Are you searching for information on the Portland Oregon Rental Market? If so, you’ve come to the right place!
In this article, we will offer you the latest information on what’s happening in the local rental market.
As of March 2020, the average rent in Portland Oregon is $1,453 per month. The average rent has decreased by about 12% since the same period last year when it was over $1,600 per month.
Right now, a one-bedroom apartment is renting for about $1,400 per month while a two-bedroom apartment is renting for about $1,600 per month.
The good news for renters is that the average rent in the PDX area has decreased by close to $200 in the last 6 months for one- and two-bedroom units. These decreases are certainly welcome news since PDX renters have had a difficult time with rent increases over the last 5 years.
Source – Rent Jungle
Rental Scams on The Rise in Portland
Rental scams are alive and flourishing in the PDX area. These scams are the same as they’ve always been and snare renters who are looking for affordable rental properties.
Sadly, the people who run these scams are almost always based out of the country and can lure hard-working renters into paying deposits for properties online that the renter thinks is far below the average rental market rate in the PDX area.
Here’s how renters can avoid falling for rental market scams:
Always confirm the identity of the individual who placed the rental market ad. They should be based in the Portland area and willing to show the renter the property.
Most scammers will claim that they are working out of state, or out of the country on a charitable mission, these are classic “red flag” signs that the rental ad was placed by someone who is a scammer.
Confirm that the address matches the exterior photos of the property. This is another important thing to do because the internet has made it easy for scammers to essentially rent properties that don’t exist.
Confirming that the address matches up with the exterior photos of the property can be done easily via Google Maps or by taking a quick drive to the rental address.
Take a tour of the property. Renters should always request a tour of a rental property before paying for a deposit on the rental.
If the person who posted the rental ad instructs renters to drive out to the property to view it without meeting them personally or providing them with a key to tour the interior of the rental, this is another classic sign of a rental scam and that property should be avoided.
Sign an Oregon lease agreement – When renters sign an Oregon lease agreement they will be protected by the rental laws of the State of Oregon. The lease should also be ideally signed by the owner of the property (in their presence) or the property management company that’s managing the property for the owner.
Never pay a deposit with cash – Even if the rental ad promises huge incentives if renters pay for the deposit with cash, renters should avoid doing this at all costs because cash is untraceable and renters who pay for a deposit with cash will never see their money again.
Never pay a rental deposit online. Renters should always take their deposit to the office of the owner of the property so they can meet with that individual or property manager personally.
The First Year of Rent Control in Oregon
It’s hard to believe that rent control in Oregon has now been the law for one year. Just to recap, here’s what Oregon’s rent control laws mean for renters:
- Rent increases have been capped at 7% plus inflation for 12 months.
- No-because evictions have been banned. Landlords must cite a cause if they choose to evict a tenant after the first year of their lease.
Has rent control been effective across Oregon? That depends on who you ask. Rental rates have been rising at a lower percentage than they did in previous years but they are still rising. Why? Rent control doesn’t apply to buildings that are not older than 15 years old or government-subsidized buildings so it’s anyone’s guess what the real impact of rent control will be in Oregon.
One thing is for certain, with the changing rental laws across Oregon is makes sense for an owner to hire a property management company. A property manager will save an owner the time, money and hassle of managing rental properties themselves while guaranteeing that the owner’s property complies with the latest laws.
It’s A Great Time to Invest in Portland Rental Properties
Thanks to historically low mortgage interest rates and the continued high demand for rentals across the Portland area, now is a great time to invest in Portland Oregon Rental Properties.
At Rent Portland Homes, we are a great company to work with because we can assist you with sourcing, acquiring and managing your portfolio of investment properties.
If you’ve been thinking about adding a new Portland-area rental property to your portfolio, contact us today to learn more about the services we can offer you.
We’re experts at the PDX rental market and can help you with the following services including property marketing, tenant selection, rent collection, maintenance, customer service and so much more!
Contact Rent Portland Homes
To learn more about the latest news affecting 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.