I own a rental property in Hillsboro, near to the tech employers and in a good subdivision. I live out of the state and am curious to know what the local folks think about the rental market during Q4-2019. Compared to the Q1-2019, is it up, is it steady or is it trending lower? How did the market do during the typically hot months of the year? (My property was occupied during the summer and therefore I did not track the market much during summer months, when it's traditionally very hot).
Everything is strong so far. High end might be a little softer due to new construction coming onboard.
The Portland Market is very seasonal. Late Q4 and Early Q1 will always be A LOT worse than q2 and q3.
Late spring and early summer are always the best times to be renting property.
I have not seen any rent growth since Q3 of 2017... especially in the single family home market. I feel like the luxury apartment market is starting to be absorbed (20,000 to 30,000 luxury units have been newly built In the past 3-5 years). Once these units reach an acceptable vacancy (10%), Portland will likely see a housing shortage again.
As of right now we are at the “new normal” vacancy rate of about 3-5% based on your unit type.
Let me know if you have any specific questions. I run a property management company and manage our leasing team. I’d love to help anyway that I can.
Hi Chris & Jeff,
Thank you for the reply.
Jeff mentioned that everything except the high end is strong. Does that mean that the rents have risen steadily through Q2 and Q3 of 2019?
My property lease term gets over in early Feb and I need to offer the tenants a lease renewal, and it's a bit of a crystal ball gazing right now, because I need to offer them the terms based on how I foresee the market in the Q1 of 2020!!
Last year when I advertised the property in January, the market was very active and I was able to command the rent at top of the market, with minimal vacancy. I also found that during the Q2 and Q3, the rents did not go very much higher than where they were, but I was not tracking actively due to my own travel and other commitments. I am interested in hearing from other landlords within this geography whether they have been giving a rent increase or otherwise.
Thank you in advance!
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