Discover the best places to invest in Washington real estate with our picks for the most walkable neighborhoods in Seattle

Most Walkable Neighborhoods in Seattle

Seattle offers a mix of homes, townhouses, and condos in distinctive, engaging, and walkable neighborhoods. The city offers residents the opportunity to join vibrant communities and a thriving job market. While each area offers unique benefits, you can find hip coffee shops, restaurants, and bars throughout Seattle. These Seattle neighborhoods have plenty of parks, water, and outdoor activities to enjoy. If you’re looking for good places to invest in real estate, explore our picks for the most walkable neighborhoods in Seattle. 

The Queen Anne neighborhood is one of Seattle's most widely recognized areas. This neighborhood is home to the iconic Space Needle and features some of the most spectacular views in the city. The Space Needle is part of the Seattle Center, which also includes the Pacific Science Center, Chihuly Garden & Glass, and the Museum of Pop Culture. 

The western border of Queen Anne meets Lake Union, which is popular for several watersports and boating. This area can be split into Upper and Lower Queen Anne, both known for their many hills. The northern part of Queen Anne features historic bungalows and craftsman-style homes. The southern part of Queen Anne is more of an urban center. 

If exploring the neighborhood doesn’t offer enough walking opportunities, there are several trails in the community. Once you’ve grown tired of exploring Queen Anne, consider hopping on the monorail, which will take you to downtown Seattle. 

Fremont is a one-of-a-kind neighborhood located northeast of Queen Anne. Step out in Fremont and experience everything quintessential about Seattle, including quirky shops, decadent dining opportunities, and entertaining attractions. The Fremont neighborhood is home to both Adobe and Google offices. The Brewery District allows residents to stroll from one brewery to another--be sure you stop off at Fremont Brewing. 

The Fremont Sunday Market, which runs year-round, allows you to purchase locally made and grown goods in your community. Opportunities to explore the outdoors are plentiful in Fremont. Explore the Fremont Trail, Gas Works Parks, the Burke-Gilman Trail, or Golden Gardens Park. 

Pioneer Square is one of the most historically significant neighborhoods in Seattle. A tour through the neighborhood known as the birthplace of Seattle features cobblestone streets and red-brick buildings. Stop off at the city’s oldest bar, Central Saloon, which welcomes patrons into a little slice of Seattle's history. Pioneer Square’s First Thursday Art Walk offers residents the chance to meander through the neighborhood and soak up the vibrant arts scene. 

Pioneer Square was originally one to two stories below the current neighborhood. After the Great Seattle Fire in 1889, the streets were raised to their present elevation, leaving parts of the original city below. Bill Speidel’s Underground Tour allows you to walk some of Pioneer Square’s original streets.  

The Chinatown International District or C-ID neighborhood is the vibrant epicenter of Asian-American Seattle. This multi-ethnic community stretches from 4th Avenue to Rainer and is bordered by Pioneer Square and SoDo. C-ID consists of three smaller districts: Chinatown, Japantown, and Little Saigon. The Chinatown International District hosts some of the most loved Seattle festivals, including the Annual Night Market, Moon Festival, and Lunar New Year Festival. 

The neighborhood is a short walk from both T-Mobile Park and Lumen Field. Long-standing businesses offer residents and visitors everything they need within walking distance. C-ID is also home to the Seattle Pinball and Wing Luke Museums. 

Belltown is beautifully located on the waterfront and conveniently close to Downtown Seattle. The beloved neighborhood is consistently ranked as one of the most walkable areas of Seattle and boasts an extensive music and arts scene. Most real estate along the waterfront comes in the form of high-rises with apartments and condos and is one of the more densely populated areas of the city.

Belltown is known for both Olympic Sculpture Park and Myrtle Edwards Park. Residents and visitors can also explore the Elliot Bay Trail. The neighborhood is also home to many bars, restaurants, and coffee shops. The community is named for an Illinois farmer, William Nathaniel Bell, who moved west in 1851. Stroll along Virginia or Olive Street, both named for William Bell’s daughters,

South Lake Union is home to one of the most iconic destinations in Seattle, Pike Place Market, but it has infinitely more to offer both residents and visitors alike. Located on the southern tip of Lake Union, this popular neighborhood is sometimes called SLU. 

