Introduction

Investing in rental properties can be a lucrative venture, offering a steady income stream and the potential for long-term appreciation. A good rental property typically features a combination of location, amenities, affordability, and demand. The location is particularly crucial as it influences the types of tenants you attract, occupancy rates, rental income, and property appreciation. Spokane County, WA, with its diverse neighborhoods, economic opportunities, and attractions, presents a promising landscape for rental property investors.

Best Neighborhoods and Areas in Spokane County, WA

1. Downtown Spokane

Grades:

• Convenience: A
• Tourist Attractions: A
• Things to Do: A
• Avg Home Prices: C
• Return on Investment: B
• Proximity to Work-Related Travel: A
• X-Factor: A

Downtown Spokane is the bustling heart of the city, offering a vibrant mix of business, entertainment, and cultural experiences. Here's a detailed look at what makes Downtown Spokane a prime investment area:

Convenience: With numerous public transportation options, grocery stores, restaurants, and shopping centers, Downtown Spokane offers unmatched convenience. Residents have everything they need within walking distance.

Tourist Attractions: Downtown is home to Riverfront Park, the Spokane Falls, and numerous art galleries and museums, making it a hub for tourists and residents alike.

Things to Do: From concerts and theater performances at the First Interstate Center for the Arts to the annual Lilac Festival, Downtown Spokane offers a variety of activities year-round.

Avg Home Prices: Home prices in Downtown Spokane are higher compared to other areas in Spokane County, averaging around $400,000. However, the demand for rentals keeps vacancy rates low and rental income steady.

Return on Investment: While property prices are higher, the consistent demand and premium rental rates ensure a solid return on investment.

Proximity to Work-Related Travel: Downtown Spokane is near major hospitals like Providence Sacred Heart Medical Center, the Spokane Convention Center, and various corporate offices, making it ideal for professionals.

X-Factor: The unique blend of historic charm and modern amenities, along with a lively urban lifestyle, makes Downtown Spokane particularly desirable.

2. South Hill

Grades:

• Convenience: B
• Tourist Attractions: B
• Things to Do: B
• Avg Home Prices: B
• Return on Investment: B+
• Proximity to Work-Related Travel: B
• X-Factor: B+

South Hill is a picturesque, residential area known for its quiet neighborhoods and family-friendly environment.

Convenience: South Hill offers a suburban feel with the convenience of being close to downtown. There are several shopping centers, parks, and schools within the area.

Tourist Attractions: While not as tourist-heavy as Downtown, South Hill boasts attractions like Manito Park and Botanical Gardens, a beautiful space for recreation and relaxation.

Things to Do: South Hill offers various outdoor activities, including hiking and biking trails, along with community events throughout the year.

Avg Home Prices: Home prices in South Hill are moderate, averaging around $350,000, making it an attractive option for families and investors alike.

Return on Investment: The steady demand for family homes and the area's appeal ensures a good return on investment, particularly for long-term rentals.

Proximity to Work-Related Travel: South Hill is a short drive from major employment centers, including downtown Spokane and medical facilities.

X-Factor: The combination of scenic views, excellent schools, and a close-knit community atmosphere gives South Hill its unique appeal.

3. Spokane Valley

Grades:

• Convenience: B+
• Tourist Attractions: B
• Things to Do: B
• Avg Home Prices: A
• Return on Investment: A
• Proximity to Work-Related Travel: B+
• X-Factor: B

Spokane Valley is a rapidly growing area with a mix of residential, commercial, and industrial zones.

Convenience: Spokane Valley offers excellent shopping, dining, and recreational facilities, with easy access to Interstate 90, making commuting simple.

Tourist Attractions: While more suburban, Spokane Valley has attractions like the Spokane Valley Mall and Mirabeau Point Park.

Things to Do: Residents can enjoy various parks, golf courses, and community events, along with close proximity to outdoor activities in the surrounding areas.

Avg Home Prices: Home prices in Spokane Valley are more affordable, averaging around $300,000, making it a popular choice for both renters and investors.

Return on Investment: The lower entry cost and high demand for rentals provide a strong return on investment, particularly for single-family homes and multi-family units.

Proximity to Work-Related Travel: Spokane Valley is close to several business parks, schools, and medical facilities, providing ample employment opportunities.

X-Factor: The growth potential and ongoing development projects enhance Spokane Valley's attractiveness for investors looking for long-term gains.

4. North Spokane

Grades:

• Convenience: B
• Tourist Attractions: B
• Things to Do: B
• Avg Home Prices: B+
• Return on Investment: B+
• Proximity to Work-Related Travel: B
• X-Factor: B

North Spokane offers a mix of urban and suburban living with diverse housing options and amenities.

Convenience: With numerous shopping centers, restaurants, and schools, North Spokane is convenient for families and professionals.

Tourist Attractions: Attractions include the Spokane River, Riverside State Park, and several golf courses, providing plenty of recreational opportunities.

Things to Do: Residents can enjoy outdoor activities, shopping, dining, and cultural events throughout the year.

Avg Home Prices: Home prices in North Spokane average around $325,000, offering good value for investors.

Return on Investment: The stable housing market and consistent rental demand ensure a favorable return on investment.

Proximity to Work-Related Travel: North Spokane is well-connected to downtown and other major employment hubs, making it convenient for commuters.

X-Factor: The blend of urban amenities and natural beauty, along with a diverse community, makes North Spokane a desirable place to live and invest.

Conclusion

Spokane County, WA, offers a variety of neighborhoods and areas with unique characteristics and investment potential. From the vibrant urban core of Downtown Spokane to the suburban charm of South Hill and the growth opportunities in Spokane Valley, investors have numerous options to consider. Each area presents its own blend of convenience, attractions, and investment potential, ensuring that there is a suitable choice for every type of investor. By carefully evaluating these factors, you can unlock the investment potential of rental properties in Spokane County, WA, and build a successful real estate portfolio.