Local PDX and surrounding market conditions Q4-2019?

[Medha Nanal]

Hi,

I own a rental property in Hillsboro, near to the tech employers and in a good subdivision. I live out of the state and am curious to know what the local folks think about the rental market during Q4-2019. Compared to the Q1-2019, is it up, is it steady or is it trending lower? How did the market do during the typically hot months of the year? (My property was occupied during the summer and therefore I did not track the market much during summer months, when it's traditionally very hot).

[Chris Shepard]

Hi Medha,

The Portland Market is very seasonal. Late Q4 and Early Q1 will always be A LOT worse than q2 and q3.  

Late spring and early summer are always the best times to be renting property. 

I have not seen any rent growth since Q3 of 2017... especially in the single family home market.  I feel like the luxury apartment market is starting to be absorbed (20,000 to 30,000 luxury units have been newly built In the past 3-5 years).   Once these units reach an acceptable vacancy (10%), Portland will likely see a housing shortage again.  

As of right now we are at the “new normal” vacancy rate of about 3-5% based on your unit type. 

Let me know if you have any specific questions.  I run a property management company and manage our leasing team.  I’d love to help anyway that I can. 

Thank you,

Chris Shepard