South Lake Union’s proximity to the water makes it ideal for paddle boarding, kayaking, and boating. SLU is also Seattle's tech center-- Amazon, Facebook, and Google all call South Lake Union home. The neighborhood was once a highly industrial area but has been transformed into a destination for drinking, outdoor activities, and culture. You’ll also find the only downtown Whole Food, a welcome amenity for any resident. 

Ballard, once its own independent city, is located in the northwestern part of Seattle. The neighborhood’s Scandinavian history colors much of the current culture. Visitors can explore the National Nordic Museum and the Ballard Locks, which connect Union Lake and the Puget Sound. 

Real estate Ballad includes something at every price point and is not nearly as expensive as neighborhoods like Queen Anne. You’ll find Craftsman, Tudor, and rambler-style homes in addition to newly-constructed condos and luxury apartments. Almost anyone would enjoy living in this walkable community thanks to its enchanting culture, many amenities, and location. 

It’s hard to find someone who doesn’t enjoy the long-standing cultural charm of Capitol Hill. This Seattle neighborhood has become the epicenter of the city’s LGBTQ+ community. Some might remember that the neighborhood was closely associated with the 90s grunge scene. In Capitol Hill, you’ll find a mix of apartment complexes and large houses along 44th Ave, also called Millionaire’s Row. 

Capitol Hill is easily the most progressive, creative, and popular area in Seattle, with extensive dining and nightlife opportunities. Don’t miss the chance to stroll through the 44 acres of Volunteer Park. Just be sure to stop and admire the breathtaking glass, Victorian-style conservatory. With so much to offer, Capitol Hill rental properties are in high demand. 

Discover why Seattle homeowners love Belong 

Once you’ve found the perfect property in Seattle, Belong can help you find residents who love your home as much as you do. We take the guesswork out of pricing by combining current market data with live, real-time demand from the local rental market. That data allows you to maximize rental income and attract the best residents. You’ll experience fewer vacancies, residents who care for your home, and profitable rental income. 

Discover the best places to invest in Washington real estate with our picks for the most walkable neighborhoods in Seattle - popular with tenants and residents

Looking for an investment property is different from a home you’ll live in. Know what to look for

Buying an investment property? Here’s what to look for

Looking for an investment property is fundamentally different from seeking out a home you’ll live in yourself. 

When you’re looking for your own home, your personal preferences come first. But a good investment property should be as appealing as possible to its future residents.

Risk is a natural part of making any type of investment. You can’t totally eliminate that risk, but you can greatly reduce it by considering your options carefully. 

Shopping for an investment property is all about understanding the area, the local market, and the home itself. Here’s what you need to know to get started. 

Remember, a home itself can always be updated. But you can never change the location! 

Before you start considering actual investment properties, take your time to figure out which city, area, or neighborhood is right for you. That means analyzing both the market realities of the area, how livable it will be for future residents. 

Start by assessing how strong the rental and retail market is in your desired location. What are homes selling for? Is there a high vacancy rate? 

You’ll also want to understand property tax in the area. Different cities, regions, and municipalities all charge different property tax rates. 

Next, it’s time to learn about what makes the area a great place to live. 

What kind of amenities, like parks, schools, and gyms, are nearby the homes you’re looking at? Is there a healthy job market in the area? And don’t forget about the crime rate. Is this a neighborhood where residents will feel safe? 

Some of these criteria will depend on the type of home, and what kind of residents you’re looking for. For example, schools are much more important near a single-family home than a one-bedroom condo. 

Doing this preliminary research is a great way to get started. But once you’re ready to move forward, you’ll want to connect with a real estate agent who knows the area well. 

A condominium or a single-family home is usually the best way to get started with real estate investment. 

Commercial and multi-family buildings can be very lucrative investment properties. But you shouldn’t try to jump in with a property like that your first time. These buildings are incredibly expensive, and managing them is much more complex. 

Whether a condo or single family home is better for you depends on your budget and financial needs. 

Because they are smaller, condos will typically be much cheaper than a detached home. There’s also less labor involved in upkeep and maintenance, because external work on the building is handled by the strata association, paid for by owners’ fees. 

However, you can generally expect faster resident turnover at these homes. Often, though not always, these renters aren’t yet ready to settle down long-term. 

Single family homes are much more expensive, but can also command higher prices in rent. Plus, residents are more likely to be looking for a stable, long-term home to raise their families in. 

If you can afford the higher purchase price and can budget for more maintenance and repairs, single family homes can be an ideal investment. 

Ideally, an investment property will continue to rise in value long after you purchase it. 

