Portland, OR · Member since 2017 · 12 posts · 1 vote
I've partnered with a builder to develop a condo complex in Portland, OR (Multnomah County) which will be completed in November, 2023. My portion of the deal is yielding me one of the condos which I'd like to keep as a rental. With current interest rates, it won't cash flow as a traditional rental so I'm looking to rent it by the room to increase revenue. However, I don't want to self-manage. Are there any property management companies that will rent by the room in Portland, OR? Thanks!
Property Manager · Phoenix, AZ · Member since 2023 · 101 posts · 77 votes
3y
I keep hearing about rent by the room property managers, but have never actually met one yet. I personally wouldn't touch it with a 10 foot pole. Admittedly, in part because I'm not familiar enough with it to be an effective enough fiduciary for my clients, but also because it sounds like a risk management nightmare. Sounds like you don't have much of a choice though. Perhaps you might consider offering it as a short or mid term rental as well.
Portland, OR · Member since 2017 · 12 posts · 1 vote
3y
Thanks, Nathan. I am also considering offering it as a midterm rental. The area of town wouldn't be ideal for a short term rental or else I would potentially go that route. I too have heard about these rent by the room property managers but haven't found one yet...
I don't know of any property managers that do room-by-room, but I do have a couple of short-term/mid-term property managers for you. The going rate for this type of management is 20-25% in the Portland Metro.
Portland, OR · Member since 2017 · 12 posts · 1 vote
3y
Melissa,
Thank you very much for these recommendations. I will look into them and if I find a "rent by the room" property manager, I will be sure to post it here for everyone's benefit.