Thanks to a recent study, we know that $441 billion dollars was spent on rent across the United States in 2014.
What’s shocking about this statistic is that this is a $20 billion dollar increase from 2013 and most economists expect the trend to continue in 2015 and beyond.
Why Are More People Renting?
In Portland, Oregon and across the country we’re seeing more people renting instead of buying. This includes the Millennials who have delayed the purchase of their homes with the goal of waiting until the economy improves.
2015 Rent Predictions
Everyone is feeling “bullish” about rents this year, including Stan Humphries, chief economist from Zillow who recently said this about what we can expect in 2015:
“Another increase in total rent paid similar to that seen (in 2014) isn’t out of the question. In fact, it’s probable.”
It’s a Great Time to Buy Investment Property in Portland
2015 is shaping up to look at lot like 2014 in terms of rental increases.
If you’ve been thinking about buying your first rental property inPortland, Oregon, now is a great time to buy. Mortgage interest rates are still historically low and lenders are making it easier for people to buy income producing real estate.
During 2014, $4.1 billion dollars was spent on rent in Portland, Oregon alone - a 7.1% increase in rent from 2013.
If you are ready to own income property here in Portland, Oregon, make sure you have the right support system in place. Contact Grid Property Management today by calling us at (503) 321-5140 or click here to contact us through our website.