There’s no way to guarantee that a home will appreciate. But there are a few attributes you can look for, to assess a home’s appreciation potential. 

First of all, some housing markets are just stronger than others, and consistently appreciate in value over time. In other markets, homes may fluctuate in value, stay static, or even decline. A common example would be that housing markets in urban centers are usually stronger than those in rural, sparsely populated regions. 

Some types of property, such as waterfront property, can be more likely to appreciate, too. 

Also, if your home needs some affordable, minor improvements, you may be able to boost its value by updating. But beware fixer-uppers and home-flipping! These risky ventures are often much more costly than expected, and don’t deliver the same profits as they do on TV.

The most important piece of budget advice is to never buy a home you can’t afford, no matter how much you think it may appreciate in value. 

There is more risk involved in real estate investment than when buying a principal residence. You need to make sure that you have the financial cushion to weather unexpected costs like a vacancy, or eviction, or decline in value. 

A good rule of thumb is to pay no more than 12x annual rent for an investment property. You should also plan to pay more for the down payment. Expect to put 20% down, if not more, on a rental property, compared to as little as 5% for a primary residence. 

Choosing the right rent means you’ll find residents more quickly — and not just any residents, but people who will love your home for years to come. 

Don’t just choose a number that works for you out of thin air. Research average rents in your area, then tweak them based on factors like your home’s size, age, and nearby amenities. 

Rent needs to cover your annual mortgage, property value, and insurance costs, plus a generous margin for maintenance and repairs. Having the ability to handle some repairs yourself, or building relationships with reliable, well-priced professionals, is an important way to keep costs down.

A good rule of thumb is to charge 1% of the purchase price in monthly rent. While you may not be able to follow this guideline precisely, it is a good way to ensure that the rental property is profitable. 

If you want to provide your residents with a welcoming home they can love for years, you need to stay on top of maintenance and be responsive to their needs. To deliver the level of service your residents deserve, approach renting out your home as a part-time job, not a passive income stream.

If you don’t have time to devote hours every month to managing your investment property, consider working with a rental partner like Belong. 

We are a modern, people-focused alternative to the inefficient, low-tech property management companies of yesterday. Not only do we help owners with the time commitment and costs of maintenance, but we help you set the best possible rent, and find residents who love your home as if it was their own. 

Get in touch and find out if your home qualifies today.

Buying an investment property? Looking for an investment property is different from a home you’ll live in. Know what to look for when buying an investment home.

Buying An Investment Property? Here’s What To Look For

Inherited a property? Whatever you decide next, this guide explains your options after inheriting property, and the key factors you’ll need to consider. 

Inherited a Property? Here Are Your Options

Inheriting a home can be as exciting as it is emotional. 

Often, owners inherit property after the passing away of a loved one. Suddenly, they’re navigating the world of homeownership while trying to process a tragic event. 

If this is your experience, it’s normal to feel frustrated and overwhelmed. You — and anyone else who’s co-inherited the home — need to decide whether to sell, rent it out, or move in. But how can you make a smart financial decision during such a challenging time? 

Only you can decide how best to move forward. 

But if you approach this decision with patience and care, you might find owning property to be incredible for your financial health and goals, no matter why you inherited it.

Today, we’re here to explain what your options are after inheriting property, and what key factors you’ll need to consider. 

First things first — is the home paid off, or is there an outstanding mortgage? 

This is the biggest variable that determines how you’ll proceed. The first thing you should do after inheriting a home, if its mortgaged, is get in touch with the loan provider. 

Here are a few immediate questions to ask: 

Does the mortgage have a co-signer? If so, they will be required to keep making the mortgage payments.

Does a surviving spouse live in the property? If so, they can typically keep making payments, whether or not they were on the original loan.

Will the lender allow you to take over the mortgage? Some loans allow the transfer of monthly payments, known as an assumable mortgage. Others will require it to be paid off in a lump sum. 

If there’s no co-signer or surviving spouse, you’ll need to assess whether you can pay it off yourself. 

If you can afford to pay off the outstanding balance at once, doing so is the best choice — and depending on your lender, may be the only option. 

Assess whether the homeowner took out any life insurance or mortgage protection insurance policies. If they did, you may be entitled to a payout that could cover the remaining cost. 

If the home’s mortgage is assumable, you may be able to take over monthly mortgage payments. You’ll need to discuss the details of the loan with the provider, to figure out if this is an option for you. 

