Following the recent economic recession one thing has become clear, we have more people searching for Portland Oregon Rentals than ever before and renting has now become an example of the new American dream than home ownership was a generation ago.
Even though we have more people renting town homes, single family homes, condos and other properties across Portland and the United States the reality is that many of them are renting by choice, including Baby Boomers, and it makes sense for any investor who has been considering getting started with owning rental property to take advantage of the demand for rentals nationwide.
Why Are More People Choosing To Rent Instead Of Buying?
Thanks to a recent report from MarketWatch we know that more Portland Oregon Renters and people who are renting across the United States are choosing to rent instead of buy because they are concerned about the stability of their jobs or falling house prices, in some cities, and no longer view home ownership as the financial standard that they should meet like their parents did years ago.
In today’s rental market, especially with Portland Oregon Rentals, many Baby Boomers are choosing to live in town, close to restaurants and amenities while Millennials are choosing to live in condos or town homes outside of town so they can have an easier commute to work and accomplish their financial goals.
The Portland Oregon Rental market continues to remain one of the most competitive places to rent in the United States as the supply of homes for sale has dropped over 30 percent since April of 2015 and this has sent many people who would normally be buyers to the rental market.
Portland remained the 12th most expensive rental market in the nation in April, says a report released last week by Zumper, an online rental resource. The reports said the median price for one-bedroom apartments increased 0.8 percent since March to $1,340, while rent for two-bedroom apartments increased 0.6 percent to $1,620.
The Pearl District continued to be the most expensive neighborhood to rent in Portland, with $2,200 being the median month’s rent for one-bedroom units, the report said. The next most expensive neighborhoods were downtown at $1,650, Old Town/Chinatown at $1,600, and Corbet/Terwilliger/Lair Hill at $1,450. More affordable neighborhoods, priced below $1,100, were in the far south and eastern portions of the city.
How Should You Get Started With Owning Portland Oregon Rentals?
Right now is a great time for you to get started with owning Portland Oregon Rentals thanks to low mortgage interest rates and the high demand for rental properties across Portland and the surrounding areas like Hillsboro, Beaverton, Milwaukie and Vancouver.
Before getting started with buying your first rental properties we recommend that you follow these tips:
Tip 1 – Recognize that owning rental property is a business. This is important because many investors get started with buying landlords as a “hobby” or side income and are never really available for their tenants when issues or problems come up at their rental properties that need to be resolved.
Tip 2 – Buy a smaller Portland Rental first before moving onto buying bigger properties because this will give you the feel of owning rental properties including tasks like bookkeeping, maintenance and the other responsibilities that come with owning a rental property.
Tip 3 – Don’t invest in a rental property that’s in a location you’re unfamiliar with. If you follow just one tip in this article it should be this one since a rental property may be listed for a great price but there could be a reason behind it, especially if the rental is in a bad neighborhood so you want to use caution and buy your first rental in an area that you know.
Tip 4 – Take the time to work on a budget before buying a rental property and figure out if the rent will be able to cover your mortgage, maintenance costs and vacancies that you’re going to have with owning rental property.
Tip 5 – Have start-up capital ready when buying your first rental property because, most you may be purchasing a single family home, town home or condo that looks great on the outside only to find out that it needs significant repairs on the inside to make it “rentable” so you should have at least $3,500 to $5,000 available for start-up capital to repair your rental property (if needed) just to make sure that you are able to rent it quickly shortly after you purchase it.
Tip 6 – Be ready to get your hand dirty when you own your first rental property because this will help you to keep your costs low if you can do the work and manage your rental property yourself. If you’re unable to fix common problems around your home right now you should consider hiring Portland Oregon Property Management when you buy your first rental since a property management company will save you the time and hassle of having to manage your Portland Rental yourself.
Tip 7 – Keep your Portland Oregon Renters happy by doing things like keeping your promises to them when problems or issues at the rental property need to be resolved and showing them that you are thankful for their business by giving them things like gift certificates or gift cards once or twice during the year since these extra incentives may also motivate your renters to renew their leases when they are up for renewal.
Tip 8 – Don’t hesitate to call in other professionals when needed like a Real Estate lawyer to verify that your lease is solid or an accountant to make sure that your books are in order because hiring pros will make sure that your portfolio of rental properties is managed smoothly as it grows.
Get Portland Oregon Property Management
For Portland Oregon Property Management contact Property Management Systems today by calling us at (503) 515-3170 or click here to connect with us online to speak with our team of property management professionals.