Real Estate Agent · Portland, OR · Member since 2013 · 412 posts · 219 votes
7y
I’m not normally one to worry too much, having a lot of faith in the long-term game and knowing that there will be bumps and blocks along the way and on the surface, this isn’t that bad (who knows what it will adjust to in the future) and I could live with it. And yet, there is more already brewing with one of our city council proposing a tax on vacant units and another in the house legislature proposing to end any sort of pet rent.
Real Estate Agent · Portland, OR · Member since 2013 · 412 posts · 219 votes
7y
I’m not normally one to worry too much, having a lot of faith in the long-term game and knowing that there will be bumps and blocks along the way and on the surface, this isn’t that bad (who knows what it will adjust to in the future) and I could live with it. And yet, there is more already brewing with one of our city council proposing a tax on vacant units and another in the house legislature proposing to end any sort of pet rent.
@Mathew Wray, with everyone saying that landlords will be dumping houses because of this Bill 608, do you think that there will be deals on the market? Specifically multifamily and apartments? We have rentals in the Central Oregon area and have been investing out of state this last year, just trying to get a feel for what realtors and investors think will happen in Oregon now.
Investor · Paradise Valley, AZ · Member since 2012 · 361 posts · 214 votes
7y
Principle aside, I doubt this will have much effect of landlord profits or lead to a mass exodus of landlords in Oregon. 7% plus CPI is an almost 10% yearly increase plus you can reset to market rates when a tenant leaves.
If a landlord needs a more than 10% yearly increase in rent to make the numbers work then they priced the rental way too low to begin with or there is some other issue going on.
I don’t love the legislation but it’s not going to mean much long term in terms of investor confidence or rental property valuations.
Real Estate Agent · Portland, OR · Member since 2013 · 412 posts · 219 votes
7y
@Albert Hasson I tend to agree that it’s more about the principle. In the grand scheme of things, the bill itself is far better than what Portland’s city council would’ve done if they could.
@Justine L Haney definitely a mixed bag! Some of our clients are looking at this as a big opportunity to gain a few rentals at great prices if landlords are dumping them. But, I haven’t seen a “run” it’s really just increased interest and conversation around what happens. Even the ones contemplating selling are doing so cautiously. Selling is not a decision they can undo after years of building their portfolios.