Step 2 · Two values, one price
What Your Short-Term Rental Is Worth: Valuation for Washington STR Owners
Page author
Adriano Tori
Designated Broker, Founder & CEO — RexMont Real Estate · WA Lic. #27660
Adriano leads RexMont Real Estate — the most-reviewed real estate brokerage in Seattle and the Eastside. 1,200+ closed transactions, $1B+ in production, and 1,241 five-star Google reviews.
Written and reviewed by Adriano Tori, Designated Broker, WA Lic. #27660 · last reviewed September 19, 2026 · RexMont Real Estate, 1,241 five-star Google reviews, $1B+ closed across 1,200+ transactions. Not tax, legal or lending advice.
The short answer
Appraisers value a one-to-four-unit vacation rental as a house, on residential comparables. Investors value it on what it earns, but only when the rental use can legally continue under them. Your listing price is the higher of the two, and the second only exists in counties where the permit transfers or a new one is available.
The investor premium is earned with documents: 24 months of payout reports, Department of Revenue excise returns, an expense P&L, permit and inspection records, the septic O&M report and a furnishings inventory. Without them the buyer's lender and CPA will underwrite on residential value anyway.
Skip the automated estimate. It cannot see the permit, the furnishings or the revenue, and in a market where a quarter of listings are pitched to investors it is usually wrong in the direction that costs you.
A short-term rental owner usually has a number in mind that comes from gross revenue times a multiple heard at a conference, or from what a neighbor's cabin listed for. Neither is how the property will be valued by the two people whose opinions matter: the buyer's appraiser and the buyer's lender. The appraiser will value the home on closed residential sales. The lender, unless it is a DSCR lender, will qualify the buyer on their own income and treat your rental history as color. The investor buyer will care about revenue, but only after confirming with the county that the permit survives or can be replaced.
RexMont therefore prepares two valuations for every short-term rental we list, tells you which one the market will actually pay, and builds the documentation that lets a serious investor pay the higher one. This page explains the method and shows the market data we use, so you can see the logic before you see the number.
Value one: the residential comparable approach
This is the floor and, in most Washington vacation markets, the number the appraisal will land near. RexMont pulls closed sales of similar homes in the same market over the trailing twelve months, adjusts for lot, waterfront or view, condition, bedroom count and garage, and arrives at a range. Two adjustments are specific to short-term rentals. Furnishings are excluded, because they are personal property and the appraiser will not count them; they are sold separately by bill of sale. And condition is judged against a home that has hosted strangers every weekend, which usually means the buyer's inspector will find wear the owner has stopped noticing; a pre-listing deep clean, touch-up and inspection prevents a retrade.
The RexMont STR Market Pulse below gives the trailing-twelve-month closed count and median for each market. A median on twenty sales is a real number; on six it is a hint. Read the count.
| Market | Drive from Seattle | Active listings | STR-marketed share | Median close, 12 mo | Median sale price (RentCast) | Days on market | Lodging-tax receipts y/y (DOR 2025) |
|---|---|---|---|---|---|---|---|
| Leavenworth & Lake WenatcheeChelan County | about 2¼–3 hours | 1470.0% m/m · +12.7% y/y | 27.2%m/m soon · y/y soonSTR-marketed median list $760K | $719K120 sales · 26.7% STR-marketed | $630K−2.9% m/m · −1.4% y/y | 103 days+8.4% m/m · −6.4% y/y | +1.6%Leavenworth · $1.72M in 2025 |
