Hhmmmjustme,  in New York

Have rental prices decreased significantly over the past year in Portland or have they been stable?

Asked by Hhmmmjustme, New York Mon Jun 15, 2009

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I concur with several of the other posters. Rents in close in areas have remained the same or risen, while in farther out areas declines in rents charged are being seen.
0 votes Thank Flag Link Sat Aug 1, 2009
I own 3 properties in Portland. All three are close-in and on the east side.
Two of the three have experienced a significant increase in rent (between 8% and 15%).
The are all quality dwellings with good locations. My duplex (in SE) went from $1000/mo to $1200/mo - per unit (I rented both with 4 hours of showing time on one Sunday morning). The other is a house in the Alberta Arts area, it went from $1,500/mo to $1,700/mo. Both the above described properties were slightly under rented (from a price point of view) last year.
My third property, a house in Grant Park is flat at $1,625.
0 votes Thank Flag Link Tue Jul 28, 2009
I agree it depends on the area. I had to reduce rents on 2 of my rentals in Oregon City by 5-10%, the same for clients of mine in Gladstone. Yet, my son found rents to be the same or maybe even a little higher in SE when looking for a new place a few months ago. So just as in the resale market, it all comes down to location.

Terry Stewart, Broker
Oregon Realty Co
Web Reference: http://www.terrystewart.com
0 votes Thank Flag Link Wed Jul 22, 2009
H: I own 3 rental properties (and I'm looking at a 4rth), but the rental market is much like the buying and selling segment of the housing market and is there's no one answer and it's not "across the board"! You must rely more on location and price point to determine the viability of a certain "rental market segment"! The higher end rental market is challenged right now and concessions are being made. In 2007/2008 (in my experience), the rental market was very strong in all segments. 2009 has brought a surge of properties to the rental pool because owners couldn't or didn't want to sell. So, my answer (and I'm sticking to it) is that some rental market segments have decreased starting Fall of 2008. Others have remained the same or flattened. I still believe that purchasing rental properties is a great addition to any portfolio, you just need to get the best price you can and know or research the area and have a little faith that "this too will pass"!
Janeese Jackson, Principal Broker
Real Estate Resource
503-709-0802
jj@janeesejackson.com
0 votes Thank Flag Link Mon Jun 15, 2009
My personal experience has been that homes have either held strong or even increased rental rates. I don't work with apts. so I can not comment on them.
0 votes Thank Flag Link Mon Jun 15, 2009
I am going to say no. They have not dropped that much if at all. In fact they were on the increase and than about Feb they seemed to flatten. Buying is way down so renting should be strong. But the 12% unemployment we are experiencing has a lot of Uhauls headed to points North and South. To me the vacancy is still relatively low and demand is off at the same time.

This equates to a state of equilibrium and prices should remain fairly level with some incentives being given to get someone in. Are you trying to rent a place or trying to rent something??
Web Reference: http://www.calldirk.com
0 votes Thank Flag Link Mon Jun 15, 2009
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