Airbnb City Guide: The Best Places To Invest in Spokane, Washington

Airbnb Rules and Regulations in Spokane, Washington

As of 2024, Spokane, Washington, has implemented comprehensive regulations governing short-term rentals. Hosts are required to obtain a Short-Term Rental (STR) permit from the city, which must be renewed annually. Additionally, all STR properties must adhere to the city's zoning laws, with a maximum occupancy limit of two guests per bedroom plus two additional guests. Owners are also responsible for collecting and remitting the Spokane Hotel/Motel Tax, which stands at 8.1% of the rental price.

In an effort to maintain the character of residential neighborhoods, the city has imposed a 90-day annual limit on STRs in single-family residential zones, while properties in multi-family and commercial zones are exempt from this restriction. Hosts must also provide a local contact person, like a property manager or co-host, who can respond to any issues within 30 minutes, ensuring a prompt response to guest or neighbor concerns. Failure to comply with these regulations may result in fines or the revocation of the STR permit.

Spokane Airbnb Market Data:

• Average Revenue – $35.2K per year
• Average Daily Rate – $166.1 per night
• Average Occupancy Rate – 58%
• Average RevPAR – $97.7
• Average Home Prices – $386,037

1. Top Place to Invest in Spokane, Washington - Riverside

Riverside, a historic district in the heart of downtown Spokane, has emerged as a prime location for Airbnb investors. With its convenient location, stunning architecture, and proximity to numerous attractions, Riverside offers a unique opportunity for those looking to capitalize on this vibrant city's growing short-term rental market by starting their own short-term rental venture.

Riverside Airbnb Market Data:

• Average Revenue – $32.7K per year
• Average Daily Rate – $157.1 per night
• Average Occupancy Rate – 57%
• Average RevPAR – $90.3

Convenience - 9/10

One of Riverside's greatest strengths is its unbeatable convenience. Situated in the center of downtown Spokane, the neighborhood provides easy access to a wide range of amenities, including restaurants, shops, and entertainment venues. The area is well-connected by public transportation, making it easy for visitors to explore the city without the need for a car.

Tourist Attractions - 8/10

Riverside boasts a variety of tourist attractions that appeal to visitors from all walks of life. The neighborhood is home to the iconic Riverfront Park, which features the stunning Spokane Falls, the Numerica SkyRide gondola, and the historic Looff Carousel. The nearby River Park Square shopping center offers a mix of local and national retailers and dining and entertainment options.

Things to Do - 8/10

Riverside offers a wide range of activities for residents and visitors alike. The neighborhood's proximity to Riverfront Park provides ample opportunities for outdoor recreation, including hiking, biking, and kayaking. The nearby Centennial Trail offers a scenic route for cycling enthusiasts. Additionally, Riverside is home to numerous cultural attractions, such as the historic Davenport Hotel and the Martin Woldson Theater at The Fox.

Average Home Prices - 7/10

According to Zillow data for 2024, the median home value in Riverside is $610,000. While this price point is higher than the Spokane average of $377,349, it reflects the neighborhood's desirability and prime location. Riverside has experienced steady appreciation, with home values increasing by 3.5% over the past year, indicating a strong and stable market for Airbnb investors.

Proximity to Work-Related Travel - 9/10

Riverside's central location makes it an ideal base for work-related travel. The neighborhood is just minutes away from major hospitals, such as Sacred Heart Medical Center and the Spokane Convention Center. Additionally, the Spokane International Airport is easily accessible via public transportation or a short drive, making it a prime location for corporate rentals to capitalize on its convenience for business travelers.

X-Factor - 9/10

What sets Riverside apart is its unique blend of history, architecture, and natural beauty. The neighborhood's stunning historic buildings, many of which date back to the early 20th century, provide a captivating backdrop for Airbnb rentals. The proximity to the Spokane River and Riverfront Park creates a serene and picturesque setting that is sure to appeal to guests seeking a memorable experience. Furthermore, Riverside's vibrant atmosphere and thriving food and drink scene contribute to its desirability as a top Airbnb investment location in Spokane.

