Low rental vacancy rate in Skagit County

Rentals are hard to find in many neighborhoods, from Anacortes to Mount Vernon to Sedro Woolley. If you’ve been looking and find it challenging, it’s not just you!

People are staying put, and competition is high for available units. Skagit County vacancy rates are rock-bottom, even when compared to the rest of Washington. They have been below two percent since 2018, which is considered an acute shortage of rentals. The average for the state is about five percent.

Vacancy numbers continued to drop during the pandemic, which did impact real estate in other areas. In parts of Seattle, vacancy rates increased and rents decreased in 2020. Some residents chose to relocate to less populated settings or bunk with family for the pandemic, particularly if they can work remotely. Most are predicted to return as businesses reopen. 

Outside of Seattle, both to the north and south, including in Skagit County, vacancy rates have stayed low, and rents are steady or slowly increasing. 

While low vacancy rates can be good news for property owners, people looking to rent a Skagit County home, condo, or apartment find few choices.

The Extension of the Eviction Freeze Should Have Little Impact

The pandemic has created unusual conditions in the rental market. Since March, an eviction freeze has protected people whose jobs and livelihood were impacted by COVID. Both state and federal protections were scheduled to expire at the end of the year, but have been extended through March 2021.

In the new year, landlords and affected renters are encouraged to negotiate a repayment plan where possible. In Washington, the largest counties will require mediation before allowing evictions to proceed (not Skagit County). The goal is to keep people in their homes and back on track. 

Some people will need to relocate when the eviction freeze expires. However, since the vacancy rate is so extremely low and demand is high, any new inventory over 2021 is expected to be absorbed quickly.

Creative Ways to Find Rentals

Homebuyers, investors, and renters all face competition in finding the right home in their desired location. For Skagit County renters looking for a new place, this may mean taking a creative approach. Here are four ways to find rentals in a competitive market.

Contact Property Managers

At Preview Property Management, we lease homes, apartment buildings, and commercial properties across the valley. You can browse our current rental listings online or call the office to find out more.

Drive Target Neighborhoods

Some owners lease their properties. In a hot rental market, they may not bother to advertise in the paper or online. Instead, they grab their For Rent sign and put it up in the window. 

To find these opportunities, regularly monitor your target neighborhoods. If you meet friendly neighbors, let them know you are looking.

Ask for Referrals

In our busy lives, we cannot cover every mile of territory, so getting a team of people on your side is helpful. Let people in your life know you are looking for a place to rent and that you would love to know if they see anything. Tell them in person, share on social media, and use any format to help mobilize your team.

When you view a rental that will not work for you, ask the owner or property manager if they have anything or will have anything that fits your criteria. It’s always worth asking!

Contact Airbnb Owners

Under normal circumstances, a well-location vacation rental listed on Airbnb, Vrbo, or Homeaway would be reserved for intermittent dates and not available for a monthly lease.

With the pandemic conditions, some vacation rentals are resting empty. Owners may be more amenable than usual to a six-month lease at a lower rate. That can be a win for the renter or homebuyer who needs something quickly and a win for the vacation rental owner who receives an income guarantee.

Skagit County is a Great Place to Live

A fertile valley between the coastline and the Cascade mountains, Skagit County’s natural beauty, and picturesque town centers are hard to beat. As people are willing to commute longer distances or work remotely, Skagit County will likely continue to attract new residents.

The trade-off of a competitive real estate market is a great place to live. If you have questions about buying, selling, or renting a property in Skagit County, please give us a call.