PORTLAND, Ore. – There’s no doubt that 2016 was a great year to invest in Portland Oregon Rental Properties thanks to a combination of factors including demand for rentals in the Portland area and low mortgage interest rates but will these factors continue and make 2017 another great year to add rental properties to your portfolio? The answer is yes.
What to Expect In 2017
Moving into 2017 we can expect several factors to continue from 2016 including a huge demand for Portland Oregon Rental Properties because Portland continues to be one of the top cities that people move to in Oregon from San Francisco and other cities nationwide.
As of December 2016, average apartment rent within the city of Portland, OR is $1603.
One bedroom apartments in Portland rent for $1500 a month on average and two bedroom apartment rents average $1753.
Source – Rentjungle.com
30-Year Fixed Interest Rates Predicted to Not Increase Past 5%
As of January 16th, 2017, the current interest rate for a 30-year fixed rate mortgage loan is averaging between 4% and 4.50%.
The increases in interest rates since November 2016 have been indirectly attributed to the incoming Trump Administration, but in spite of the uncertainty on the interest rate front, most economists are predicting that they won’t increase to more than 5% this year and this means that rentals here will remain in reach of investors who are serious about adding rental properties in Portland to their portfolios.
Another big question that investors want to know right now is how the incoming Trump Administration will affect the real estate market and the economy as a whole. The answer to this questions is it’s anyone’s guess. Trump’s entire presidential campaign remained unpredictable so we will only have to wait to see how the Real Estate market nationwide will respond to his presidency once he takes office.
Rent Increases Are Predicted to Slow
In the coming year, our economy will enter phase 2 of its post-recession recovery: After 2 years of rapid sales growth, home prices are almost back to their pre-recession highs. However, 3 headwinds will slow this growth to a more moderate pace in 2017: Rising prices, tight credit, and the housing shortage.
After years of steep growth, rent prices are also expected to calm down as the supply of new apartment buildings catches up to the demand. With incomes increasing and rent potentially becoming more affordable, the 40% of Americans who rent should have an easier year. However, rental rate growth is expected to remain above the 20-year average, keeping property owners’ finances in the black.
What New Year’s Resolutions Should You Make for Your Portland Oregon Rental Properties In 2017?
Since January is typically a month for most people to focus on their New Year’s Resolutions, here are several resolutions you should make for your portfolio of Portland Oregon Rental Properties in 2017.Manage All Maintenance – If maintenance was an issue last year with your Portland Oregon Rental Properties, you should use 2017 to manage maintenance and start using tools like a calendar program on your phone or computer to ensure that regular maintenance tasks are professionally managed since this will also keep your tenants happier as well.
Connect with More Contractors – Thanks to the Internet you have more options than ever before for connecting with affordable contractors in Portland to handle maintenance issues or projects at your Portland Oregon Rental Properties. Don’t wait until the last minute to connect with contractors, take the time right now to create a list or portfolio of contractors that you can call and count on when needed.
Work on Your Communication Skills – One of the biggest problems that many landlords have is that they make promises to their tenants that they can’t keep and this often results in more tenant turnover every year than renewals. To improve your communication skills, focus on offering your tenants multiple ways to communicate with you, including an online portal, so they can stay in touch with you when needed.
Focus on Tenant Retention – Like most owners, you may have one or more tenants that have been renting from you for up to 1 year or more. To keep your tenants for the long term you should focus on tenant retention and do more things like give your tenants gift baskets or gift cards on their anniversaries or birthdays and take the time to send them cards during the holidays.
About Property Management Systems
At Property Management Systems, we believe Experience, Quality, Integrity and Customer Service are essential when making your selection of a Portland property management company. These qualities are what set us apart. Property Management Systems manages hundreds of single family homes, townhomes, condos and small/large multiplex properties making us one of the most trusted and experienced property management companies in the Pacific Northwest.
Property Management Systems employs only the best highly trained management professionals in the industry. We are dedicated to providing our clients with the most comprehensive cutting edge technology, marketing, accounting and detailed reports on the market today.
We believe customer service and communication make the difference. Our management professionals are available to answer any of your concerns or questions. Our staff is dedicated to exceeding your expectations and to provide you with the information necessary to make managing your property a positive experience.
Get Property Management for Your Portland Oregon Rental Properties
For affordable and professional property management for your Portland Oregon Rental Properties contact Property Management Systems today by calling us at (503) 515-3170 or click here to connect with us online.