As licensed Realtors, we are required to complete continuing education requirements. The subject of the class I attended yesterday was about property management here in Portland. Here are some interesting facts (Portland area) that I learned from the class instructor, Troy Rappold from Rappold Property Management, LLC:
- Rents increased 6% in 2013 and so far, another 6.5% in 2014.
- 78% of leases that ended in 2013 and 2014 were renewed
- 75% of all lease renewals in 2013 and 2014 had a rent increase
- There were an average of five applications per vacancy
- Portland is #5 in the country for rental occupancy at 97.8%
- In 2013 (Portland) 16% of incoming residents were foreclosure victims
- State-wide in 2013, 60% of foreclosed homes became rental properties.
Wow…if you are a property owner, I suppose now is a good time to raise the rent (if you haven’t already).
If you are considering buying a rental property, now is a great time. There are still good deals on homes to be found in Portland Metro. Mortgage rates are low and there are loans that will allow the borrower to finance repairs and improvements to the home at the time of purchase. Most importantly, owning a rental property is a long term investment and the real estate market is cyclical. Plan to hold on to your property 10 or more years and you should be very glad you did!
Call me and let’s get started on your investment property today. 503-367-4869