2. Top Place to Invest in Spokane, Washington - Cliff

Perched on a picturesque bluff overlooking downtown Spokane, the Cliff neighborhood has recently gained attention as a promising location for Airbnb investors. With its stunning views, historic charm, and proximity to the city's attractions, Cliff offers a unique and desirable setting for short-term rental guests.

Cliff Airbnb Market Data:

• Average Revenue – $28.9K per year
• Average Daily Rate – $127.7 per night
• Average Occupancy Rate – 62%
• Average RevPAR – $80.5

Convenience - 7/10

While Cliff is not directly in the heart of downtown Spokane, its location still offers good convenience. Residents can access the city center within a 10-minute drive or a 20-minute walk, making it easy to enjoy the amenities and attractions of downtown. However, the neighborhood's hilltop location may pose challenges for guests without access to a car.

Tourist Attractions - 6/10

Cliff itself is not home to major tourist attractions, but its proximity to downtown Spokane means that visitors are just a short distance from popular destinations such as Riverfront Park, the Spokane Falls, and the historic Davenport Hotel. The neighborhood's stunning views of the city skyline and the Spokane River also serve as a unique and memorable attraction for guests.

Things to Do - 6/10

Cliff's primary draw is its scenic beauty and residential charm. Guests can enjoy leisurely strolls through the neighborhood's tree-lined streets, admiring the historic architecture and well-manicured gardens. The nearby Cliff Park offers a tranquil green space for picnics and relaxation, making it a great location for eco-friendly rentals. However, visitors will need to venture into downtown Spokane for more diverse activities and entertainment options.

Average Home Prices - 8/10

According to Zillow data for 2024, the median home value in Cliff is $450,000, with a median sale price of $475,000. While higher than the Spokane average, these prices reflect the neighborhood's desirable location and the quality of its historic homes that can be transformed into profitable rentals. Cliff has experienced steady appreciation, with home values increasing by 4% over the past year, indicating a strong and stable market for Airbnb investors.

Proximity to Work-Related Travel - 6/10

Cliff's location is somewhat removed from major work-related travel destinations in Spokane. While the neighborhood is not far from downtown, it is not as conveniently situated as some other areas when it comes to accessing hospitals, convention centers, and sports venues. Guests attending events or conducting business in these locations may find the commute from Cliff to be slightly longer than desired.

X-Factor - 9/10

What sets Cliff apart is its breathtaking views and historic charm. The neighborhood's elevated position provides stunning vistas of downtown Spokane and the Spokane River, creating a unique and memorable experience for Airbnb guests. The area's well-preserved historic homes, many of which date back to the early 20th century, add to its allure and provide a glimpse into the city's rich architectural heritage. This combination of natural beauty and historic character makes Cliff a standout choice for Airbnb investors seeking a distinctive and appealing location in Spokane.

3. Top Place to Invest in Spokane, Washington - Cannon Hill

Nestled in the heart of Spokane's historic South Hill neighborhood, Cannon Hill has emerged as a prime location for Airbnb investors seeking a charming and desirable area. With its picturesque streets, stunning architecture, and proximity to popular attractions, Cannon Hill offers a unique opportunity for those looking to capitalize on the growing short-term rental market.

Cannon Hill Airbnb Market Data:

• Average Revenue – $38.6K per year
• Average Daily Rate – $176.2 per night
• Average Occupancy Rate – 60%
• Average RevPAR – $107.6

Convenience - 8/10

One of Cannon Hill's greatest strengths is its convenient location. Situated just minutes from downtown Spokane, the neighborhood provides easy access to the city's amenities while maintaining a quiet, residential atmosphere. Residents and visitors alike can enjoy the nearby shops, restaurants, and entertainment options, opening the door for potential local partnerships that can help enhance the guest experience.

