There’s no doubt that the Portland Oregon Rental market is always changing along with the local real estate market but the BIG question is should you continue buying single family rental properties in Portland during 2019 or focus on multifamily, commercial or other rentals?
The answer to this question is yes, single family rentals will continue to be an excellent addition to your portfolio of Portland Oregon rentals in 2019 especially for these reasons.
1. Higher Rent Payments
You can rent a house for much more money than an apartment. The other side of that is apartment buildings generate multiple rent checks. But those checks come with a lot of extra duties and responsibilities.
2. Faster Appreciation
Location is everything, and there are other factors to consider, but single family homes generally cost less and appreciate in value faster than multiple family units. It’s all just numbers on paper until you sell your house, but it is nice to see your investment grow when your appraised value rises.
3. Utility Bills
When renting out a single family home, the tenants are usually responsible for all the utility payments. In an apartment building, the landlord often pays the water, sometimes even the gas and electricity. You won’t be subject to waste and abuse if the tenants are footing the bill.
4. Better Quality Tenants
There are good and bad people at every income level, but house renters tend to be more responsible than apartment dwellers. They take better care of their yards and are more likely to pay their rent on time.
People renting a house are more likely to stay longer. You won’t have to deal with turnover, empty space, or interviewing potential renters. People renting your house will consider it their home. They will treat it better, especially if they are considering buying it in the future.
In a single family home, you will only have to deal with one person or one family. In an apartment building, you have multiple personalities to deal with and they may not get along with each other. You will have to intervene in squabbles and complaints about each other. That’s a headache you should avoid.
5. Yard Space
Single family homes almost always have a yard where kids can play. Perhaps there is room for a garden or a play structure which makes the home more desirable to renters. People want yard space for their families. Plus, the more the kids play outside, the less likely they will be damaging your house.
6. Less Maintenance
Single family homes have only one furnace, one laundry machine and maybe two toilets. Multiple family dwellings have multiple appliances and fixtures which will need your attention. This can be expensive, frustrating, and time-consuming. Your tenants in a single family home might take care of some of these things themselves, too, and you will have fewer things to worry about.
Facts About Single Family Rentals
The traditional notion is that when people rent they generally rent apartments or units in other multifamily properties but, the fact that we have more Baby Boomer renters than ever before could be one reason why there’s been such a huge demand for single family homes in recent years.
35% More Single Family Home Rentals since Mid-2000’s
Since most Baby Boomers like the privacy that a single family home can offer them, and they prefer to not share walls, yard space or common areas with other tenants it’s easy to see that there are 35% more single family home rentals since the mid 2000’s
3.9 Million Rentals Single Family Homes Have Become Rentals
Over the last 9 years there have been close to 4 million single family homes which have become rentals across the United States which have become rentals compared to just 2.9 million apartments which have become rentals.
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