Buying an Anacortes Rental: A 2026 Buyer's Underwriting Guide

Jacob Mishalanie
Aug 21
7 min read

Updated: 16 hours ago

Empty coastal kitchen interior, Anacortes lodging, no people

Anacortes short-term rentals earned a median of $28,766 last year across 164 active listings, per AirROI's trailing twelve-month data from August 2025 through July 2026. The average nightly rate was $257, occupancy ran 43.0 percent, and revenue per available night landed at $110. Year over year, revenue is down 4.1 percent, a modest pullback worth building into any purchase model rather than ignoring.

For a buyer running numbers on a DSCR loan or comparing a listing against an asking price, that $28,766 figure is the number to underwrite, not a rosier projection borrowed from a stronger year or a different market. Active supply held essentially flat, up 0.0 percent, which suggests the revenue softening isn't being driven by a flood of new competing listings but more likely by rate compression or a slower guest season.

Fidalgo Island's draw for visitors is straightforward: Cap Sante Park and its viewpoint over the marina, a walkable historic downtown known for its murals, and easy ferry access to the San Juan Islands. Most guests book from Seattle first, then Portland, with a typical stay of 5.6 nights booked about 70 days in advance, useful context for building a seasonal pricing calendar. Short-term rentals in Anacortes fall under AMC 19.44.050, and permit and zoning questions run through City Hall at 904 6th Street, Anacortes, WA 98221, with planning department hours Monday through Thursday, 8 a.m. to 5 p.m. A specific STR permit fee was not confirmed on the city's primary page as of this writing, so buyers should confirm current fees directly with the planning desk before closing.

What DSCR Lenders Will Want to See

Most DSCR (debt-service-coverage-ratio) lenders will ask for a trailing-twelve-month rent roll or a comparable market report to size the loan against projected income. For an Anacortes purchase, that means anchoring to the $28,766 median on 164 listings, the $257 average nightly rate, and the 43.0 percent occupancy figure, not a blended number pulled from a different coastal market or an optimistic pro forma.

Lenders will also want to see the shape of the year, not just the annual total. With occupancy weakest in January and the three strongest months running August, June, and May, a lender-facing packet should show monthly seasonality alongside the annual figure so the debt-service math isn't built on a flat assumption that Anacortes performs the same every month.

Because year-over-year revenue dipped 4.1 percent, it's worth stress-testing the loan at both last year's actual number and a more conservative figure, say, another five to ten percent haircut, to see whether the property still cash-flows if the softening continues. That gives a buyer and a lender a realistic range instead of a single fragile number.

Compare Listings by Parcel and Permit, Not Just by Zip Code

Not every listing inside greater Anacortes carries the same zoning status or permit history, and a market-wide average can obscure real differences between a legally permitted unit and one operating in a gray area. Before comparing a target property's projected revenue against the town-wide $28,766 median, confirm its parcel number, zoning designation, and whether it already holds an active STR permit.

A tax map and title report will show whether the parcel sits inside city limits, subject to AMC 19.44.050, or in unincorporated Skagit County, which has its own separate rules. That distinction changes which office you call for permitting, inspection, and renewal, and it can affect financing timelines if a lender wants proof of a transferable or renewable license before closing.

Reading the 4.1 Percent Year-Over-Year Decline

A single year of data showing revenue down 4.1 percent is a data point, not a trend line. It doesn't tell a buyer whether Anacortes is entering a multi-year softening, correcting off an unusually strong prior year, or simply reflecting one slower summer. Treat it as the actual, current baseline to underwrite against, and revisit it once a second or third year of AirROI data is available.

What the decline does mean in practice: buyers should avoid assuming next year automatically rebounds to a higher number, and should build a vacancy or rate-softening buffer into a five-year hold projection. How your own future listing performs on photography, pricing strategy, and direct-booking presence matters more than betting on a market-wide recovery.

What the 164-Listing Sample Says About Competition

Active STR supply in Anacortes was essentially flat, up 0.0 percent, over the trailing year, meaning the revenue softening wasn't driven by a flood of new competing listings. Professionally managed properties make up 22.0 percent of the sample, and Superhost status covers 72.0 percent of active listings, indicating a market where most hosts are self-managed and reasonably experienced.

Guemes Island Resort, a short ferry ride from the mainland dock, holds 13 listings on its own, a meaningful concentration within a 164-listing sample. A buyer evaluating a property near Guemes should weigh that resort's pricing and amenities in their own competitive set specifically, rather than relying only on the townwide average.

Why 164 Listings Is a Sample, Not the Whole Market

AirROI's 164-listing figure reflects active listings that meet its data criteria over the trailing twelve months, it isn't a complete census of every short-term rental in the Anacortes area, and some legally operating units may not appear in the sample. Treat the $28,766 median and 43.0 percent occupancy as directionally reliable, not exact to the dollar for every property type.

