Invest In Apartment Buildings In Redmond, WA

What Drives Rental Demand In Redmond

About 56.8% of households in Redmond, WA rent their home. That's 18,798 renter households, according to the Census Bureau's ACS 2020–2024 estimates. Renter households rose 42.2% over five years while population grew 18%. More of Redmond's residents are renting than before.

Median household income in Redmond, WA is $162,560, up 23% over five years. Resident employment rose 19.2% and the unemployment rate was 4.9% in the latest survey. Rent and income have moved at a similar pace (24.9% and 23%), so affordability hasn't shifted much.

With more renters than owners, Redmond has a deep tenant pool. Demand doesn't depend on one type of renter.

The Supply Picture In Redmond

Median gross rent in Redmond, WA is $2,409 a month, up 24.9% from $1,929 in the 2015–2019 survey (U.S. Census ACS 2020–2024). It's a healthy increase, without the spike some fast-growing metros saw.

Rental vacancy is 4.2%, within the normal range for a balanced market. Census vacancy estimates for smaller places carry wide margins of error, so we check them against current local listings. Only 35.6% of renters spend 30% or more of their income on housing, well below the national share of roughly half. That leaves more room on affordability than most markets have.

About 46.6% of homes in Redmond are in buildings with 5 or more units, roughly 16,354 homes. That count rose 44.1% over five years, a sign of meaningful new apartment construction that newer buildings will compete with. The median home was built in 1993, so the housing stock is relatively new. Value-add plans here lean more on management and amenities than on heavy renovation. For comparison, HUD's fiscal year 2027 Fair Market Rent for a two-bedroom unit in the Seattle-Bellevue, WA HUD Metro FMR Area is $2,549 a month.

Where Redmond Stands Among Its Peers

Out of 44 Washington cities in our data, Redmond comes in 5th for median gross rent, 2nd for renter share and 40th for five-year rent growth. That puts its rents near the top of the group, so tenants here are already paying more than in most nearby markets. Put in counts rather than percentages, that is roughly 11,795 more residents, 5,579 more renter households and 5,005 more homes in buildings with 5 or more units than five years earlier. Growth in renter households and new apartment homes has been roughly in balance.

How Redmond Compares With Nearby Markets

Redmond's median gross rent of $2,409 is above the Washington median of $1,760, and its renter share is 56.8% compared with 36.2% statewide.

Redmond Rent Affordability In Dollars

The median rent in Redmond works out to $28,908 a year, about 17.8% of the median household income of $162,560. Under the common 30% guideline, a household needs about $96,400 a year to cover that rent comfortably. That's a lighter load than the Washington average of 21.5%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

Since the 2015–2019 survey, the median rent rose $480 a month ($5,760 a year), while median household income rose $30,397 a year. The two have moved together, so affordability today looks much like it did five years ago. HUD's FY2027 Fair Market Rent for a two-bedroom unit, $2,549, is 5.8% above the median gross rent for all unit sizes. That gap matters for buildings that accept Housing Choice Vouchers, since local housing authorities base voucher payment standards on it.

Quick Facts: Redmond Rental Market

If you only read one part of this page, read this list. Every figure is from the Census Bureau's ACS 5-year estimates.

• Redmond, WA has 77,353 residents, up 18% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Redmond, WA is $162,560, up 23% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Redmond, WA is $2,409 a month, up 24.9% over five years (U.S. Census ACS 2020–2024).
• 56.8% of households in Redmond, WA rent, about 18,798 renter households (U.S. Census ACS 2020–2024).
• 46.6% of homes in Redmond, WA are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Redmond, WA is 4.2%, and 35.6% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Redmond, WA was built in 1993 (U.S. Census ACS 2020–2024).

What We Look For In A Redmond Apartment Building

We look at buildings with 5 or more units in Redmond, from small walk-ups to larger garden-style communities, in stabilized or value-add condition. We compare in-place rents with nearby buildings, inspect roofs, plumbing and HVAC, and ask whether better management or targeted renovation can close the gap with the market.

Washington has no state income tax on wages, and property taxes are often one of the largest expenses for apartment owners. We estimate the tax bill as it will be after the purchase, because a sale can trigger a reassessment in many places. Washington adopted a statewide cap on annual rent increases in 2025 for most rental housing older than 12 years. Our rent-control guides explain how these rules work. Insurance quotes in Washington reflect wildfire risk, so we get a quote before we make an offer.

We keep assumptions conservative: modest rent growth, real repair budgets and loan terms that leave room for a soft year.

Questions To Ask About An Apartment Syndication In Redmond

The data on this page turns into a short checklist for evaluating an apartment syndication in Redmond.

• What vacancy does the plan assume? Rental vacancy in Redmond is 4.2%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 24.9% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• How big is the repair reserve? The median home in Redmond was built in 1993, and even newer buildings need money set aside for roofs, HVAC and appliances.
• How will the building compete with new supply? Homes in 5+ unit buildings in Redmond rose 44.1% over five years, so newer properties are part of the competition.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In A Redmond Apartment Syndication Works

Two groups make an apartment syndication work. The sponsor, or general partner, handles the deal: finding the building, financing it and running the business plan. The limited partners are passive investors who contribute capital and share in the property's results under the offering's terms.

Expect your money to be tied up for years, with no easy way to sell your share early, and remember that any investment can lose money. Most deals are open only to accredited investors under Rule 506(b) or 506(c). See investing with Skyline Capital for how we work with limited partners.

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