Be sure to take the mortgage into account when you’re assessing whether to sell, rent out, or move into the home. If you can’t cover the assumed payments, or the lender won’t let you take them over, selling the home may be your only option. 

When you inherit a house, it adds to your wealth! That’s a good thing — but it does mean paying some additional taxes. 

Generally, you’ll want to consider capital gains and estate taxes when you’re inheriting a home. But the good news is that there are exemptions from both taxes that can greatly reduce, or even eliminate, the costs you need to pay. 

In the United States, only estates worth over $11.7M are subject to federal estate taxes. State estate tax thresholds vary, but they’re typically high as well. 

So, if you need to pay estate taxes, consider yourself lucky. You’ve inherited a very valuable property! 

There are also strategies to reduce what you owe in estate taxes, such as establishing a trust. If the estate is inherited by a surviving spouse, they are generally exempt, too. 

You’ll only need to pay capital gains tax once you sell the property you inherited. Capital gains is charged on the rise in value (the capital gains) between when you acquired the home, and when you sold. 

There are some exemptions to know here, as well. But importantly, they typically apply only if the home is your primary residence. If you’ve inherited the property, that is less likely to be the case. 

Typically, your first $250,000 of capital gains are tax-exempt, or $500,000 for a married couple. But again, that only applies if the home is your primary residence — meaning you’ve lived there for two of the last five years. Gains above this threshold will be taxed like income, dependent on your income tax bracket. 

It’s safest to assume that unless you move into the inherited home and live there for multiple years, you will not be eligible for a capital gains exemption when you sell.

After assessing the mortgage and tax situation, it’s time to consider how you’ll move forward. After inheriting a home, you have three options — sell the property, rent it out to new residents, or move into it yourself!

If you need housing, or you’re looking to improve your housing, this can be an ideal option. It’s tempting to see an inherited home as “free housing.” But homeownership is never free, even if the home is completely paid off. 

Start by assessing what you’re paying for housing now. Are you renting, or living in another property you own? If you moved into the inherited house, what would you do with that property? 

Then, consider the combined cost of property taxes, insurance, maintenance, and mortgage payment at the inherited home. 

Compare the two costs, as well as the positives and negatives of both properties. Which choice works best for your lifestyle, goals, and budget? 

If you don’t need housing and liquidity is a priority, you may choose to sell the inherited home. 

Research sale prices for homes in your area, and the general state of your real estate market. Are homes selling quickly? Are they closing at, above, or below the asking price? 

You’ll also need to account for closing costs, as well as the outstanding mortgage balance if you have one. How much will those costs eat into your profit? 

Listing and selling a home can be a complex undertaking. To get the best possible price, consider working with a realtor who’s an expert on your local market. 

If you can find the right tenants, renting can be an exceptional way to earn more money from your home. Instead of a single sale price, you turn your inheritance into a long-term income stream.

Just as you’d research real estate in your area, you should also get to know your local rental market. Is there a high demand for rentals in your area? What kind of tenants is the home best suited for — singles, couples, or families? 

Run the numbers carefully. You need to understand what your local market will allow you to charge, and whether that price can cover your mortgage payment and other property expenses. 

Before pursuing this option, make sure you understand the cost and time associated with owning a rental property — many owners underestimate how demanding landlordship can be. 

Whatever option is right for you, you need expert advice to make a smart, informed choice. 

Is Seattle a good place to invest in real estate in 2022? Here are the market conditions and opportunities to consider before investing in Seattle real estate.

Is Seattle a Good Place to Invest in Real Estate in 2022?

While Seattle homes continue to rise in price, there are signs that the real estate market is cooling. These factors and Seattle’s lasting desirability indicate that Seattle real estate remains an excellent opportunity. 

If you plan on investing in Seattle real estate, you can ensure that you make the best investment possible by choosing the right property and carefully calculating cash flow and ROI. A team of professionals can help you to manage your investment property and maximize your potential profits. 

Before you evaluate Seattle as a potential location to invest in real estate, it's helpful to understand what changes the real estate market is currently experiencing. These shifts will inevitably affect the real estate market in Seattle. 

The recent rise in interest rates significantly impacts the real estate market and how investors should approach a potential purchase. As of summer 2022, the average mortgage interest rate for a 30-year, fixed-rate mortgage was 5.25%. Interest rates for other financing options for real estate investments are also increasing. Overall, an increase in interest rates will make it more expensive to purchase real estate. 

