PORTLAND, Ore – Have you been searching for another reason to buy an apartment building or multi-family unit and list it for rent in Portland Oregon?
How about rising rents?
Thanks to a recent report from the Associated Press we know that the average rent in the United States has increased by close to 15 percent since early 2010, and at this rate rents have been climbing faster than inflation and home prices in the United States.
What to Expect This Year
As we get closer to the summer months in Portland, Oregon we can expect to see rents increase even more by at least 3.3 percent.
Since there are fewer rentals being built across Portland this means that rents will have increased by a 6th straight year once we reach the end of 2015.
More Jobs and Better Finances
One of the biggest changes in rental market over the last five years is the increase in jobs across the United States, and most important of all, better paying jobs, compared to what we saw just five years ago.
After the Real Estate market crashed in 2008 we saw more people moving in with their families and relatives, especially if they just owned a home and had to choose short sale or foreclosure.
Now the average renter is more apt to live on their own, and that means we will see more people hitting the Portland Oregon rental market in the near future.
19 Year LOW for Homeownership
Ask any person who follows economics and they will tell you that historically when rents rise this means fewer people are searching for apartments for rent in Portland Oregon compared to years past but as of 2015 we’re seeing more people delaying home buying.
To be precise, home buying in the United States has reached its lowest point in 19 years and that means more people are choosing to rent these days vs. buy a home.
Market Your Apartments for Rent in Portland Oregon
For more information on the latest rental news, or to market your apartments for rent in Portland Oregon, contact Property Management Systems today by calling us at (503) 515-3170 or click here.