Pullman, WA & Moscow, ID

0.3% Average Rent Growth
/
5.0% Unemployment Rate
/
42k Labor Force
/
$1,016 Average Rent
/
88k Population
/
0.06% Population Growth
/
$32k Median HH Income
/
-17.8% Home Price Growth
/
0.3% Average Rent Growth
/
5.0% Unemployment Rate
/
42k Labor Force
/
$1,016 Average Rent
/
88k Population
/
15.2% Population Growth
/
144,000 Labor Force
/
95.7%  Average Occupancy
/

About Pullman-Moscow

Pullman

Pullman and Moscow are twin cities located on the border of Washington and Idaho, in the heart of the picturesque Palouse region. These vibrant communities are known for being home to two prominent universities, Washington State University in Pullman and the University of Idaho in Moscow. The presence of these institutions creates a dynamic and youthful atmosphere, contributing to a rich cultural scene and educational opportunities.

Both cities are surrounded by fertile farmland and rolling hills, providing stunning vistas throughout the year. Outdoor enthusiasts can explore numerous hiking trails, biking routes, and recreational activities along the nearby Palouse River and Moscow Mountain. The cities' combined population and proximity to natural beauty make them an appealing choice for those seeking a balance between urban amenities and outdoor adventures.

Why Invest Here?

Higher Education

If you wanted to make a bet on higher education there isn’t a better market in the Inland Northwest to do so. This can be a double-edged sword, but can provide a host of growth opportunities to the market over the long-term.

01
Scenic Location

The Palouse’s picturesque landscapes, with rolling hills and farmland, provide an attractive backdrop for residents and can be a draw for tourists and outdoor enthusiasts, potentially increasing demand for vacation rentals.

02
Idaho Demand

Relevant to Moscow, Idaho features almost no landlord-tenant regulations compared to Washington and Oregon, and many residents are leaving coastal cities or nearby Washington state markets to escape to Idaho, driving population growth.

03

What to watch out for

Both markets are heavily reliant on the universities and the future of higher education is uncertain in many respects. In addition, the markets can be challenging to get to, with 2-lane winding country roads in and out and only a small regional airport with limited flights in and out.

Key Market Indicators.

0.3%
average rent growth
5.0%
unemployment rate
$1,016
average market rent
88k
population
0.06%
population growth
$32k
median hh income
41.9k
labor force
-17.8%
home price growth

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Success Stories.

Diligence in the listing process pays dividends at closing

36 Units
$1,400,000

In September 2021, the ownership group of Irving Place wanted to close by the end of the year, so they hired Multifamily Mason to expose the asset to the most qualified Inland Northwest multifamily investors. As the local market expert, Mason invited his exclusive buyers network to tour the property ahead of a public launch. During tours, Mason’s team discovered a major CapEx requirement not previously budgeted for, brought in a local contractor, and identified a solution at ⅓ the cost of the current owner’s solution. As a result, all exclusive buyers submitted offers above pricing guidance, we negotiated non-refundable deposits, and went from listing-to-close in 99 days, setting a market best in-place cap rate.

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