Finding rentals in expensive Eugene Oregon

[Troy Walling]

I’m moving to Eugene Oregon next year around May for a job. I’m also interested in beginning my rental property journey there, but am afraid of high prices. Any advice for finding great deals or creative investment strategies to make investing in my new soon to be local area possible? 

[Tom Fidrych]

I wouldn't recommend getting started with rentals in Eugene. It's an increasingly landlord hostile city. Find a red state where the numbers pencil.

Eugene is instituting a 3 phase regulatory framework. The first phase was announced this summer and limits application fees to $10/tenant, provides the framework to substantially increase the annual per door city tax, limits ability to search out of state criminal records, among other goodies. Below are the anticipated phase 2 and 3 regulations.

These regs are on top of the statewide 3% plus inflation annual rate increase cap and 90 day rent increase notice. 

Phase Two Recommendations include
• Limiting deposits (including security deposit, last month’s rent deposit, or other designated deposits, but not pet
deposits) to a maximum of twice the monthly rent.
• Require that applications be processed in the order received(I believe the state already requires this)
• Landlord payment of relocation expenses for issuing no-cause or qualifying landlord reason termination notices.
Phase Three Recommendations include:• Prohibit screening out applicants for credit defaults related to medical or education debt, and limit screening for minimum credit score.
• Loosen minimum monthly gross income screening standards to no greater than twice the monthly rent.
• Enact moratorium on no-cause terminations of tenancy unless landlord pays relocation.