Washington rental market data

The measured-metro medians show asking-rent growth of 2.9% and home-value growth of 0.3%, a 2.6-percentage-point difference. Rent growth remained positive from 1.0% at the 10th percentile to 5.8% at the 90th, while home-value growth ranged from -1.0% to 1.4%. That pattern supports rent-led screening more than an appreciation-led case.

Aberdeen shows the sharpest named split: asking rent rose 7.6% while value fell 1.1%, with a 5.7% gross yield. Pullman combined 6.9% rent growth, 0.3% value growth and a 5.4% yield. Centralia’s rent rose 5.7% and value rose 1.9%, but its gross yield was only 3.9%. The examples show why momentum and yield must be tested separately; asking-rent growth does not establish collected-rent growth or net return.

The measured-metro median home value was $457,178 and median asking rent was $1,777 per month. Gross yields had a 4.3% median and ran from 3.9% at the 10th percentile to 5.0% at the 90th. The median price-to-income ratio was 5.7, with a measured range of 5.1 to 7.1, so lower purchase prices do not automatically produce wide cash-flow margins.

Median rent-to-income was 24.6%, and the median asking-rent-to-Fair-Market-Rent ratio was 111.7%; the latter ranged from 94.7% to 129.6%. Pullman illustrates the tenant-side constraint: its 5.4% gross yield coincided with rent equal to 32.8% of measured income. Aberdeen paired a 5.7% yield with 29.0%, while Shelton paired a 5.0% yield with 27.5%. These ratios are screening indicators, not proof of tenant affordability or achievable rent for a specific unit.

Across 21 measured metros, employment growth had a median of 0.15% and ranged from -0.9% at the 10th percentile to 1.2% at the 90th. That is a weak statewide distributional backdrop for assuming recent asking-rent gains will be equally durable everywhere.

The counter-signal is positive household movement and several local employment standouts. All 39 counties contributed migration data, showing net migration of 9,821, or 1.26 people per 1,000 residents. Aberdeen recorded 1.8% job growth, while Centralia and Kennewick each measured about 1.2%. These figures identify places for deeper demand checks, but they do not show household formation, renter tenure, occupation mix or neighborhood-level absorption.

Across 20 measured resale markets, the medians were 3.3 months of supply, 21.5 days on market, a 32.5% price-drop share and a 99.4% sale-to-list ratio. The 90th-percentile readings reached 5.7 months of supply and 43.3 days on market. Moses Lake was slower at 60 days and 6.1 months of supply, although its sale-to-list ratio remained 99.3%. Walla Walla recorded 43 days, 4.9 months of supply, a 37.5% price-drop share and a 97.2% sale-to-list ratio.

Permitting adds a different pressure. The measured-metro median was 4.1 permitted units per 1,000 residents, versus 10.4 in Wenatchee, 9.6 in Kennewick and 7.6 in Ellensburg. Slow resale can improve acquisition negotiating conditions, but permits do not identify completion timing, rental tenure or direct competition with a target property. The packet also reports resale conditions for 20 metros while permit coverage reaches 21, so the measures are not perfectly aligned.

Across 39 counties, the median ACS vacancy rate was 9.9%, with a range from 5.0% at the 10th percentile to 23.2% at the 90th. Median renter share was 29.0%. At the same time, the median share of renters spending at least 30% of income on rent was 48.1%, and the measured range was 42.1% to 56.7%.

The county examples show why headline vacancy and rental tightness cannot be treated as equivalents. Wahkiakum County had 6.7% vacancy and a 16.8% renter share, yet 77.4% of renters met the burden threshold. Whitman County had 15.3% vacancy, a 53.2% renter share and 61.9% renter burden; Whatcom County had 9.2%, 36.3% and 60.1%, respectively. San Juan County’s 35.6% vacancy coincided with a 22.0% renter share and an 89.2% single-family share. The packet does not separate these headline vacant units into long-term rentals available to a target tenant segment.

Across 39 counties, the median expected hazard-loss ratio was 0.23%, with a range from 0.13% at the 10th percentile to 0.41% at the 90th. Kittitas County measured 0.50%, Grays Harbor County 0.49% and Okanogan County 0.46%. FEMA’s mutually exclusive leading-hazard labels identify inland flood for 26 counties, earthquake for 10 and wildfire for 3; these are county labels, not parcel-level exposure findings.

The median effective property-tax rate was 0.73%, with a measured range from 0.60% to 0.84%. Pierce County measured 0.91% and a $4,770 median tax, Thurston County 0.88% and $4,209, and Walla Walla County 0.85% and $3,492. County loss ratios and tax medians can flag underwriting questions, but they do not provide a property assessment, insurance quote, deductible, mitigation cost or parcel-specific tax bill.