By Property Management Systems
2018 is right around the corner and like many owners you’re probably considering raising the rent at your Portland Oregon Rental property but you also know that raising the rent can be a contentious issue and you want to do it for the right reason.
In this article we will share with you the best reasons to raise the rent at your Portland Oregon Rental Property.
Keeping Up With the Market
One of the best reasons to raise the rent is keeping up with the local real estate market. A 2013 report on the rental housing market from the U.S. Census Bureau indicates that the rental market continues to tighten across the country, with prices increasing as demand rises. The September, 2013 report from the Bureau of Labor Statistics indicates that the rent index continues to increase by .02% per month, as it has for some time. In fact, the vacancy rate is the lowest it’s been in more than a decade at about 4.2 percent, says Reuters.
Taken together, these statistics all indicate that when you decide to raise rents, you’ll be in good company. One of the easiest ways to determine whether your rental rates are commensurate with local rates is by using our rent comparison tool. It’s easy-to-use and will allow you to evaluate your rental rates as compared to other, similar rental properties in your area.
- Neighborhood Enhancement
As neighborhoods change and improve, your rent should follow suit. When new businesses and services come into an area, it can make a community much more attractive, changing a location from simply acceptable to desirable — bringing property values up along with them. Your rental rates should reflect this. Features to consider include:
- New businesses, such as grocery stores, eateries and coffee shops
- New services, such as libraries and post offices
- Public transportation upgrades or new bike trails, running paths, green spaces and parks
- New Employers
When a large company moves into an area, it’ll bring increased job opportunity, increased incomes and a reduced unemployment rate — all factors that help raise housing prices, values and, accordingly, rental rates. People want to live near where they work, so your property will become more desirable
Enhancements To Your Rental Property
Besides the reasons to raise the rent that we’ve mentioned in this article let’s not forget that one of the best reasons that you should consider raising the rent at your rental property is because you’ve made recent enhancements or improvements to your rental property or are considering the following:
- Kitchen Renovation
- Bathroom Renovation
- New flooring
- Curb appeal improvements
- Laundry room addition
- New appliances
Making improvements to your Portland Oregon rental property before raising the rent will show your tenants that you’re committed to offering them tons of value and it will also show them that you’re intent on creating the best living space for them possible.
Got Questions About Raising The Rent At Your Portland Oregon Rental Property?
Do you have questions about raising the rent at your Portland Oregon Rental Property? If so, we can help! Contact Property Management Systems today by calling us at (503) 515-3170 or click here to connect with us online.