Tourist Attractions - 7/10

While Cannon Hill itself may not be home to major tourist attractions, its proximity to nearby destinations makes it an appealing base for visitors. The neighborhood is just a short distance from the stunning Manito Park, which features beautiful gardens, walking trails, and recreational facilities. Additionally, the historic Cannon's Addition district, located in the northwest corner of the neighborhood, offers a glimpse into Spokane's rich architectural heritage.

Things to Do - 8/10

Cannon Hill offers a variety of activities for residents and visitors to enjoy. The neighborhood's tree-lined streets and well-maintained homes provide a picturesque setting for leisurely strolls and bike rides. Nearby Manito Park is a hub of activity, with its playgrounds, tennis courts, and seasonal events. For those seeking indoor entertainment, the South Hill neighborhood boasts a selection of local shops, cafes, and restaurants.

Average Home Prices - 7/10

According to Zillow data for 2024, the median home value in Cannon Hill is $516,458. While this price point is higher than the Spokane average of $374,598, it reflects the neighborhood's desirability and the quality of its historic homes. Cannon Hill has experienced steady appreciation, with home values increasing by 3.5% over the past year, indicating a strong and stable market for Airbnb investors.

Proximity to Work-Related Travel - 8/10

Cannon Hill's location is convenient for work-related travel. The neighborhood is situated near several major hospitals, including Sacred Heart Medical Center and Deaconess Hospital, making it an attractive option for medical professionals and visitors. Additionally, the Spokane Convention Center is just a short drive away, benefiting those attending conferences and events.

X-Factor - 9/10

Cannon Hill's unique blend of historic charm and modern livability sets it apart. The neighborhood's stunning architecture, which includes a mix of craftsman bungalows, Victorians, and mid-century homes, creates a captivating atmosphere that is sure to appeal to Airbnb guests. The strong sense of community and pride in the neighborhood's heritage is evident in the well-maintained homes and active neighborhood association. Furthermore, Cannon Hill's proximity to the vibrant South Hill district and downtown Spokane offers visitors the best of both worlds - a quiet, residential setting with easy access to urban amenities.

4. Top Place to Invest in Spokane, Washington - Fairwood

Fairwood, a hidden gem in the Spokane real estate market, has recently gained attention from Airbnb investors seeking a promising opportunity. This tranquil neighborhood, located in the northern part of the city, offers a perfect blend of affordability, natural beauty, and potential for growth.

Fairwood Airbnb Market Data:

• Average Revenue – $50.7K per year
• Average Daily Rate – $220.5 per night
• Average Occupancy Rate – 63%
• Average RevPAR – $140.4

Convenience - 6/10

While Fairwood is not directly in the heart of Spokane, its location still offers a reasonable level of convenience. Residents can access downtown Spokane within a 20-minute drive, providing access to the city's amenities and attractions. However, the neighborhood itself has limited options for dining, shopping, and entertainment, which may be a drawback for some guests.

Tourist Attractions - 4/10

Fairwood is primarily a residential area with no major tourist attractions within its boundaries. Visitors will need to venture into other parts of Spokane to experience popular destinations such as Riverfront Park, the Spokane Falls, and the Northwest Museum of Arts and Culture. While the neighborhood's proximity to these attractions is a plus, the lack of on-site tourist draws may limit its appeal for some Airbnb guests.

Things to Do - 5/10

Fairwood offers a handful of local parks and green spaces, providing outdoor recreation and relaxation opportunities. Guests can enjoy a picnic or a leisurely stroll in the scenic surroundings of Fairwood Park or take a short drive to the nearby Wandermere Golf Course. However, beyond these simple pleasures, the neighborhood has limited options for entertainment and activities, which may not satisfy guests seeking a more vibrant experience.

Average Home Prices - 9/10

One of Fairwood's most attractive features for Airbnb investors is its affordable home prices. According to Zillow data for 2024, the median home value in Fairwood is $280,000, with a median sale price of $295,000. These prices are significantly lower than many other neighborhoods in Spokane, making it an accessible option for investors looking to enter the market. Additionally, Fairwood has experienced a modest appreciation rate of 2.8% over the past year, indicating a stable and growing market.

