There’s no doubt that Coronavirus has impacted the Portland Oregon Rent market and as we entered the month of April most landlords and owners were concerned that their tenants wouldn’t be able to pay their rents this month.
Thanks to data from local housing groups though, we know that the majority of renters in the PDX area were able to pay their rents for April.
This is good news since the closure of non-essential businesses and the lockdown has kept most people at home so there is a hope that Portland will be able to bounce back fast economically once the lockdown has been lifted.
Portland Oregon Rents Reflect A Nationwide Trend
Moving into the month of April, there was a general apprehension about what the month would hold but the good news is that this month is ending better than most landlords and owners could imagine.
Recent statistics from the National Multifamily Housing Council shows us that out of close to 12 million apartment renters in the United States, more than 80% of those households confirmed that they were able to pay all, or a partial rent payment, during April.
Most landlords and owners in the United States were expecting April 2020 to be a “brutal” month for them but it’s looking like this month is turning out to be more “normal” than anything else.
During the same time last year for example, only 90% of tenants nationwide were able to make a full or partial rent payment by at least April 12 so April 2020 is looking pretty good.
What’s encouraging about Portland Oregon Rent statistics is that the PDX area was found to have a higher rate of payment than other cities nationwide since roughly 90% of renters here were found to have paid their rents by April 12th at the latest.
Portland-area renters who were unable to pay their rents by the first week of the month have confirmed that they were able to pay rent by the 2nd week of the month. The fact that most landlords and owners have been accommodating with their tenants, including creating payment schedules, could also have played a part in helping their tenants pay their rents in April.
There’s no doubt that both renters and landlords have to work together to get rents paid and so far, that willingness to work together appears to be working in the PDX area as the housing market remains stable.
“These are good numbers. It is somewhat relieving as renters are doing well to take care of their obligations.” – Adam Couch, rental market analyst
What Will the Rental Market Look Like in May 2020?
With May 2020 quickly approaching, landlords across the United States are collectively holding their breaths once again as another months’ worth of rent comes due.
Will renters be able to pull off another month of rent payments? Especially when most renters are not working or are getting back to work following Coronavirus and lockdowns? The answer to these questions remains to be seen but there is reason to hope that May is going to be another strong month for the rental market as a whole.
With people having received their Stimulus Checks, Pay Check Protection funds, or Unemployment Benefits, the reality is that most tenants are going to have more money in May than they did in April so it’s likely that May is going to be another strong month for the Portland Oregon Rent market.
With Oregon, Washington, California, and Nevada planning on re-opening their states at the same time, there’s a general hope that the economy will get back on track fast, people will be able to go back to work and continue meeting their financial obligations as they did before Coronavirus.
Could the 2nd wave of Coronavirus slow down an economic recovery? The answer to this question is unclear, although most health experts like Doctor Anthony Fauci, have said that a 2nd wave is all but inevitable and should be prepared for.
Contact Rent Portland Homes
At Rent Portland Homes we’ve been working during the Coronavirus Crisis to continue providing our owner clients and tenants with the best service and support.
To learn more about the Portland Oregon rental market, or to speak with us about the property management services we can offer you, contact us today by clicking here.