If you’re considering investing in real estate, Spokane, WA, should be on your radar. With its growing population, strong job market, and appealing lifestyle, Spokane offers several areas where you can get the best bang for your buck. In this post, we’ll explore the top neighborhoods in Spokane based on affordability, rental potential, and location. Whether you’re a seasoned investor or just starting out, this guide will help you make an informed decision.
1. North Spokane: Affordable and Family-Friendly
Affordability: North Spokane is known for its affordable housing options, making it an attractive area for new investors. The median home prices here are lower compared to other parts of the city, providing an excellent entry point into the real estate market.
Rental Potential:The demand for rental properties in North Spokane is strong, thanks to its proximity to good schools, parks, and family-friendly amenities. Young families and professionals are often looking for rental homes in this area, ensuring a steady stream of potential tenants.
Location: North Spokane offers a mix of suburban tranquility and urban convenience. With easy access to downtown Spokane, shopping centers, and recreational areas, it’s a highly desirable location for renters and homeowners alike.
2. South Hill: Upscale Living with High Rental Demand
Affordability: While South Hill is one of the more upscale areas in Spokane, it still offers good value for money. The properties here tend to be higher priced, but the potential for appreciation and rental income justifies the investment.
Rental Potential: South Hill attracts a diverse range of renters, including young professionals, families, and retirees. The area’s charm, combined with top-rated schools and beautiful parks, ensures high demand for rental properties.
Location: South Hill boasts a prime location with scenic views, historic homes, and a vibrant community. It’s close to downtown Spokane, medical facilities, and cultural attractions, making it a coveted area for residents.
3. Kendall Yards: Trendy and Urban
Affordability: Kendall Yards is a rapidly developing neighborhood that offers a mix of modern apartments, townhomes, and single-family homes. While prices have been rising due to its popularity, it still presents good investment opportunities.
Rental Potential: The urban feel of Kendall Yards, with its trendy shops, restaurants, and community events, attracts young professionals and creatives. The rental market is robust, with a high demand for stylish, centrally-located properties.
Location: Located just north of downtown Spokane, Kendall Yards offers easy access to the city’s core, the Spokane River, and various outdoor activities. Its walkability and vibrant atmosphere make it an attractive choice for renters.
4. Spokane Valley: Suburban Growth Hub
Affordability: Spokane Valley is another affordable area with a range of housing options, from starter homes to larger family properties. The cost of living is lower here, which appeals to both investors and renters.
Rental Potential: The rental market in Spokane Valley is thriving due to its growing population and strong job market. It’s particularly popular with families and young professionals looking for more space and a suburban lifestyle.
Location: Spokane Valley offers a suburban feel with plenty of amenities, including shopping centers, parks, and good schools. It’s well-connected to the rest of Spokane via major highways, making commuting easy.
Conclusion
Spokane, WA, offers a variety of investment opportunities for real estate investors, from the affordable and family-friendly North Spokane to the trendy and urban Kendall Yards. By focusing on areas with strong rental potential and prime locations, you can maximize your investment and ensure a steady stream of rental income.
Once you’ve chosen the right rental property for you, contact us at Preferred Capital Investors. We can help you secure the financing you need to start or continue building your portfolio. Let’s make your real estate investment in Spokane a successful and profitable venture!