Updated 2026 · Based on median market data for Walla Walla, WA
The median monthly rent in Walla Walla, WA is $1,540, translating to $18,480 in annual gross rental income per unit. The rent-to-price ratio is 0.38% — well below the 1% rule, making pure cash flow investing challenging at median prices.
Renters in Walla Walla spend approximately 29% of the local median household income ($62,750) on rent. This is within the healthy 25-30% range, indicating rent is affordable relative to local incomes. There may be room for moderate rent increases, especially for updated or well-located units.
The vacancy rate in Walla Walla 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.
Walla Walla's GRM (price divided by annual rent) is 21.9x. 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 $1,540/mo, a single-family rental in Walla Walla generates approximately $18,480 in gross annual income. After accounting for 4.6% vacancy ($850 lost), property taxes of $3,767, insurance (~$1,620), and maintenance (~$1,620), the estimated NOI is $10,623 per year, or $885/mo.
Walla Walla vs Washington state average and national average across key investment metrics. Walla Walla's cap rate is below both benchmarks — deal sourcing is critical here.