| Lake Chelan & MansonChelan County | about 3¼–4 hours | 307−0.4% m/m · −2.9% y/y | 21.5%m/m soon · y/y soonSTR-marketed median list $937K | $585K217 sales · 19.8% STR-marketed | $457K−1.5% m/m · −4.8% y/y | 127 days+8.5% m/m · 0.0% y/y | +6.9%Chelan · $870K in 2025 |
| Cle Elum, Suncadia & RoslynKittitas County | about 1½–2 hours | 322−2.4% m/m · +10.4% y/y | 33.9%m/m soon · y/y soonSTR-marketed median list $950K | $735K276 sales · 21.7% STR-marketed | $631K−3.6% m/m · +6.1% y/y | 104 days+6.1% m/m · +3.0% y/y | −1.8%Cle Elum · $103K in 2025 |
| Snoqualmie Pass & HyakKittitas County | about 1–1½ hours | 23+2.4% m/m · +27.3% y/y | 17.4%m/m soon · y/y soonSTR-marketed median list $768K | $925K17 sales · 5.9% STR-marketed | $750K+3.4% m/m · +30.4% y/y | 105 days+16.7% m/m · −20.5% y/y | +4.5%Kittitas County · $1.37M in 2025 |
| Ocean ShoresGrays Harbor County | about 2½–3¼ hours | 281−1.2% m/m · +0.1% y/y | 14.9%m/m soon · y/y soonSTR-marketed median list $399K | $350K306 sales · 10.5% STR-marketed | $277K−1.1% m/m · −0.7% y/y | 112 days+10.9% m/m · −3.4% y/y | +6.0%Ocean Shores · $561K in 2025 |
| Seabrook & Pacific BeachGrays Harbor County | about 2¾–3½ hours | 70+1.0% m/m · +8.5% y/y | 47.1%m/m soon · y/y soonSTR-marketed median list $910K | $850K37 sales · 48.6% STR-marketed | $879K0.0% m/m · +3.4% y/y | 104 days+2.0% m/m · −20.0% y/y | +1.6%Grays Harbor County · $1.07M in 2025 |
| WestportGrays Harbor County | about 2½–3¼ hours | 760.0% m/m · +33.0% y/y | 39.5%m/m soon · y/y soonSTR-marketed median list $385K | $310K53 sales · 22.6% STR-marketed | $340K0.0% m/m · +1.5% y/y | 113 days+9.7% m/m · +9.7% y/y | +0.2%Westport · $258K in 2025 |
| Long Beach PeninsulaPacific County | about 3–3¾ hours | 218−1.0% m/m · +6.5% y/y | 17.9%m/m soon · y/y soonSTR-marketed median list $355K | $345K297 sales · 16.8% STR-marketed | $290K+1.6% m/m · −2.4% y/y | 110 days+12.2% m/m · +13.4% y/y | −0.4%Long Beach · $469K in 2025 |
| Whidbey IslandIsland County | about 1½–2 hours with the ferry | 377+1.4% m/m · +5.0% y/y | 8.8%m/m soon · y/y soonSTR-marketed median list $1000K | $580K868 sales · 4% STR-marketed | $618K+2.7% m/m · −3.1% y/y | 81 days+11.0% m/m · +2.5% y/y | +5.1%Langley · $113K in 2025 |
| San Juan IslandsSan Juan County | about 3–4 hours with the ferry | 191+2.0% m/m · −0.3% y/y | 16.2%m/m soon · y/y soonSTR-marketed median list $1.17M | $900K186 sales · 9.1% STR-marketed | $918K+2.0% m/m · −7.9% y/y | 101 days+12.2% m/m · −12.2% y/y | +8.3%Friday Harbor · $301K in 2025 |
| Hood Canal & Lake CushmanMason County | about 1½–2½ hours | 147−3.4% m/m · +2.6% y/y | 17.0%m/m soon · y/y soonSTR-marketed median list $369K | $445K259 sales · 16.6% STR-marketed | $335K−0.7% m/m · −0.8% y/y | 87 days+7.4% m/m · +6.1% y/y | −7.7%Mason County · $528K in 2025 |
| Port Townsend & Port LudlowJefferson County | about 2–2½ hours with the ferry | 153+1.9% m/m · +17.1% y/y | 3.9%m/m soon · y/y soonSTR-marketed median list $882K | $637K338 sales · 1.5% STR-marketed | $550K−1.3% m/m · −6.8% y/y | 66 days+10.0% m/m · −13.2% y/y | −11.2%Port Townsend · $278K in 2025 |
| Port Angeles & SequimClallam County | about 2½–3 hours with the ferry | 380+2.2% m/m · +14.0% y/y | 4.2%m/m soon · y/y soonSTR-marketed median list $727K | $475K922 sales · 3.1% STR-marketed | $427K−2.3% m/m · −4.6% y/y | 77 days+4.1% m/m · +11.6% y/y | +3.8%Port Angeles · $706K in 2025 |
| Mt. Rainier gateways (Ashford & Packwood)Pierce / Lewis County | about 2–2½ hours | 60−3.4% m/m · +16.2% y/y | 51.7%m/m soon · y/y soonSTR-marketed median list $500K | $490K56 sales · 60.7% STR-marketed | $472K+3.0% m/m · +17.7% y/y | 88 days+2.3% m/m · −6.4% y/y | +3.8%Lewis County · $599K in 2025 |
| Methow Valley (Winthrop, Twisp, Mazama)Okanogan County | about 4–4½ hours | 690.0% m/m · +13.8% y/y | 18.8%m/m soon · y/y soonSTR-marketed median list $499K | $625K69 sales · 14.5% STR-marketed | $464K−3.3% m/m · −9.2% y/y | 98 days+4.3% m/m · 0.0% y/y | +14.9%Winthrop · $249K in 2025 |
