Portland Rental Market Amongst the Toughest!
It seems when the property rental market is already tight in Portland, the market gets even tigher. Articles abound in various publications but a recent one in the Willamette Week really sums it up - the title is "Renters Hell" and explains why we are in the nation's toughest rental market.
The main issue is due to the high distressed property rate now (as much as 37% of all sales in metro Portland - distressed means either a short sale, or bank owned sale) many former homeowners are looking for places to rent, at the same time as a city known for appealing to the younger crowd (typically who are renters) from all over the country. Property owners are also pleased because someome who formerly owned a home and is now a tenant usually rents for a longer period because they can't purchase another home for four or more years, and they tend to have a "homeowner" mentaility, so are easier to work with than a new to renting tenant, and in a market where there is a lot to choose from.
Investors out there.... There are lots of great buys out there with houses selling at low prices, with low interest rates and now a shortage of rentals. Maybe now is a good time to think about adding to your portfolio, or buying that first rental. Check with the Rob Levy team at Atlantic & Pacific Real Estate today, we have unparallelled access to bank owned homes, many of which make for perfect rentals.