Sell Your Commercial Property In Spokane, WA

Who rents in Spokane

Spokane is a smaller renter market than the Puget Sound cities. The 2020–2024 American Community Survey counts 230,293 residents and 97,446 occupied homes. Of those, 40,121 (41.2%) are rented and 57,325 are owner-occupied. The median household income is $70,064.

The renter base is lower-income than on the West Side. Spokane’s median household income is about 57% of Seattle’s $123,860, and its median gross rent of $1,215 is about 60% of Seattle’s $2,030, using the same ACS release for Seattle. Lower costs draw movers, but rent growth here is still limited by what local paychecks can carry.

The military is a steady source of renters. Fairchild Air Force Base is Spokane County’s largest employer, citing the Journal of Business 2025 Book of Lists, according to Greater Spokane Inc. The base’s 2025 environmental assessment describes almost 12,000 military and civilian personnel. Greater Spokane Inc. also reports that the county has 54% more veterans than the national average for a region its size, and that federal and military employment runs 75% above the national average. Airmen rotating in and out create regular lease turnover, and veterans who settle after service add longer-term renters and first-time buyers.

Rents and affordability

Spokane’s 2020–2024 median gross rent, including utilities, is $1,215. HUD’s FY2026 Fair Market Rents for the Spokane HUD Metro FMR Area run from $1,103 for a studio to $2,506 for four bedrooms. The two-bedroom FMR of $1,531 is $316 above the city’s overall median rent. That matters for owners who lease to Housing Choice Voucher holders, because voucher payment standards are set from these figures.

Affordability is the main limit. In the ACS, 50.9% of Spokane renter households spend 30% or more of income on rent, and 24.8% spend half or more. Seattle’s figures are 42.4% and 19.7%. Even though Spokane rents are much lower in dollars, a larger share of tenants are already stretched. For an owner, that shows up as sensitivity to renewal increases, more collection follow-up and more reliance on voucher and assistance programs.

The apartment stock

Spokane is mostly a city of houses. Of 102,834 housing units in ACS table B25024, 64.2% are detached single-family homes. Buildings with five or more units hold 24,875 units, or 24.2% of the stock. That apartment stock is spread across building sizes: 5,034 units in 5–9 unit buildings, 6,286 in 10–19 unit buildings, 5,776 in 20–49 unit buildings and 7,779 in buildings of 50 or more. Nearly half of the 5+ unit stock (45.5%) sits in buildings of 5 to 19 units, the range where most private, long-held properties trade. Duplexes through fourplexes add another 7,186 units.

The housing is old. Spokane’s median year built is 1961, the oldest of the eight Washington cities in our coverage. Many small apartment buildings near downtown, Browne’s Addition and the lower South Hill are older still. Buyers of those buildings budget for electrical, plumbing, boiler and window work, and they discount buildings without records of what has been replaced. Newer garden-style complexes are more common in North Spokane, Spokane Valley and Liberty Lake, which our Spokane page also covers. Units with a certificate of occupancy issued within the past 12 years are exempt from the state rent cap, so newer suburban product follows different rent rules from the older city stock.

Property taxes on apartment buildings in Spokane County

The Spokane County Assessor values apartments at market value, like all property in Washington. Values are updated every year and each property is physically inspected at least once every six years under RCW 84.41.041. There is no per-parcel assessment cap, so higher market values carry through to the tax base. Appeals go to the county board of equalization by July 1 or within 30 days after the value notice, whichever is later, or within a county-set window of up to 60 days, per RCW 84.40.038.

Total levy rates depend on the tax code area, which combines the county, city, school district and other districts. For 2026, the Board of County Commissioners voted unanimously to keep the county levy rate where it was and skip the 1% annual increase state law allows. The board said the 2026 budget may mean a lower tax bill for many residents. That decision covers only the county’s share, so owners should check the full levy on their own parcel’s tax statement.

On a sale, Washington’s graduated real estate excise tax applies, and the seller usually pays it. For closings through December 31, 2026, the state portion is 1.10% up to $525,000, 1.28% up to $1,525,000, 2.75% up to $3,025,000 and 3.0% above. On a $2 million sale, the state portion is about $31,638, before local REET. From January 1, 2027 the thresholds rise to $551,000, $1,551,000 and $3,051,000.

Landlord rules and local compliance

• Rental registration. Under SMC 10.57.020, renting housing in the city counts as doing business. Owners need an annual business license and must register each rental property. The fee is the standard license fee plus $15 per unit per year, with units occupied by Housing Choice Voucher or VASH holders exempt from the $15 charge. The city created the registry in 2023, according to a city release.
• Declaration of compliance. Each registration must include a declaration that every unit meets the habitability standards of RCW 59.18.060. An owner who is not licensed and registered cannot evict until the problem is fixed.
• Transfer on sale. A registration transfers to a new owner for the rest of its one-year term, so a buyer will want to see current registration and the declaration on file.
• State rent cap. Washington’s rent stabilization law, in force since May 7, 2025, limits increases to 7% plus CPI or 10%, whichever is lower, with 90 days’ notice and no increase in the first year of a tenancy, per the Attorney General. The cap is 9.683% for 2026 and 10% for 2027. Exemptions are listed in RCW 59.18.710.
• No local rent control. RCW 35.21.830 preempts city rent control, so Spokane cannot add its own cap.
• Deposits and notices. Deposits must be accounted for within 30 days of move-out under RCW 59.18.280, and nonpayment requires a 14-day pay-or-vacate notice under RCW 59.12.030.

What this means if you own a building here

Spokane apartment values rest on modest rents and an old stock. A buyer will underwrite against a city median rent of $1,215 and a tenant base where half of renters are already cost-burdened, so pro formas that assume large increases will not hold up. The state cap reinforces that: even a building with below-market rents can only move toward market at up to 9.683% this year, with 90 days’ notice.

Compliance is now part of the price. Current city registration, the habitability declaration and clean notice records protect your ability to collect and to evict when needed. Documented capital work matters even more in a city where the median home dates from 1961. With no assessment cap, buyers will also model taxes on the price they pay, not on your current bill.

If you are weighing a sale, build an accurate net operating income from your actual rent roll, then test pricing with our apartment building value calculator. Our rent control and property tax by state page summarizes Washington’s rules. Skyline Capital buys 5+ unit buildings in Spokane, Spokane Valley and Liberty Lake, stabilized or distressed, and our seller page explains how we make an offer.