Bellevue, Washington Short-Term Rental Market
Bellevue, WA STRs averaged $159/night at 62.6% occupancy in April 2026 across a market of over 15,000 active listings.
Quick Answer: Bellevue, Washington is an active short-term rental market. average occupancy is 63%. average monthly revenue is $2,690. average daily rate is $159. the top operator is Blueground with 508 listings. market score is 51/100 (grade D).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Bellevue is a major city in the Seattle metro area, situated on the eastern shore of Lake Washington with a population of approximately 154,000. The city drew roughly 2.2 million overnight visitors in 2024, generating an estimated $1.9 billion in economic impact. Demand is anchored by corporate and technology sector travel (Microsoft, Amazon, and other Eastside employers), convention activity at Meydenbauer Center, and a growing leisure segment driven by upscale retail and restaurant offerings.
As of April 2026, the short-term rental market posted an average daily rate of $159 and average occupancy of 62.6%, generating $2,690 in average monthly revenue per listing. RevPAR stood at $100. Year-over-year, occupancy declined 2.5%, ADR rose 0.7%, and revenue declined 3.4% compared to April of the prior year.
The listing inventory is large: 12,230 entire-place listings (80.2% of the 15,248 categorized units), 2,997 private rooms (19.7%), and 21 shared rooms. One-bedroom properties dominate by count (7,894), followed by two-bedroom (3,504), three-bedroom (2,172), four-bedroom (1,008), and five-bedroom (640). Airbnb is the dominant platform with 9,261 listings, VRBO has 587, and 5,400 properties appear on both. The market’s rental demand score of 90.7 out of 100 is exceptionally strong, reflecting the large volume and consistent occupancy driven by the Seattle metro economy.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 55% | $119 | $1,901 |
| Feb | 62% | $120 | $1,858 |
| Mar | 68% | $132 | $2,381 |
| Apr | 65% | $136 | $2,391 |
| May | 71% | $144 | $2,671 |
| Jun | 80% | $173 | $3,543 |
| Jul | 80% | $178 | $3,827 |
| Aug | 77% | $177 | $3,659 |
| Sep | 71% | $159 | $3,022 |
| Oct | 64% | $142 | $2,571 |
| Nov | 60% | $134 | $2,172 |
| Dec | 59% | $132 | $2,133 |
Top Short-Term Rental Operators in Bellevue
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Blueground | 508 | 265 | ★ 4.36 |
| 2 | Evolve | 181 | 4,933 | ★ 4.55 |
| 3 | Vacasa | 151 | 8,263 | ★ 4.47 |
| 4 | Snowball Rentals | 139 | 5,391 | ★ 4.78 |
| 5 | Vince | 132 | 12,247 | ★ 4.57 |
What Kind of STR Should I Buy in Bellevue?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 7,894 |
| 2 bed | 3,504 |
| 3 bed | 2,172 |
| 4 bed | 1,008 |
| 5 bed | 640 |
ADR by Property Tier
| Entire Home | $181 |
| Luxury | $281 |
| Professionally Managed | $188 |
Revenue by Dwelling Type
| Apartment | $2,703 |
| Entire Place | $3,026 |
| House | $2,699 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 60.7% |
| vrbo | 3.8% |
| both | 35.4% |
Investment Analysis
Bellevue’s investment case is shaped as much by its regulatory framework as by its demand fundamentals. The city’s rental demand score of 90.7 out of 100 is among the highest in the Pacific Northwest, but its investability score of 48.9 reflects significant constraints on which property types can legally operate as short-term rentals.
The core regulatory reality: detached single-family homes cannot be used for whole-home short-term stays (under 30 days) in Bellevue. Only units in multifamily buildings, condos, apartments, or Planned Unit Developments (after filing a Short-Term Stay Use Registration Notice) are viable for investor STR operations. This substantially narrows the investable property universe.
Within the viable multifamily segment, ADR by tier shows: market-wide $159, entire-home listings $181, professionally managed $188, and luxury tier $281. The professionally managed premium over the market average is modest at 18%, reflecting the competitive and relatively commoditized nature of the urban apartment STR segment.
Annualized revenue at the April 2026 pace works out to approximately $32,280 per listing. By property type, entire-place listings averaged $3,026/month, houses $2,699/month, and apartments $2,703/month. No housing price data was available for this area at time of publication, so gross yield calculations are not possible. The long-term revenue trend has been positive: from $2,137/month average in 2017 to $3,254 in 2025.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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As of April 2026, Bellevue STR guests book an average of 34.6 days in advance and stay an average of 5.12 nights per booking. The 35-day lead time is shorter than typical leisure markets, consistent with a significant share of corporate and business travelers who book on shorter notice based on work schedules.
The 5.12-night average stay is notably longer than most STR markets, suggesting that Bellevue attracts extended business stays, project-based corporate relocations, and visitors who use the city as a base for multi-day Seattle-area itineraries. Operators benefit from lower cleaning frequency relative to revenue generated and less calendar fragmentation. For pricing, the shorter lead time and longer stays suggest that minimum-stay requirements of three to five nights would align well with actual guest behavior, particularly on weekdays when corporate demand is strongest.
Short-Term Rental Regulations
Bellevue regulates short-term rentals through its Land Use Code (LUC 20.20.800). Whole-home STRs in detached single-family homes are effectively prohibited: an entire single-family house or a home with an accessory dwelling unit cannot be used as transient lodging (stays under 30 days). The only single-family option is renting individual rooms within an owner-occupied home operating as a boarding house or bed-and-breakfast, limited to two rooms and two adults per room, under a Home Occupation Permit.
Units in multifamily buildings, condos, apartments, or Planned Unit Developments located in residential districts may be used for short-term stays after filing a Short-Term Stay Use Registration Notice with Development Services. However, each building or development is capped at no more than five units and no more than 20% of its total units used for short-term stay at any time. There is no owner-occupancy or primary-residence requirement for multifamily units.
Operators must hold a Bellevue business license and collect and remit lodging taxes. The city levies a 5% lodging excise tax under Bellevue City Code 4.19. Washington State retail sales and use tax of approximately 10.1-10.3% also applies to stays under 30 days, resulting in a total tax burden on guest stays of approximately 15%. Airbnb and VRBO typically collect Washington State and local sales taxes automatically, but hosts remain responsible for city registration and the lodging excise tax. Enforcement is classified as moderate.
Market Comparison
Bellevue’s April 2026 occupancy of 62.6% is above the US STR median of approximately 55%, driven by persistent corporate and technology sector demand. Its ADR of $159 is below the US median of roughly $220, reflecting the dominance of smaller urban apartment units in the listing mix.
The rental demand score of 90.7 out of 100 is exceptionally high, while the investability score of 48.9 is below average, accurately capturing the combination of strong demand and tight regulatory constraints on which properties can legally participate in the market.
The professional management landscape is well-developed. Blueground leads with 508 listings and a 4.36 average rating, specializing in furnished apartment stays. Evolve manages 181 listings (4.55 rating, 4,933 reviews), Vacasa has 151 listings (4.47 rating, 8,263 reviews), Snowball Rentals manages 139 listings (4.78 rating, 5,391 reviews), and Vince holds 132 listings with a 4.57 rating across 12,247 reviews. The presence of multiple national and regional operators managing hundreds of listings each reflects the market’s size and institutionalized character.
Frequently Asked Questions About Bellevue, Washington
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