How interest rates are affecting housing markets, including Seattle 

With higher interest rates, buying a home in Seattle becomes more expensive. The rise in interest rates is designed to slow the housing market by increasing the cost of purchasing real estate and reducing demand. The speed and intensity at which the market will slow vary based on other local factors. 

While increased interest rates can make investing in real estate more expensive, it does not automatically mean that Seattle real estate is a poor investment. Interest rates are still historically low, and real estate investing allows you to capitalize on an increasingly appreciating asset. 

Although the overall housing market may be experiencing a moderate slow down, local communities may experience a cooling housing market differently. Hyper-competitive markets are less likely to see a real estate market cool down. In moderately competitive markets, you can expect that the real estate market may begin to slow slightly. 

Although we expect to see rents continue to rise across the country, 2022 rental rates have not risen as quickly as they did in 2021. As a result, we may see the housing market begin to normalize. 

The overall increase in rental prices is likely the result of a supply-demand mismatch and pandemic-related delays in building new homes. For some communities, stabilizing rental rates may discourage renters from exploring home purchases. However, long-term renters may see a cooling housing market as an opportunity to purchase a home. 

As the real estate market slows, homeowners are less likely to list their homes, and fewer homes are listed for sale. In a cooler real estate market, sellers have less incentive to sell their homes. Home prices and interest rates are currently high enough to cause sellers to carefully evaluate any potential motivation to sell their homes. For many homeowners, it doesn’t make sense to move unless circumstances require it. 

While the shifts we’re seeing in the national housing market are sure to affect Seattle, each city will have factors that uniquely affect the local housing market. 

The National Association of Realtors reports that Seattle's “home prices rose by 19.6%” and that the “monthly mortgage payment is higher by $603.” This increase is significant but consistent with what you expect in a highly competitive and desirable market. Median home prices in Seattle continue to rise. According to Realtor.com, “the median listing home price in King County, WA was $899K, and the median home sold price was $905K.”

Despite the increase in home prices, there is some evidence that the market in Seattle may be slowing, albeit slowly. The Seattle Times reports that there were fewer new listings, more listings left on the market at the end of the month, and fewer pending home sales in April 2022 than in the year before. 

Read More: How to Find the Sweet Spot of Rental Pricing For Your Seattle Home

How to evaluate real estate investment opportunities 

Regardless of where you choose to invest in real estate, you should carefully evaluate your investments. Investing in real estate is likely one of the largest single purchases made during your lifetime. Ultimately, the best time to invest in real estate is unique to your financial circumstances. Generally, investing makes good sense when you have long-term financial stability.

Before you begin your search for a real estate agent or lender, you should clearly define your budget. As you search for potential real estate investment properties, filter listings based on the parameters of your budget. You should prepare to pay more than the list price and target properties accordingly.  

Carefully calculate the potential cash flow and ROI of a real estate investment property in Seattle 

As you identify potential properties, carefully calculate the cash flow for each by subtracting potential expenses from the potential income a property can generate. You’ll need a firm grasp of Seattle rental pricing to calculate cash flow accurately. You can also calculate the possible ROI of a specific property by dividing the annual return by planned expenses (including the down payment, closing costs, and any home improvements).

Consider locations outside of the most popular counties in Seattle 

If potential real estate investment properties in Seattle give you sticker shock, you can also consider growing neighborhoods or smaller suburbs just outside the city. These areas can offer more varied opportunities. As Seattle grows, renters will look for opportunities outside the city center. 

Ultimately, investing in Seattle real estate can offer significant opportunities

The Seattle job market continues to grow, and the city offers residents an almost incomparable quality of life. Seattle's proximity to the outdoors will continue to attract residents from all over the country. Further, the amount of renters in Seattle continues to grow, providing real estate investors with growth opportunities. Since the 2020 census, renters in Seattle outnumber owner-occupied residents. As long as you market and manage your rental properties appropriately, you can expect an ROI from investing in Seattle real estate. 

Learn how Belong can help you maximize the cash flow of your Seattle real estate investment property 

Belong offers homeowners an alternative to property management that positively impacts rental property cash flows. We help you maintain a positive cash flow for your real estate investment by maximizing the rental price, regularly inspecting the property, conducting regular preventive maintenance, and limiting vacancy and resident turnover. With Belong, there are no hidden fees. We offer rent guarantees and 24/7 concierge-level support. 

