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PORTLAND, Ore. – Thanks to a recent report from ABODO and the Portland Tribune we know that rent increases in Portland Oregon are starting to slow and this will be good news for anyone who has been searching for a single family home, town home or condo for rent Portland Oregon because, rent increases are slowing while apartment supply is increasing.
Rents Rose Just 2 Percent in Last 30 Days
For most of the year Portland Oregon rentals have been seeing the highest rent increases in the United States so a 2 percent rent increase in the last 30 days is notable since other cities have seen much higher rent increases in the last 30 days.
Seattle saw a rent increase of 11 percent while Boston saw a rent increase of 4 percent. Here in Portland the average rent for a one bedroom apartment is now $1,237 per month. With more rentals on the market than in the last 12 months many experts who follow the rental market are hopeful that rental increases will continue slowing some making it easier for renters to find rentals in Portland.
Why Are Rent Increases Slowing?
One of the primary reasons why rent increases are slowing some in Portland Oregon is due to the fact that more apartment projects are being completed in the Portland area, and also in Washington, giving renters more options than in the last 12 month.
Sam Radbil, director of communications for ABODO, says the slowing is probably the result of more apartment projects being completed, something that is happening in many cities across the country.
“Vacancies in U.S. apartments were on the rise in the first quarter of 2016. A large number of new units finally hit the market, which caused a slowing of rent increases across the country. According to Reis, Inc., the vacancy rate moved up to 4.5 percent from 4.4 percent in the previous quarter. Essentially, when you have more supply in cities like Portland and demand coming back a bit, you’re going to see rent prices level off,” says Radbil.
The timing of the slowdown is also significant.
“Rent rates typically stabilize during the winter months and pick up again as the warm weather approaches. So, it’s a great sign for Portland renters that rent growth has leveled off a bit,” Radbil says.
Some cities are even seeing rents fall. The biggest drop was a 13 percent decline in San Antonio, the report says.
Some cities where rents increased faster than Portland are more affordable, however. The rent for a one-bedroom apartment increased 7 percent in Kansas City, but it is only $824. The same is true for Columbus, Ohio, where a 6 percent increase only raise the rent to $726.
What’s next for Portland?
There’s no denying that anyone searching for properties For Rent Portland Oregon will find more rental options in the area compared to the last 12 months thanks to the increase in apartment construction which has brought more rental units and choices to the market.
Portland also continues to be one of the top relocation destinations in the United States over the last 3 years and thanks to more companies moving to Portland more locals have higher paying jobs to choose from.
Companies including Google, eBay, Airbnb, and Amazon have opened outposts here; Simple, an online-banking and consumer-finance company, moved operations here in 2011 after having offices in New York and San Francisco and has grown to more than 300 people. Portland has a great pool of creative employees, Krista Berlincourt, the head of communications, told me, and its relatively easy, low-cost lifestyle makes for happy employees. “We can give people a salary where you have a great life for your kids,” she said.
A Great Time to Own a Property For Rent Portland Oregon
As we head into the summer months slowing rent increases and an ever increasing demand for rental properties in Portland Oregon mean one thing, it’s still a great time to own a property For Rent Portland Oregon.
“Over the last 3 years, property owners have benefited from one of the most aggressive cycles of rent increases we have seen due to tremendous increases in demand for apartments,” Norris Stevens wrote in its Spring 2016 newsletter. “As Oregon and Washington emerges from the economic recession, central neighborhoods have become “magnets for growth.”
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