Real Estate Investing in Seattle, Washington (98109)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98109 (Seattle, WA)? Our answer, based on the numbers below.
Multiple negative signals. Better options likely exist nearby.
Structural challenges here. The numbers may look cheap but operational risk is high. Only for experienced, hands-on investors.
- Elevated vacancy: 8.7% vacancy may signal weakening demand.
- Flat appreciation: Values have barely moved over 5 years (0.1% CAGR).
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
- High price-to-rent: Price-to-rent ratio 25.7 — hard to cash-flow at these prices.
What’s happening in Seattle, WA (98109)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98109 Seattle
Stepping back, ZIP 98109 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $772K median. It rewards specialists, not generalists.
Rent of $2,509/mo on a $772K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 98109 sits below the stated 0.0% once reality is priced in.
From an investor standpoint, 98109 offers a low basis, the region around Seattle has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Resident income in 98109 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
tilts toward the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Seattle:
Property Strategy for 98109
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $403,532 | $2,920 | 5.2% | -1.9% | $403,532 |
| 2BR | $683,514 | $3,400 | 3.6% | +0.3% | $341,757 |
| 3BR | $1,210,077 | $4,450 | 2.6% | +2.4% | $403,359 |
| 4BR | $1,734,685 | $5,230 | 2.2% | +4.3% | $433,671 |
| 5BR | $2,107,798 | — | — | +3.7% | $421,560 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98109 Compare?
| Metric | 98109 | Seattle | Seattle-Tacoma-Bellevue, WA | Washington |
|---|---|---|---|---|
| Home Value | $772,473 | $694,046 | N/A | $591,536 |
| 5-Year CAGR | 0.1% | 0.8% | N/A | 5.9% |
| Avg Rent | $2,509 | $2,268 | N/A | - |
| Cap Rate | 2.5% | 2.3% | - | - |
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 98109 (Seattle, WA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 98109 (Seattle, 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 | $772,473 |
| Monthly Rent | $2,509 |
| Price-to-Rent | 25.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.9% |
| Cap Rate | 2.5% |
| 5-Year IRR | 2.6% |
📈 Home Appreciation
| 1-Year | +2.2% ▲ |
| 3-Year CAGR | -0.1% ▼ |
| 5-Year CAGR | +0.1% ▲ |
| 10-Year CAGR | +2.5% ▲ |
🏠 Rent Trends
| 1-Year | -4.1% ▼ |
| 3-Year CAGR | +0.6% ▲ |
| 5-Year CAGR | +0.8% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.5%). 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 98109
Population: 32,552
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 98109
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Bailey Gatzert Elementary School
Lowell Elementary School
Daniel Bagley Elementary School
Green Lake Elementary School
Leschi Elementary School
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 2,500 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Are rents high in Seattle, WA?
Rents in Seattle, WA run near $2,509/mo. Compared with median home prices of $772K that produces solid gross yields for typical rentals.
How high is vacancy risk in Seattle, WA?
Vacancy risk in Seattle, WA is elevated. That supports predictable cash flow for typical rental holds.
Is Seattle, WA a good place for real estate investing?
Yes - Seattle, WA a 2.0/5 investability score. With $772K home prices against $2,509/mo monthly rent, the market delivers a reasonable entry point for new investors.
Is Seattle, WA good for landlords?
For rental operators, Seattle, WA rates as tenant-protective. The regulatory environment standard buy-and-hold operations.
Which real estate strategy fits Seattle, WA?
The best-fit strategy in Seattle, WA is careful cash-flow rentals with hands-on management. That approach the rent and price profile of the market.
You know 98109 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 98109 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 98109 ranks in Seattle-Tacoma-Bellevue, WA
Every ZIP in this metro, ranked. Free.
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