattle-Tacoma-Bellevue, WA | Washington |
|---|---|---|---|---|
| Home Value | $1,426,457 | $1,370,944 | N/A | $591,536 |
| 5-Year CAGR | 4.8% | 4.7% | N/A | 5.9% |
| Avg Rent | $3,304 | $2,978 | N/A | - |
| Cap Rate | 1.8% | 1.7% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 98053 (Redmond, WA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 98053 (Redmond, WA)?
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Property managers serving King County
Manage rentals here? List your business →Alki Property Management LLC specializes in apartment rentals. summary from their website
Brink Property Management offers residential property management and vacant home management services in Bellevue, providing marketing, tenant screening, rent collection, and maintenance. summary from their website
Full Service Property Management offers compassionate property management across Metro Seattle, including multi-family management, property marketing, and maintenance services. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $1,426,457 |
| Monthly Rent | $3,304 |
| Price-to-Rent | 36.0:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 2.8% |
| Cap Rate | 1.8% |
| 5-Year IRR | 6.6% |
📈 Home Appreciation
| 1-Year | -0.9% ▼ |
| 3-Year CAGR | +4.0% ▲ |
| 5-Year CAGR | +4.8% ▲ |
| 10-Year CAGR | +7.9% ▲ |
🏠 Rent Trends
| 1-Year | +3.1% ▲ |
| 3-Year CAGR | +2.9% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (1.8%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 98053
Population: 22,838
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 98053
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 10,552 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Can I live-in-and-rent in Redmond, WA?
The house hack math a tougher in Redmond, WA. Owner-occupant buyers benefit from the $3,304/mo rents and $1.4M home values.
Is real estate in Redmond, WA a good investment right now?
Redmond, WA scores 3.0/5 for investability. Home values sit at $1.4M and rents near $3,304/mo, which keeps the rent-to-price ratio in reasonable territory for buy-and-hold investors.
Is housing expensive in Redmond, WA?
Redmond, WA median home values land near $1.4M. That is reasonable territory for investors looking at $3,304/mo-per-month rentals.
Are there empty rentals in Redmond, WA?
Vacancy in Redmond, WA is elevated, which keeps landlord downtime on reasonable timelines. Most properties lease within the standard window at $3,304/mo.
Are eviction rules reasonable in Redmond, WA?
Redmond, WA falls under WA landlord-tenant law, which is tenant-protective. That backdrop makes day-to-day property management reasonable.
You know 98053 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 98053 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 98053 ranks in Seattle-Tacoma-Bellevue, WA
Every ZIP in this metro, ranked. Free.
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