Learn more about Belong and see the role it plays in your real estate investment strategy.

Before investing in a rental property in Miami, consider the schools in each neighborhood. Find out the best Miami school districts to own a rental property.

Best Miami School Districts To Own Rental Property

If you’re interested in investing in Miami real estate, you’ll want to understand the role school districts play in how potential residents will evaluate your rental property.

Miami is home to the fourth largest school district in the country: Miami-Dade County Public Schools. The school district maintains a 19:1 student-teacher ratio. The public school district is home to four high schools that are ranked among the top 100 in the nation and nine of the top 20 schools in Florida. There are also over 300 private schools in Miami with an average tuition cost of $14,626. 

Parents will want to rent a home in an area with high-quality private and public schools. You can expect potential residents to research local schools using an online platform like Niche or Public School Review. You should conduct similar research to decide how much schools will impact your rental pricing.

How do schools affect rental property pricing? 

If you’re looking for a rental property in Miami, you’ll want to consider the schools in each neighborhood. Rental property owners can expect that home values will be higher in areas where school districts are highly rated. If you’re planning to rent a home in an area with high-quality schools, those schools will also influence how you price your rental.

There is often a specific demand for rental homes in the best school districts. In areas with exceptional schools, residents may be willing to pay more for smaller, older, or less updated homes and forgo some amenities in exchange for access and proximity to good schools.

Benefits of having a rental property in the best Miami school districts

Choosing a rental property in areas with good schools can ensure that the home values continue to grow. In the case of a changing real estate market, investing in a home in a good school district can ensure that your home value remains stable. Residents in homes with good schools are more likely to renew their leases and continue to see the value in your home, increasing the likelihood of renewing their lease. Finally, residents who prioritize good school districts tend to be invested in their communities' success, making them ideal tenants for a rental property.  

Best Miami neighborhoods for schools and to own rental property 

Key Biscayne is an Island neighborhood south of downtown Miami that is recognized for its high-quality public and private schools. This neighborhood is a tight-knit community and offers residents all the amenities and services of a neighborhood on the coast. Like almost all Miami neighborhoods, Key Biscayne is part of the Miami-Dade County Public School district. Key Biscayne offers residents access to excellent local restaurants and outdoor activities, including visiting the local lighthouse and biking and walking trails.

Coral Gables is located west of Key Biscayne, southwest of downtown Miami, and near the University of Miami. The neighborhood is characterized by its historical landmarks and strict residential zoning that helps protect the community’s charm. You’ll find several quiet neighborhoods with Spanish-influenced architecture. Coral Gables is rich with heritage and is a community that welcomes the unique cultural influence of Hispanic and Caribbean immigrants. 

This family-friendly community may be known for its proliferation of golf courses. Still, Doral offers families a clean and safe environment with many parks and free trolley service. Parents can choose from excellent public schools, which include Doral Academy, Renaissance Elementary Charter School, and Doral Academy Charter Middle School. Several private schools, including Petersen Montessori Academy, World of Kids Academy, and Little Kid’s Academy, also offer parents excellent educational opportunities for their children. 

Palmetto Bay is a community located on the coast between Pinecrest and Cutler Bay. This neighborhood offers a relatively affordable option for families looking for a safe, community center neighborhood with great schools. Many residents use golf carts to drop kids off at school, go shopping, or pick up a cup of coffee. The community's schools are highly rated, and the community includes lots of professionals and successful business owners. 

Pinecrest is a family-friendly suburban village and one of Miami's safest neighborhoods. Palmetto Middle School and Miami Palmetto Senior High School are both reputable public schools in the neighborhood. A rental home in Pinecrest offers parents the opportunity to be near excellent schools in Pinecrest, Coral Gables, and Palmetto Bay. Residents will also love living near Pinecrest Gardens, which hosts concerts, art shows, a weekly farmer’s market, and other special events.

You’ll find the Aventura neighborhood to the north of Miami. This neighborhood is ideal for young families looking to raise their kids in a diverse, safe community. Aventura is close to the beach and is home to plenty of restaurants and recreational centers. While most of the schools in this neighborhood are private, The Aventura City Of Excellence School is a highly rated public charter school. The area is also home to the largest mall in Florida, with over 300 stores, dining options, and public art installations. 

