Rental Market Update from Living Room Property Management

Rental Market Update from Living Room Property Management

Down to Earth. Knowledgeable. Committed to Service. 

At Living Room Property Management we apply our deep knowledge and professional, personalized approach to every property we manage. Portland is a great place to call home and people all over the country agree. That's one of the reasons why our growing city is the scene of a busy and competitive rental market. 

In our work with home owners, we employ the latest technologies and creative marketing strategies to get every home rented. Our goal is to provide solutions that save time and money. Our commitment to excellence includes our ability to respond and adapt to market forces so that we provide the highest caliber of service and return on investment.

 Irvington Charmer with all the updates. 4bdrm, 3.5 ba. Close-in NE Portland   

Irvington Charmer with all the updates. 4bdrm, 3.5 ba. Close-in NE Portland

 

As the Spring of 2017 unfolds, we are seeing a number of changes in the market.

This quarter, multifamily development (and temporary over-supply) is sharpening competition as we see concessions being offered to renters. Special offers used to attract tenants include free rent, free parking, gift cards, and other incentives.

People who move to Portland often move to the area because of a new well-paying job. They can afford to rent for a year or so before buying a home. Brand new apartment buildings are attractive to this kind of client. They offer a convenient landing spot for this market segment. They can take advantage of a period of free rent, on-site staff that makes it easy to walk in and tour, and often they will be the first people to live in their unit, which is very appealing.

 

 Fresh 4 Bedroom Home in the The Bluffs, NW Portland

Fresh 4 Bedroom Home in the The Bluffs, NW Portland

In the last six months, we've seen these trends impact the market:

  • Condos have been become more difficult to rent. From an inventory perspective, they are the most directly affected by new apartment buildings.

  • It's taking more days to rent properties of all types.

  • Tenants are more selective. Unusual floor plans, for instance, take longer to rent because there are more options available.

  • Unlike recent years, tenants are negotiating on some homes to get specific conditions addressed before signing a lease. This includes work such as painting rooms, installing curtain rods, etc.

  • The luxury home market (rentals over $3,000 a month) is seeing a significant slow down.

Other factors impacting rents in the past few months include the November election. In the months directly following the election, discretionary moves in which people upgraded their rental tapered off.

In addition, our January and February weather was rough, and it slowed down interest in moving. However, the last few weeks have seen a major increase in traffic and applications. 

 Three Bedroom in Irvington, NE Portland

Three Bedroom in Irvington, NE Portland

 Great 2-story Condo in quiet, gated community, West Portland, Sylvan.

Great 2-story Condo in quiet, gated community, West Portland, Sylvan.

Do you have questions about renting a property that you own? We invite you to get connected with our unique network of professionals for a long lasting business relationship.

 

Do you have a home to rent?

Call 503-922-5223  or check out our website: Living Room Property Management

1636 NW Lovejoy Street, Portland, OR 97209  

Hours: Monday-Friday 9am-5pm  Saturday-Sunday by Appointment

Are you looking for a rental home? 

Call 503-719-5588 or email us at: welcome@livingroomre.com