Kitsap's Rental Market: What You Need to Know

Important Considerations

While national and statewide rental market data can be useful, knowing more about your local rental market is really important. It can help you better prepare as a prospective tenant when comparing rentals. While some homes for rent in Kitsap County are highly priced, you’ll want to factor in their location, demand in that specific area, the home’s condition, nearby amenities, and what the rent may include. To dive into the details, check out our article on What to Ask When Looking at Homes for Rent in Kitsap County.

If you’re preparing to rent a home you own, knowing more specifically about Kitsap’s rental listings can empower you to make well-informed decisions. Properly pricing your rental is vital to its success, as is managing expectations. You’ll also want to get comparison data if working with a property management company, and think about the return on investment of renting vs. selling. 

Our Rental Stats

According to BestNeighborhood.org, the average vacancy rate in Kitsap County is 8.03%. Here at Windermere Property Management, our average vacancy this year is 8.2%. We currently manage 768 rental units. This includes apartments, condos, and single-family homes.

The factors that influence the rental market include economic growth, housing demand, population trends, and military presence. Kitsap’s nearby military bases influence rental properties, creating demand, especially those located near bases. Additionally, our proximity to Seattle and its tech companies has impacted demand and prices. As a result, competition for limited housing can make finding affordable rentals challenging. So, if you’re interested in a specific rental property that fits your budget, it’s best to act quickly.

If you’re thinking of purchasing an investment property to generate passive income, you may be interested in this vacancy rates map for Kitsap County. It’s color coded and shows vacancy rates by block within the county.

Rental Affordability

How do you measure rental affordability? Well, in a recent report Realtor.com staff members stated, “One approach to measuring rental affordability is the 30% rule of thumb. According to this rule, a household should spend no more than 30% of its gross income on housing costs. The U.S. Department of Housing and Urban Development uses this approach. HUD defines cost-burdened households as those paying more than 30% of gross income on housing (including utilities) and severely cost-burdened households as those paying more than 50% of income on rent (including utilities).”

According to ApartmentList.com, in Kitsap County, the average rent is $2,032 for a 2-bedroom, and $2,413 for a 3-bedroom. Windermere Property Management’s average rent is $2,558.83 for all units. Keep in mind that this is for over 760 units, many of which are large single-family homes, and some of which are in prime locations or have water views. Additionally, we have a number of homes for rent on Bainbridge Island and across North Kitsap. This generally means higher price points vs. those in Central and South Kitsap.

Overall, the cost of living is lower in Kitsap County vs. King County. Seattle rents have continued to rise, outpacing national trends. Western Washington is a more expensive place to live, as is Washington State compared to other states.

When it comes to navigating Kitsap's rental market effectively, we recommend doing your research, speaking to longtime locals, and reaching out to property managers in the area. Working with local experts who are invested in the community they serve and know the rental market well ensures that you’ll get the most current information to do what’s best for you.