Coconut Grove, also called The Grove, is one of the oldest neighborhoods in Miami and is located between Brickell and Coral Gables. This trendy neighborhood is home to some of Miami’s most prestigious private schools, including St Stephens, Carrollton School of the Sacred Heart, and Ransom Everglades. Residents will love the sense of community and the small-town vibe of The Grove. This lush, lovely, and highly-walkable neighborhood is full of cafes, boutiques, parks, and gardens. 

School districts are just one of many rental pricing factors that will affect your Miami rental property. Once you’ve acquired a Miami investment property, you’ll face the challenge of knowing how to best price it. Nailing the right rental price requires that you earn enough profit after expenses. Still, you must be careful not to price yourself out of the local rental market. 

Belong can help you evaluate and price their rental property, factoring in school districts. We use current trends, an evaluation of the current real estate market, real-time property values, and an assessment of the particular features of each home to maximize your rental price. Once we identify the best rental price, our team will work to get you the best residents possible. 

Enter your home address to see rental pricing for your property. 

Forget the comps and stats, pricing your LA rental home isn't that simple. See what happens when you take a real-world approach to pricing Los Angeles rentals.

How to Price Your LA Rental Property To Attract Long-Term Residents

The City of Angels, La-La-Land, The Big Orange. Call it what you like, there’s one thing that always springs to mind when talking about LA and that is expensive. Los Angeles rents are often reported to be among the highest in the nation. But with rent control laws, coupled with wildly contradictory forecasts on the LA housing market, how should homeowners go about pricing their homes on the rental market? By ditching the property management model for a future-ready alternative. 

Rents have skyrocketed across LA neighborhoods, but that doesn’t mean it’s all Flowers and Sunshine for homeowners in Los Angeles. For the past two years, homeowners have had to freeze rent and deal with an eviction moratorium. Some also dropped rents in 2020 when vacancies spiked. 

According to RentCafe, the median rent in LA neighborhoods is anywhere between ~$1,500 per/month in Vermont Vista up to more than $4,500 per/month in Santa Monica neighborhoods like North of Montana. When looking at the stats available online, it’s worth remembering that these are asking-rents for available properties only and aren't reflective of what is actually being paid in the market. 

These medians often incorporate high-end luxury properties that aren't indicative of all rents, especially with LA’s rent control laws in effect. 

How to price your LA rental property with real-time demand

The best way to stay in step with the market and rising costs is to price your Los Angeles home correctly from the start. But looking at stats and comps alone isn’t enough when things get this complicated. Yet that’s exactly what real estate agents and property managers do, because it’s the way it’s always been done. 

“The way it’s always been done” is exactly why Belong has ditched the property management model to offer a completely unique service that takes a humanized approach to the rental market —  including pricing.

When helping owners price Los Angeles rental properties, Belong uses technology to blend live market data with an all-important metric: real demand for each home. We determine the right price for your home that will maximize rental income and keep vacancies low, long-term. And because we extend our services to renters as part of our community, we attract the best of the best to place in your rental property. 

Once your home is on Belong, we get a true measure of the market by looking at impressions, clicks, tour sign-ups and how many people have started applications. With all that data at our fingertips — plus local-market benchmarks — we can work with homeowners to react quickly and maximize rental value, while minimizing vacancy. 

As a result, we trump the property management industry with 66% less vacancy. And our residents want to stay, with 71% renewing their 1-year lease (and unlike property management companies, this is done at no cost to homeowners). 

How to price rent in compliance with Los Angeles rent control laws

Speaking of lease renewals, when pricing a home in LA for rent, be aware that it may be subject to the LA’s Rent Stabilization Ordinance (RSO). The RSO governs allowable rent increases and evictions. 

Single-family homes are almost never subject to rent control, but if you have a duplex, townhouse, subdivision or ADU, the RSO may apply. 

Rules vary across California, but generally you can only increase the rent once every 12-months by 3-8% in accordance with the annual rent increase percentage, based on CPI. If you need to raise the rent to cover costs for improvements, major renovations, or the inflation rate is not enough to cover your operating expenses, you can apply to the LAHD for approval of a higher rate. 

Before making any decisions on rent hikes, check with your local city for rent-controlled laws specific to your home’s location:

You can learn more about cost recovery and rent adjustments at the Los Angeles Housing Department website. 

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If local zoning permits it, having a guest house or ADU as a long-term rental is a great way to secure extra income. Learn more about what to consider.

Can You Rent Out a Guest House On Your Property?

