Today, the city’s port is the largest in the state and a major hub of international trade. While the city did experience a decline in the middle of last century, it has since been revived, with in excess of one billion dollars having been invested in just the downtown area.
In the past three decades alone, developments in the city have included a University of Washington campus, electric light rail service, many art and history museums, the Thea Foss Waterway and a newly refurbished waterfront area.
Mostlivable.org called the city one of the most livable in the country, and Prevention.com called it one of the most walkable.
The average age in the city is around 35, with gender distribution about equal. The median household income there is $37,879, with the median family income being $45,567.
Tacoma Property Manager
Because of the housing boom in nearby Seattle, home prices in the city are at an all-time high. The median home value there is $264,300 as of December of 2017. This represents an increase of 11% over the previous year. Experts predict prices will continue to rise, with another 5% increase likely to happen during the next 12 months. But it is still significantly cheaper than Seattle, making it attractive for those who commute there.
Another major factor leading to price increases in the city is the small supply of homes there. It only has a one-month supply of homes. To put this number in perspective, a typical balanced market has 5-6 months of supply.
Rents have also increased dramatically in the city. The median rent in the city rose nearly 9% in 2017 to $1,785 per month. This is the largest increase in the entire nation.
If you are interest in property management, call us for a comprehensive market analysis of your rental property.
Tacoma Property Management
Our property management team specializes in residential areas throughout Tacoma, WA. We offer multiple services to take your rental property and convert it into reliable income. We have a thorough screening process that helps to identify the right tenants for your property. Our team works hard to keep both parties happy through effective communication, bullet proof lease agreements, and timely monthly rent collection. We offer maintenance services to enhance the property and ensure that it will retain or increase in value. We oversee everything, allowing you to sit back and relax and know that your property and your tenants are in good hands.
Contact us today if you are ready to receive a comprehensive analysis of your rental property and to inquire about our Tacoma area property management services.
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