Long-Term Rentals · Market playbook

Buying Rental Properties in Spokane, WA

Buying rentals in Spokane is a 4.43% gross yield play at a $401k median entry — $1,478/mo rent gross before expenses. The math has to clear before the property does.

DATA · Zillow Research (via scrape.do) · AS OF APRIL 2026

Workable 59/100

Spokane is a workable straight-rental market — neither bonanza nor minefield.

TL;DR — data signals

→ Gross yield 4.43% — at national baseline
→ Rent $1,478/mo vs. national $1,930 — rent-weak
→ Cash flow expectation at 25% down / 7.5%: flat to slightly negative
→ Appreciation: flat — neutral

Long-term rentals in Spokane sit at the intersection of two numbers: typical home value $400,636 and median rent $1,478/mo. That's a 4.43% gross yield — at the national baseline. Cash flow is workable but disciplined underwriting is non-negotiable.

Run the cash-flow math. Assume 20-25% down on a 30-year conventional rental loan at 7.5%, plus taxes + insurance + 8% property management + 8% vacancy/maintenance reserve + 8% capex reserve. At those inputs Spokane rentals will likely cash flow flat-to-slightly-negative on standard 25% down financing. The math requires either more cash down (35-50%) or an explicit appreciation thesis.

Rent demand context: Spokane rents ($1,478) run 23% below the national median ($1,930). Rent is the constraint — operational discipline matters more than acquisition skill here.

Appreciation thesis: Spokane home values are -0.1% YoY. Flat appreciation. Returns come from cash flow + pay-down + tax benefits, not price growth. Underwrite to that reality.

Net: Spokane is a workable rental market with tight margins — disciplined underwriting and operational excellence are the difference between profit and break-even.

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Spokane at a glance