| Mt. Baker foothills (Glacier & Maple Falls)Whatcom County | about 2¼–2¾ hours | 135−0.5% m/m · +0.5% y/y | 24.4%m/m soon · y/y soonSTR-marketed median list $369K | $350K154 sales · 16.9% STR-marketed | $253K+5.5% m/m · −4.7% y/y | 68 days+7.9% m/m · −26.9% y/y | −7.7%Whatcom County · $724K in 2025 |
| Birch Bay & BlaineWhatcom County | about 2–2½ hours | 243−2.2% m/m · +7.9% y/y | 6.2%m/m soon · y/y soonSTR-marketed median list $379K | $557K401 sales · 7.5% STR-marketed | $563K+1.4% m/m · −1.1% y/y | 79 days+1.3% m/m · −7.1% y/y | −9.9%Blaine · $132K in 2025 |
| Gig Harbor & KitsapPierce / Kitsap County | about 1–1½ hours | 388+1.8% m/m · +6.7% y/y | 1.3%m/m soon · y/y soonSTR-marketed median list $1.18M | $737K1136 sales · 1.7% STR-marketed | $810K−0.5% m/m · +4.6% y/y | 45 days+9.8% m/m · −15.1% y/y | −1.8%Gig Harbor · $175K in 2025 |
| Columbia River Gorge (Stevenson, White Salmon)Skamania / Klickitat County | about 4–4½ hours | 0m/m soon · y/y soon | —m/m soon · y/y soon | $508K6 sales · 16.7% STR-marketed | —m/m soon · y/y soon | —m/m soon · y/y soon | — |
How to read it."STR-marketed share" is RexMont's own signal: the share of active NWMLS residential listings whose public remarks sell the home as a short-term or vacation rental. It measures how much of a market's for-sale inventory is being pitched to investors, not how many homes hold permits. Median sale price, days on market and inventory come from RentCast sale statistics blended across each market's ZIP codes; month-over-month and year-over-year deltas use RentCast's own history. Deltas marked "soon" appear as our monthly snapshots accumulate. Medians on small samples move a lot; read the sale count next to them.
Lodging-tax receipts are the Washington Department of Revenue's distributions of the state-shared 2% transient rental tax to each city or county for calendar 2025 versus 2024 (source). Because the tax is a fixed share of taxable lodging sales under 30 nights, the year-over-year change tracks total short-stay lodging revenue in that jurisdiction, hotels and short-term rentals together. Cities report their own receipts; the county figure is the unincorporated area.
Listing information courtesy of Northwest Multiple Listing Service (NWMLS). The listing data relating to real estate for sale on this web site comes in part from the Northwest Multiple Listing Service. Real estate listings held by brokerage firms other than RexMont Real Estate are marked with the “Listing courtesy of NWMLS” designation. Information provided is for the consumer’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
© 2026 Northwest Multiple Listing Service. All rights reserved. · RentCast market statistics used under license. Not an appraisal or an offer of specific investment returns.
Value two: the income approach, and when it applies
An investor underwrites the property the way the cash-flow calculator does: realized nightly rate times booked nights, less management, platform fees, reserves, cleaning, utilities, insurance, property tax and HOA, to net operating income; then a cap rate or a cash-on-cash target sets the price they can pay. A property that clears a normal-year occupancy with a comfortable coverage ratio is worth more to that buyer than to a family, sometimes meaningfully more, and that gap is your premium.
The premium only exists when the buyer can legally continue. In counties where the permit dies at sale and the area is capped or the zone no longer allows the use, the income approach collapses to the residential value plus whatever a buyer will pay for the chance of a future permit. Where the permit runs with the land or is reliably obtainable, the income approach stands and the contract should protect it. RexMont states the permit case in writing on the valuation, with the code section, so no one is surprised at the appraisal or the inspection.
