Market Rents for Rental Homes in Whatcom County  

For those of you interested in purchasing rental homes in Whatcom County, you need to be in tune with the local rental rates. When determining  if a rental home will create cash flow you need to know if the current rent is at, below or above the current market rate. Windermere Property Management recently put together statistics for market rents in Whatcom County. The current rents are below.

Bellingham Rental Rates 

In Bellingham  3 - 5 Bed - 2 Bath homes with a garage are currently renting for  $1,200 - $1,350. Older homes that are dated tend to rent closer to $1,100 - $1,200.  For college rentals and homes near the WWU campus, rents are typically dictated by the number of bedrooms. The current rental rate per bedroom near WWU is $350 - $400. The current vacancy rate in Bellingham is between 3% - 5%. Vacancy rates for rental homes near the WWU Campus are even lower. The highest rent that Windermere Property Management current gets for any rental home in Bellingham is $3,000.

Ferndale Rental Rates

In Ferndale 3 - 5 Bed - 2 Bath homes with a garage are currently renting for  $1,200 - $1,300. Older homes that are dated tend to rent closer to $900 - $1,100. Ferndale has a different type of rental market than Bellingham because there is no University or college nearby. Occasionally students will commute from Ferndale to Bellingham, but this is uncommon. Because there is less of a demand for rentals in Ferndale, we tend to see a higher vacancy rate and slightly lower rents. However, Ferndale is still a popular location and homes do rent well in and near the City of Ferndale.

Blaine and Lynden Rental Rates

Blaine and Lynden have similar rental rates to Ferndale. Both cities are much smaller than Bellingham and therefore have less of a demand for rentals. Blaine does tend to have a lower vacancy rate than Lynden.

What is the Best Rental Investment in Whatcom County? 

Bellingham is the best location in Whatcom County to purchase a rental home at this time. You should expect to put 20% down or more to cover your debt service. You will end up paying a premium price for a rental homes near the WWU campus, but these often end up being the best investments. Most students will need their parents to co-sign the lease, which will provide you will additional security. Rental homes near the WWU campus are also very easy to rent and typically have a 0% vacancy rate.

Posted by Ryan Martin