The rental market in the Tri-Cities has undergone significant changes over the past five years. The days of listing a property at nearly any price and expecting it to rent quickly are behind us. Today’s market is more competitive, more selective, and far more sensitive to pricing and property condition.
Historically, our average days on market hovered around 15 days. Currently, we are seeing that number fluctuate between 25 and 30 days. This shift reflects a market where tenants have more choices and are taking the time to evaluate them carefully.
Property Condition and Location Matter More Than Ever
One of the most noticeable changes is the increased importance of property condition. Well-maintained, updated, and professionally presented homes are leasing significantly faster than those that are dated or in marginal condition. Attention to detail—cleanliness, curb appeal, modern finishes, and functional layouts—can dramatically impact vacancy timelines.
Location has also become a key differentiator. With more inventory available, tenants are less willing to compromise. If a prospective renter can choose between a home on a busy street and a comparable home in a quieter neighborhood at a similar price point, the decision is easy. Today’s renters expect value, and they are willing to wait for the right fit.
The Impact of Multifamily Development
Over the last five years, new multifamily construction has surged across the Tri-Cities, including in Kennewick, Pasco, and Richland. There are currently approximately 1,000 vacant apartment units available for rent in the area. To remain competitive, many large apartment communities are offering aggressive concessions, including two months of free rent, promotional giveaways such as cruise raffles, and reduced security deposits as low as $100.
These incentives have placed notable pressure on small multifamily properties, particularly fourplexes and similar assets. In many cases, rental values for these properties have softened, and vacancy periods have lengthened. Smaller operators are now competing not only on price, but also against well-amenitized communities offering significant move-in incentives.
What This Means for Property Owners
In today’s market, strategic pricing, strong presentation, and proactive marketing are essential. Owners who invest in property improvements, stay aligned with current market conditions, and respond quickly to shifts in supply and demand are positioned to minimize vacancy and protect long-term returns.
The Tri-Cities rental market is no longer driven by rapid appreciation and limited inventory. It is a competitive, tenant-driven environment where preparation and strategy make the difference.