Updated 2026 · Based on median market data for Pullman, WA
The median monthly rent in Pullman, WA is $1,270, translating to $15,240 in annual gross rental income per unit. The rent-to-price ratio is 0.40% — well below the 1% rule, making pure cash flow investing challenging at median prices.
Renters in Pullman spend approximately 24% of the local median household income ($62,750) on rent. This is well below the 30% threshold, suggesting significant headroom for rent increases. Tenants can afford to pay more, which is bullish for landlords.
The vacancy rate in Pullman is 4.6%. This is extremely tight — expect strong tenant demand, quick lease-ups, and leverage to set favorable lease terms. In markets this tight, landlords often see multiple applications per listing. Population growth of 1.1% annually is actively adding rental demand.
Pullman's GRM (price divided by annual rent) is 21.0x. A GRM above 16x means the property is expensive relative to its income. Investors here are typically betting on appreciation rather than current cash flow. For comparison, the national average GRM for investment-grade rentals is approximately 13-15x.
At the median rent of $1,270/mo, a single-family rental in Pullman generates approximately $15,240 in gross annual income. After accounting for 4.6% vacancy ($701 lost), property taxes of $2,976, insurance (~$1,280), and maintenance (~$1,280), the estimated NOI is $9,003 per year, or $750/mo.
Pullman vs Washington state average and national average across key investment metrics. Pullman's cap rate is below both benchmarks — deal sourcing is critical here.