Proximity to Work-Related Travel - 5/10

Fairwood's location is somewhat removed from major work-related travel destinations in Spokane. While the neighborhood is not far from the city center, it is not as conveniently situated as some other areas when it comes to accessing hospitals, convention centers, and sports venues. Guests attending events or conducting business in these locations may find the commute from Fairwood to be longer than desired.

X-Factor - 7/10

What sets Fairwood apart is its untapped potential and room for growth. As Spokane continues to develop and expand, this neighborhood is poised to benefit from increased interest and investment. The affordable home prices and stable market conditions make it an attractive option for Airbnb investors looking to get in on the ground floor of an up-and-coming area. Additionally, Fairwood's quiet, residential character and proximity to outdoor recreation may appeal to guests seeking a more laid-back and nature-oriented experience.

5. Top Place to Invest in Spokane, Washington - Town and Country

Town and Country, a charming suburban neighborhood in northwest Spokane, has recently caught the eye of Airbnb investors looking for a promising opportunity. Boasting a family-friendly atmosphere, convenient location, and attractive home prices, Town and Country offers a unique and appealing setting for short-term rental guests.

Town and Country Airbnb Market Data:

• Average Revenue – $45.3K per year
• Average Daily Rate – $213.8 per night
• Average Occupancy Rate – 58%
• Average RevPAR – $125.6

Convenience - 7/10

Town and Country's location provides a good balance of suburban tranquility and urban accessibility. Situated just a 15-minute drive from downtown Spokane, residents can easily access the city's amenities and attractions while enjoying the peace and quiet of a residential area. The neighborhood also features a variety of local shops, restaurants, and services along North Division Street, catering to the everyday needs of its inhabitants.

Tourist Attractions - 5/10

While Town and Country itself may not be a major tourist destination, its proximity to nearby attractions makes it a convenient base for visitors. The neighborhood is just a short drive from the stunning Riverside State Park, which offers hiking trails, camping, and water activities along the Spokane River. The nearby North Division Street corridor also features a selection of local businesses and eateries that may appeal to guests seeking a taste of Spokane's local flavor.

Things to Do - 6/10

Town and Country offers a range of activities for residents and visitors alike. The neighborhood is home to several parks, including Franklin Park and Shadle Park, which provide outdoor recreation and relaxation opportunities. The nearby Dwight Merkel Sports Complex features athletic fields, a skate park, and an aquatic center catering to sports enthusiasts and families. However, guests may need to venture into downtown Spokane or other parts of the city for more diverse entertainment options.

Average Home Prices - 8/10

Town and Country's attractive home prices are a major draw for Airbnb investors. According to Zillow data for 2024, the median home value in the neighborhood is $325,000, with a median sale price of $340,000. These prices are competitive compared to other areas in Spokane, making Town and Country an accessible option for investors. The neighborhood has also experienced a steady appreciation rate of 3.2% over the past year, indicating a strong and growing market, making it a solid location for turning homes into Airbnbs.

Proximity to Work-Related Travel - 6/10

Town and Country's location is somewhat removed from major work-related travel destinations in Spokane. While the neighborhood is not far from downtown, it is not as ideally situated as some other areas when it comes to accessing hospitals, convention centers, and sports venues. Guests attending events or conducting business in these locations may find the commute from Town and Country to be slightly longer than desired.

X-Factor - 7/10

What sets Town and Country apart is its family-friendly atmosphere and suburban charm. The neighborhood's well-maintained homes, tree-lined streets, and a strong sense of community create a welcoming environment for families and travelers alike. This combination of factors, along with the neighborhood's convenient location and attractive home prices, makes Town and Country a hidden gem in Spokane's Airbnb investment landscape. While it may not offer the same level of tourist attractions or nightlife as some other areas, Town and Country's quiet, residential setting and proximity to outdoor recreation may appeal to guests seeking a more laid-back and authentic experience.