Invest In Apartment Buildings In Edmonds, WA

Who Rents In Edmonds

Edmonds's apartment demand starts with its 5,429 renter households, 29.1% of all occupied homes in the city (U.S. Census ACS 2020–2024). Renter households rose 4.3% over five years, close to the population trend (up 1.7%).

Median household income in Edmonds, WA is $122,449, up 37.2% over five years. Resident employment rose 2.2% and the unemployment rate was 4.1% in the latest survey. Incomes grew faster than rent (37.2% versus 29.8%), which leaves tenants a little more room in their budgets than five years ago.

Edmonds leans toward ownership. Apartment buildings compete with single-family rentals for tenants, so we look closely at how a property's rents compare with nearby rental houses.

Rents, Vacancy And Supply In Edmonds

Median gross rent in Edmonds, WA is $1,903 a month, up 29.8% from $1,466 in the 2015–2019 survey (U.S. Census ACS 2020–2024). That pace was well above long-run norms. We treat it as history, not as a forecast, when we underwrite a building.

Rental vacancy is 4.8%, 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. 45.3% of renters spend 30% or more of their income on housing. That is close to the national picture, where roughly half of renters do, so rent increases need to track local wage growth.

About 28.8% of homes in Edmonds are in buildings with 5 or more units, roughly 5,605 homes. That count was down 2.1% over five years, so new apartment supply has been limited. The median home was built in 1974, so many apartment buildings date from the 1970s and 1980s. That vintage is a common target for value-add 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.

Edmonds By The Numbers

Among the 44 Washington cities we track, Edmonds ranks 17th for median gross rent, 40th for renter share and 33rd for five-year rent growth. Its rents fall in the middle of the pack. Compared with the 2015–2019 survey, Edmonds now has about 695 more residents, 224 more renter households and 120 fewer homes in buildings with 5 or more units.

Edmonds And Nearby Markets Side By Side

Edmonds's median gross rent of $1,903 is above the Washington median of $1,760, and its renter share is 29.1% compared with 36.2% statewide.

Edmonds Rent Affordability In Dollars

The median rent in Edmonds works out to $22,836 a year, about 18.6% of the median household income of $122,449. Under the common 30% guideline, a household needs about $76,100 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 $437 a month ($5,244 a year), while median household income rose $33,200 a year. Income has outpaced rent, which means tenants have a bit more room in their budgets than they did five years ago. HUD's FY2027 Fair Market Rent for a two-bedroom unit, $2,549, is 33.9% 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.

Edmonds Rental Market In Numbers

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

• Edmonds, WA has 42,735 residents, up 1.7% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Edmonds, WA is $122,449, up 37.2% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Edmonds, WA is $1,903 a month, up 29.8% over five years (U.S. Census ACS 2020–2024).
• 29.1% of households in Edmonds, WA rent, about 5,429 renter households (U.S. Census ACS 2020–2024).
• 28.8% of homes in Edmonds, WA are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Edmonds, WA is 4.8%, and 45.3% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Edmonds, WA was built in 1974 (U.S. Census ACS 2020–2024).

What We Look For In An Edmonds Apartment Building

In Edmonds we focus on apartment buildings with 5 or more units. Some are stabilized and well run. Others have below-market rents or deferred maintenance that a better operator can fix. Either way, the deal has to make sense on current numbers.

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.

Given how fast rents rose here, we assume much slower rent growth going forward and make sure the deal still works if rents stay flat for a while.

Evaluating Apartment Syndications In Edmonds

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

• What vacancy does the plan assume? Rental vacancy in Edmonds is 4.8%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 29.8% 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.
• What capital work is budgeted? The median home in Edmonds was built in 1974, so roofs, plumbing and electrical systems deserve their own line items.
• 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 An Edmonds Apartment Syndication Works

A syndication splits the work from the capital. As general partner, Skyline sources and buys the building, sets the business plan and runs it with a property manager. Limited partners invest money, own part of the property and receive reports, but they don't manage anything day to day.

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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