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What Spokane Rental Owners Need to Know About the Multi-Family Market for April 2025
Every month, we track the activity level for multi-family in Spokane. As a full-service Spokane property management company, we keep our finger on the pulse of the market to better serve our clientele. Our analysis of Spokane's rental housing data provides key insights into how the market is evolving. So here is what we found for April, compared to March's sales numbers.
Key Takeaways: March vs April
Duplex Sales Dropped (61% Decline):
Duplex closings fell from 18 in March to 7 in April, that's a significant 61% decline, despite 20 pending sales.
Duplex Prices Dipped ($223,732/Unit):
The average price per duplex unit in April was $223,732, down 5.4% from $236,494 in March. With only 7 sales taking place, the price decrease doesn't give a broad overview of what's going on in our market.
Balanced Duplex Inventory (6.5 Months):
6 active duplex listings and 6.5 months of inventory, the market appears balanced. However, April’s low number of closings tells us that the Fed's pause in rate cuts may be the likely reason for the pause in buyer activity.
Triplexes Gain Traction (37% Pending Ratio):
Triplexes had 7 pending sales and 12 active listings, resulting in a 37% pending ratio, indicating stronger buyer interest compared to duplexes.
Larger Units Struggle (Oversupply):
Fourplexes and 5+ unit properties continue to face oversupply challenges, with both categories reporting only 4 closings each over the past three months. Fourplexes currently have 17 months of inventory, while 5+ unit properties are sitting at 39 months of inventory, indicating a significant imbalance between supply and demand in the larger multi-family segment.
What This Means for Spokane Rental Owners
Overall, I'm seeing investors selling their Spokane multi-family properties, still searching for those 4-6% CAP rates, while Spokane investor buyers are looking for a CAP rate of above 6%. With the increase in inventory, I expect we will see sellers accept a price based on a 6+ CAP.
At Cobalt Property Management, we stay ahead of market trends to help you make informed investment decisions. Whether you’re looking to expand your portfolio or optimize your current rentals, our expertise ensures you have the right strategy in place.
If you’re a rental owner in Spokane, WA, and need guidance on navigating the market, contact us today. Let’s discuss how we can help you succeed in the evolving rental landscape.
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