More often referred to as Accessory Dwelling Units (or ADUs), guest houses are typically separate, additional living spaces to someone’s primary residence. They can be attached to the main home, be a separate structure, or be located above a garage. You might also call guest houses granny flats or carriage houses. Guest houses can provide a passive income opportunity to property owners, but those interested in renting an ADU on their property should consider some key factors. 

Listing your guest house or ADU as a short term rental 

While listing a guest house for short-term rentals is possible, doing so comes with challenges. Most cities and municipalities require a specific license for short-term rentals. Additionally, short-term rental marketplaces are changing their guidelines to attract and favor guests. Short-term rentals require more maintenance, including regular cleaning, management, and marketing.  

Can your guest home become a long term rental?

To determine if you can rent a guest house or ADU to long-term tenants, you’ll need to learn more about city and county regulations. Your property or neighborhood will likely need to have the appropriate zoning designations. 

To find the zoning restrictions on your local neighborhood, start by searching for your city or county zoning ordinances to find out the allowed uses for your property (for example, San Diego Planning & Development website if your home is in the SD area). You could also call your municipal planning or building department to help them explain how the laws work in your area and get an official opinion on your specific property. 

Similarly, the HOA or homeowner association may prohibit or have specific guidelines around rental properties and ADUs. If the HOA does permit you to rent your guest house, they may request that your lease include particular terms. For example, the HOA may require that you have specific parking guidelines for tenants. 

Finally, it may be helpful to verify any other fire or safety restrictions. You may find that there are requirements for egress windows, sprinkler systems, or learn that a guest house must be within a certain distance of a fire hydrant. Even if a former owner of the property rented out the guest house previously, that doesn’t automatically mean it’s still up to code today. 

If you plan to purchase a home with a guesthouse or ADU, you should discuss your options with a lender. Conventional, FHA, and VA loans each have requirements for buying a home to rent some or all of the property to tenants. For example, an FHA loan requires that the owner lives on the property if they are planning to rent a guesthouse or ADU.  

Considerations for renting a guest house on your property

The location of your guesthouse on your property may influence how you choose to prepare your property for tenants. The space must be easily accessible from the street or parking areas. If there is no clearly defined path to your guesthouse, you may need to add one. You may also want to consider lighting. Is there adequate lighting along pathways, near garages, and entryways?

You may also want to consider ways to create clearly defined boundaries or spaces. Landscaping can help make clear, separate outdoor spaces. Hedges, trees, and paths can also help preserve your privacy and comfort.  

Tenant parking will be an essential consideration in renting a guest house on your property. If there are garages or driveways, you’ll need to decide how you plan to manage parking. Offering off-street parking to tenants can be an excellent way to stand out from other rental options on the market or allow you to increase rental income. 

If you are renting your guest house for the first time, you may need to change your utilities. We recommend researching other rentals in your area to determine if it’s advantageous to require tenants to pay for their utilities or if those costs are included in the rental fee and agreement.

For most rentals, it’s better to separate your utility services. You’ll need to contact each utility provider to see if this is possible. Dividing your utilities may require adding a meter, which often incurs an expense. 

If you plan to rent the guest house on your property, you’ll need to ensure that you and any tenants have adequate storage. In some markets, storage can be an essential factor for potential tenants. While interior storage is always appreciated, you may need to consider where your tenants will store bikes, outdoor equipment, or other recreational items. 

Who will manage the guest house on your property if you choose to rent it? Making this decision may be one of the most important determinations you make, and there are several important factors to consider in making this decision.

Your tenant will likely have maintenance requests throughout their rental term, so you can expect that renting a guesthouse on your property will require additional maintenance. Do you intend to complete the maintenance yourself, or do you have trusted contractors who can assist? It’s important to understand that a certain amount of wear and tear will occur if you rent your guesthouse. 

You may also wish to assess the current condition of your guest house. Is it likely to need repairs in the future? Are the appliances relatively new, or will they need to be replaced soon? You should also evaluate water heaters, heating, and cooling systems. 

Finally, consider how you will manage the maintenance of the property grounds. Who will be responsible for lawn care and maintenance? 

Choosing to rent a guest house on your property comes with many upsides, including additional rental income. However, you may find that it is challenging to have close proximity to your tenants. You will likely see your tenants more frequently, which may be difficult for some homeowners. 

There will be times when you need to address concerns with your tenants. It’s essential that you set clear expectations with them and approach any potential conflicts or concerns with extreme care. This dynamic may not be suitable for everyone.  

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