PORTLAND, Ore – One of the biggest questions that owners have before they purchase a Portland Oregon Rental Property is if that rental will be profitable or not because, the goal with owning rental property is to have long term cash flow.
To save you the time, money and hassle of determining if a rental property in Portland Oregon will be profitable or not here is our criteria for determining the profitability of a Portland Rental Property.
#1 – Area Rent – There’s no denying that the rent you are able to get from a Portland Rental will be the “bread and butter” of your rental property so before agreeing to purchase a rental you should research the rents in the area to determine if you will be able to rent the property for enough money to cover your mortgage, property taxes and expenses related to owning the rental.
#2 – Vacancies – What is the vacancy rate in the neighborhood? Is it high or low? Higher vacancies may mean that you’re looking at a seasonal neighborhood where there are more vacation rentals but it could also mean that the neighborhood is a bad place to live so it’s best to fully investigate the vacancy rate in a neighborhood before purchasing a rental property there.
#3 – Amenities – Does the neighborhood offer parks, malls, movie theaters, restaurants, public transportation and other amenities? These are important questions to ask before saying yes to buying a Portland Oregon Rental Property because area amenities are also one of the key factors that renters consider before moving to a neighborhood.
#4 – Jobs – Which companies are hiring nearby? Are they mostly seasonal jobs, hospitality or higher paying jobs?
#5 – Neighborhood – What’s the neighborhood like? Are there children who play outside? Is the neighborhood close to a local university or community college?
Learning more about the quality of a neighborhood is also important because for example if you buy a Portland Oregon Rental which is close to a university or small community college you could find yourself dealing with more vacancies each year versus long term renters.
Rent Your Portland Oregon Rental Property
To learn more about what you should look for in a rental property, or to get Portland Oregon Property Management, contact Property Management Systems today by calling us at (503) 515-3170 or click here.