A few years ago, an investor was weighing two rental condos in Lynnwood. One was new construction, and the other was an existing building. The results were interesting. The new construction rented out quickly, while the existing one had a longer vacancy period. However, the purchase price for the existing unit was significantly lower.

Let's look at the numbers. According to RentCafe data, the average apartment rent in Lynnwood for 2026 is $2,065, which is 2.64% lower than the $2,121 from a year ago. A studio is $1,736 for 507 square feet, a one-bedroom is $1,805 for 699 square feet, a two-bedroom is $2,195 for 975 square feet, and a three-bedroom is $2,645 for 1,214 square feet. About 46% of listings are between $1,501 and $2,000.

The difference between new and existing construction is evident in the management costs. New construction has lower heating and cooling costs due to newer insulation and systems. There's also a builder warranty that applies to the structure and systems. Existing buildings may not have this warranty or it may have expired. Buildings over 20 or 30 years old may be approaching the time for plumbing or roof replacements. The existing condo that the investor purchased incurred nearly $8,000 in roof repair costs just three years after the purchase.

Property taxes also need to be considered. Lynnwood is part of Snohomish County, with an effective tax rate of about 0.77%. The average annual tax in the county is around $5,364, which is lower than King County. Tax rates can vary based on assessed value and location, so it's advisable to check the actual tax bill.

The school district is another important factor. The Lynnwood area has school districts that are consistently sought after by Korean families. School district boundaries change frequently, so it's a good idea to verify the assigned school for a given address before signing a contract or making a purchase.

The supply situation also affects rental prices. In the greater Seattle area, new construction in the first quarter of 2026 was down 59% from a year ago, totaling 1,760 units. The number of units under construction has also decreased by 11% to 17,813 units. A reduction in supply could increase the vacancy burden for existing units. Conversely, new construction may maintain rental prices due to its scarcity.

Ultimately, the investor decided to keep both units. The new construction provided stable rental income, while the existing unit offered potential appreciation due to its lower purchase price. Rather than definitively choosing one over the other, it seems more realistic to select based on the intended purpose of ownership.

Lynnwood has seen an increase in new condos and apartments around the station due to ongoing light rail extension projects in recent years. Depending on whether a property is within walking distance of the station, rental prices for the same new construction can vary significantly. In contrast, existing units are often located in residential areas somewhat farther from the station, making them more appealing for families with a lifestyle that prioritizes larger spaces and a quieter atmosphere.

Families considering a purchase should also keep an eye on mortgage rate trends. Monthly payments can vary significantly with fluctuations in interest rates, so it's wise to compare various loan products regardless of whether you choose new or existing construction.

There are three key points to check in order. First, whether the property is near a transit station. Second, what is included in the management fees. Third, whether major items like the roof or plumbing have been replaced in recent years. When buying an existing condo, it's especially important to verify the third item through the homeowners association meeting minutes or recent repair history. New constructions won't have this history, but it's essential to carefully review the builder warranty conditions.

Lynnwood is considered a relatively stable area for rental prices within Snohomish County. Families moving from out of state should compare rental prices with nearby Seattle or Bellevue, taking into account commuting distances and property tax burdens. When starting consultations, it's better to look at two or three properties together and check management fees and tax bills before making a decision to reduce the risk of mistakes.

This article is not investment or legal advice, and it is recommended to consult with a professional before making any actual contracts.