The Latest Trends for the Portland, Oregon Rental Market
It has been an interesting year for real estate across the United States – including the Portland, Oregon metro area. Home sales have continued to be sluggish with foreclosures and short sales still occurring. This has obviously been fueled, in large part, by a shaky economy and a lagging job market.
However, there is a definite bright spot in Portland real estate – RENTALS! The rental market has been robust with rents rising and vacancies shrinking.
According to AXIOMetrics, a firm that tracks real estate trends, vacancy rates for Portland rentals were 3.4% for the first quarter of 2011. This is the lowest rate in the country! And, with supply still tightening as we approach year-end, rental rates are climbing.
The healthy market for residential rentals in Portland is due to a steady stream of new residents and limited construction of new multi-family and single-family housing units combined with the fact that many people are simply leaving home ownership. The demand for residential rentals, including homes, plex units, condos, and townhomes, is expected to continue.
With market conditions unlikely to change in the near term, investment or rental property owners can expect low vacancy rates, increasing demand, and increasing rents.