| Permit at sale | Examples (Sept 2026) | Buyer pool | Pricing basis |
|---|---|---|---|
| Runs with the land or tied to the property | San Juan County vacation rental permits; Kitsap County conditional use permits; Jefferson County (with the new-owner one-year pause) | Investors and second-home buyers | Residential value plus a documented income premium; contract protects the permit |
| Personal to the owner, but a new permit is available | City of Chelan, Westport, Grays Harbor County, Gig Harbor, Bainbridge Island, Lake Chelan and Manson subareas of Chelan County (openings under the cap) | Investors who can apply, second-home buyers | Residential value plus a modest premium for verified revenue and setup; disclose the application window and dark period |
| Personal to the owner and the area is capped or the zone no longer allows it | Leavenworth, Plain and Lake Wenatchee (Chelan County over cap); Ocean Shores residential zones; Port Angeles Type II; Winthrop and Twisp | Second-home buyers; investors pricing in the wait | Residential value; revenue history supports condition and desirability, not a business multiple |
The controlling code sections and cap statistics are on the Washington STR laws page. RexMont verifies the case for your specific parcel before pricing.
The documentation pack that earns the premium
- 24 months of platform payout reports (Airbnb transaction history, VRBO payouts) and manager owner statements, so a buyer can compute realized nightly rate and occupancy themselves.
- Department of Revenue excise tax returns for the same period. Revenue that appears on payouts and on DOR returns is revenue a buyer's lender will believe.
- An expense P&L: cleaning, supplies, utilities, internet, insurance, property tax, HOA or resort dues, management, repairs, capital items. Investors discount undocumented expenses upward.
- Permit, license, annual certificates or affidavits, inspection reports, and any correspondence with the county; plus the code section on transfer, so the buyer's broker does not have to guess.
- Septic as-built and current O&M report; well log or water-system approval; the approved bedroom count reconciled to the listing.
- Furnishings inventory with replacement costs, and a list of smart devices and accounts that will be handed over.
- A one-page house manual and vendor list. It costs nothing and signals a business that runs.
Why automated estimates get short-term rentals wrong
Portal estimates model a house from tax records and nearby sales. They do not see that the county will not issue the next permit, that the furnishings are worth $40,000, that the septic limits the home to three rented bedrooms, or that the property grossed six figures last year. In a market where a quarter of the listings are pitched to investors, the estimate anchors buyers low when you have the documents to justify more, and anchors owners high when the permit case says the business is not for sale. RexMont's valuation starts from the closed sales in the table above and the code section for your parcel, and it comes with the reasoning.
Checklist
Valuation checklist for a Washington STR owner
- Confirm the permit case for your parcel in the current code and note the cap status.
- Pull trailing-12-month closed comparables in your market; note the count as well as the median.
- Assemble payout reports, DOR returns and the expense P&L for 24 months.
- Reconcile septic-approved bedrooms to the listing's bedroom count.
- Inventory furnishings at replacement cost and decide what conveys.
- Fix the wear a weekend guest ignores and a buyer's inspector will not.
FAQ
Questions Washington STR sellers ask first.
How is an Airbnb property valued when you sell it?
Two ways. The appraiser values a one-to-four-unit property on residential comparables, excluding furnishings. An investor values it on net operating income, but only where the rental use can legally continue under a new owner. The listing price is the higher of the two, supported by 24 months of payout reports, DOR returns and an expense P&L.
Does rental income increase the appraised value of a vacation rental?
Rarely for a one-to-four-unit residential property; appraisers use the sales comparison approach and the buyer's conventional lender qualifies on the buyer's own income. Rental income moves the price when an investor buyer or a DSCR lender is underwriting it, and when the county allows the use to continue.
What documents do I need to sell a short-term rental at a premium?
24 months of platform payout reports and manager statements, Department of Revenue excise returns for the same period, an expense P&L, permit and inspection records with the code section on transfer, the septic as-built and O&M report, and a furnishings inventory with replacement costs.
Is my STR worth less if the permit does not transfer?
It is worth its residential value, and the revenue history supports that value as evidence of desirability and condition. What you lose is the business premium an investor would pay for the right to keep renting. Where a new permit is readily available, part of that premium survives; where the area is capped or rezoned, it does not.
Should I sell my vacation rental furnished?
Usually yes, by a separate personal-property bill of sale. Furnishings are excluded from the appraisal, deducted from the taxable selling price on the excise affidavit when itemized, and valuable to an investor buyer who wants to open the calendar the week after closing. Price them at depreciated replacement cost, not sentiment.
STR value review
Send the address and last year's gross. We will send both values and the permit case.
A RexMont broker returns a residential range from closed sales, an investor range from your numbers, and the code section that decides which one the market will pay. Free, specific and in writing.
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