Fifty-three of those 164 listings enforce a 30-night minimum stay, which pulls them out of the traditional nightly-booking occupancy math entirely. If you're comparing a target listing against the sample, confirm whether it's a true nightly or weekly rental or a monthly-stay property, since the two operate under very different revenue models and, often, different licensing rules.

January is consistently the slowest month for occupancy. Building a vacancy haircut around that known seasonal low is a more honest underwriting approach than assuming a flat occupancy rate across all twelve months.

STR Licenses Don't Automatically Transfer With a Sale

Buying a property that currently operates as a short-term rental doesn't guarantee the new owner inherits the existing permit. In most Washington municipalities, including Anacortes, STR permits are tied to the operator and the specific use approval, not the deed, so a buyer typically needs to apply for their own permit under AMC 19.44.050 after closing.

Confirm current permitting requirements and hours directly with Anacortes City Hall at 904 6th Street, planning hours Monday through Thursday, 8 a.m. to 5 p.m., before assuming a seamless transition. Build a permitting gap into your closing and turnover timeline, any lapse between the seller's license ending and yours being issued is lost booking revenue worth planning around.

What a Buyer Packet Should Carry

A strong buyer packet for an Anacortes STR purchase should include the trailing-twelve-month revenue figure ($28,766 on this 164-listing sample), the property's specific parcel and zoning status, and written confirmation of current permitting requirements from City Hall, not a verbal assurance from a listing agent.

It should also show the seasonal shape of revenue (peak in August, trough in January), the year-over-year trend (down 4.1 percent most recently), and a conservative vacancy assumption built around that known low season. Visitor spending and tourism data for Fidalgo Island are useful context for demand, but they aren't a substitute for actual rental performance data when sizing debt service.

If a lender or partner offers a rosier comparable from a different coastal market, don't substitute it for Anacortes-specific numbers. The goal of the packet is an honest, defensible underwriting case built on this town's actual trailing-year performance.

Frequently Asked Questions

What did the typical Anacortes short-term rental earn last year?

The typical Anacortes short-term rental earned about $28,766 over the trailing twelve months, August 2025 through July 2026, based on a 164-listing AirROI sample. The average nightly rate was $257 with 43.0 percent occupancy and $110 in revenue per available night.

How should buyers use this revenue figure when underwriting a purchase?

Use the $28,766 trailing-year median as the anchor for DSCR or cash-flow underwriting, and pair it with the seasonal breakdown — strong summer, weak January — rather than treating it as a flat monthly average. Build in a vacancy buffer given the 4.1 percent year-over-year decline.

Is Anacortes STR revenue trending up or down?

Revenue was down 4.1 percent year over year on this sample, while active supply stayed essentially flat at 0.0 percent growth. That points to softer demand or rate compression rather than new competition driving the decline.

What months perform best and worst for Anacortes rentals?

August, June, and May are the three strongest months, with August the single busiest. January is consistently the slowest month for occupancy, and should be underwritten as a low point rather than assumed away.

How concentrated is the Anacortes STR market?

Professionally managed listings make up 22.0 percent of the 164-listing sample, and Superhost status covers 72.0 percent, suggesting most hosts self-manage. Guemes Island Resort alone accounts for 13 listings, a notable concentration worth factoring into competitive analysis for nearby properties.

Does an STR permit transfer when a property changes ownership?

Not automatically. Anacortes STR permits are addressed under AMC 19.44.050 and are generally tied to the operator, not the deed. A buyer should plan to apply for their own permit through City Hall at 904 6th Street rather than assume the seller's permit carries over.

Where do buyers confirm current permit fees and requirements?

Directly with Anacortes City Hall's planning department at 904 6th Street, Anacortes, WA 98221, open Monday through Thursday from 8 a.m. to 5 p.m. A specific STR permit fee was not confirmed on the city's primary page as of this writing, so buyers should call ahead rather than rely on a secondhand figure.

What should a buyer packet include before making an offer?

The trailing-twelve-month revenue figure specific to Anacortes, the property's parcel and zoning status, written confirmation of permitting requirements from City Hall, the seasonal revenue shape, and a conservative vacancy assumption built around the January low season.

Work with Crest & Cove Creative

An Anacortes listing marketed as just a San Juan Islands ferry stop skips Cap Sante Park's marina view and the mural-covered downtown guests actually walk. Seattle bookers search for that town first, not a generic ferry-terminal layover.

We write Anacortes listing copy around Cap Sante Park, the mural district, and the walkable harbor guests actually search for before a ferry trip. That's positioning built for Fidalgo Island's own draw, not a San Juan Islands afterthought.

Reach out at crestcove.co or (256) 998-7502.