PORTLAND, Ore. – What are the top rental trends for 2016-2017 and how will they affect Portland Oregon Property Management? In this article we will break down the top trends and how they will affect you if you own a rental property in Portland or elsewhere across the United States.
Rental Trend #1 – More Seniors Are Renting
One of the biggest trends that will continue through 2016-2017 is that more seniors are continuing to rent apartments, condos, town homes and single-family homes in Portland and elsewhere across the United States.
What’s shocking about this trend is that these same seniors were homeowners just 10 years ago but since retiring, or rapidly approaching retirement they are eager to sell their big homes and downsize to smaller properties or escape the responsibilities of homeownership by renting.
To capitalize on this trend you highlight the benefits of your rental property over others nearby like close access to public transportation, walkable neighborhood, near parks, hiking trails, senior center, shopping, stores and more.
Rental Trend #2 – Multiple Generations Are Living Together
Thanks to the recent economic recession and downturn in the Real Estate market multiple generations are living together and it’s not uncommon to see Baby Boomers living with Millennials in Portland Oregon Rental Properties.
How does this affect Portland Oregon Property Management? If your rental property has dual living areas like a downstairs kitchenette you should market these benefits when promoting your rental online because these features may be ideal to the Millennial who wants to live with their parents or grandparents but also wants to offer them their own private living space.
Rental Trend #3 – Work from Home Has Increased
If you remember the early 2000’s it was uncommon for people to work from home and most people still preferred to work out of an office but times have changed and thanks to the recent report from Global Workplace Analytics we know that up to 25% of the population now works from home in some capacity.
Like anyone who follows Portland Oregon Property Management you can capitalize on this trend by promoting the space that your rental property offers, especially if it has a spare bedroom that would be perfect for an office or plenty of on-site space that would work perfectly for storage since some people also have e-commerce businesses and need to store products from their homes.
Rental Trend #4 – Many Couples Are Choosing To Not Have Children
Yes, it’s true; many couples in 2016-2017 are choosing to not have children or delay having a child until their 30’s. What does this mean to you? If you own a rental property downtown or near the city center you should highlight all of the amenities that your town home, condo, apartment or single family home may be close to like restaurants, shops or stores because the quality of life is an important thing to talk about when marketing a rental property.
Rental Trend #5 – Demand for Rental Housing Is Only Expected To Grow
One rental trend that won’t shock many people who follow Portland Oregon Property Management is that demand for rental housing in Portland and across the United States is only expected to increase in 2016 and 2017 because fewer people want to buy homes after the collapse of the recent real estate market and there fewer people who would qualify for a mortgage loan because they are unable to save money for a down payment or don’t have the credit score that’s needed to get pre-approved for a mortgage.
Rental Trend #6 – More Renters from All Generations Want To Live Downtown
In Portland Oregon and across the United States it’s not uncommon for renters from all generations to want to live downtown because, they want to be near the heart of the city including the shops, stores, restaurants and amenities that the city has to offer them. This trend is only expected to continue in 2016-2017 so any investor follows Portland Oregon Property Management should be investing in rental properties in downtown Portland and other downtown locations nationwide.
Rental Trend #7 – Property Management Is More Important Than Ever Before
Last of all, but most important, property management is more important than ever before for a long time investors and newbie investors who just purchased their first rental property because of the following reasons:
- Property Management Saves Time – Yes, it’s true, property management saves every owner the time money and hassle of managing their rental properties themselves especially when it comes to customer service and support because owners no longer have to take calls in the middle of the night, or weekends because a skilled property manager will be ready to take those calls so that the owner doesn’t have to.
- Property Management Gets You Paid On Time – It doesn’t matter if you choose Portland Oregon Property Management or property management elsewhere in the United States, hiring a qualified property management company will ensure you get paid on time and won’t have to deal with the hassle of dealing with renters who pay late or make excuses for why they can’t pay on time.
- Property Management Ensures ROI – Last of all, but most important, qualified property management also ensures Return-On-Investment because we will make sure that your rental property is consistently rented (decreasing turnover) by the most qualified tenants and maintained to the highest quality of standards so that your property doesn’t lose value.
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