Portland Oregon Rental Market Update – More Supply Is Helping Renters

 

By Rent Portland Homes

PORTLAND, ORE. – Do you own apartments, condos, townhomes or single-family homes in the Portland Oregon Rental Market? If so, you’ve done well over the last two years as lack of supply has helped to increase rents but thankfully, with more new construction starts and building renovations across Portland in recent years renters here are finally starting to get a break.

portland oregon rental market

Portland Oregon Rental Market Update

Following the last recession, it was clear that building was far behind schedule, thankfully we’ve seen more new construction starts over recent years and many of those properties in Portland Oregon are finally coming to the market thus easing rent stagnation.

Recent analysis shows us that the pace of new construction is currently meeting and or exceeding demand and what’s even better is that there are currently more than 25,000 new apartments under construction in the Portland Oregon area but could regulations kill the positive growth that we’ve enjoyed here in the last four years?

Even that tsunami of supply, however, is not enough to put a smile on the economist’s face. “The big uncertainty in the years ahead will be whether the policies the city has enacted (inclusionary zoning) and others that it is considering (rent control) will choke off future investment in local housing supply,” Cortright concludes. “Once the current inventory of permitted housing is built (and much of it was permitted just prior to the new inclusionary requirements taking effect), it’s far from clear that developers will find Portland as attractive a marketplace for new apartments as it has been in the past few years.

Portland Oregon Has A 91% Approval Rate for Renters

Thankfully, with the “onslaught’ of new construction in Portland Oregon, another positive statistic to share in this Portland Oregon Rental Market update is that Portland currently has a 91% approval rate for renters.

This tops San Francisco, San Diego, Seattle and other large metro areas that have seen huge growth in rent growth during recent years.

Over 90% of applications to rent apartments in Seattle, Portland, San Diego, Washington, DC, Los Angeles and San Francisco get approved. The 6 cities are very active and high-priced rental markets with thousands of new apartments to fill every year, being in the top 20 cities in the country with most apartment units completed in the last 2 years. Other cities hungry for tenants are Denver, Plano, TX, Philadelphia, Chicago, Austin, Miami, and Nashville, all of which have been seeing high rent increases and large numbers of newly opened apartments.

Number one on the list, Seattle, WA is a popular city for Millennials, with the highest share of Gen-Y rent applicants of all cities analyzed. 93.7% of rental applications in Seattle end up in a lease. Being one of the hottest and most active rental markets in the post-recession years, Seattle is among the top cities in the country for both constructions of new apartments and rent growth. San Francisco and Irving, TX, both in the top for highest approval rates, also have very high percentages of Millennial rental applicants, about 74.5% each. Second on the list of cities with highest application approval rates, with 91.1%, Portland, OR is also a Millennial city, with 71% of renter applicants from Generation Y, as well as one of the fastest growing rental markets in the U.S. in recent years.

Property Management

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To learn more about the Portland Oregon Real Estate market, or for professional property management, contact Property Management Systems today by calling us at (503) 515-3170 or click here to connect with us online.

We specialize in full property management services for the entire Portland Oregon area. Some of our services include:

  • Rent Collection
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With property management services managing your portfolio of rental properties you can have confidence that your rentals are being professionally managed so you can live anywhere and have confidence that your tenants are receiving the best service and support.

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