Rental Market in the Portland Metro Area ON FIRE
Let me state that it's not the normal standard of practice for real estate agents to work rentals in the Portland Metro housing market. We don't have rentals in our RMLS, there is no offer of compensation . . . we just don't do them.
However, I rent out a couple of houses I own and for the past 10 years, or so, it's been a fairly good rental market.
But I have NEVER seen this much activity from prospective tenants -- EVER!
At 1:00 p.m. yesterday, I posted an ad on Craigs List for a 4 bedroom / 2 bath ranch I have in Cedar Hills. It has always rented quickly, even in the dark, dank, damp days of December. But BOY HOWDY was I surprised to have received over 50 inquiries by 8 p.m. last night!
I pulled the ad and started to work these inquiries today. I have some very solid interest and it won't be long before the home is rented. But, I remember when I was renting it out before and got 12 inquiries in 5 days . . . not 50 in less than 12 hours!
And when I talked to prospective tenants, they all told me the same thing . . . they've been looking for months, the properties get rented in a day, they are seeing rents increase.
One lady told me that a 2 bedroom was priced at $1,700.
HUH!?!? Who do we think we are? Los Angeles?!?
I am NOT GOUGING on my rent. I am asking the same rent as I did 3 years ago. I feel it's fair and a good rental amount. I believe I could get $200 more a month, but I am NOT going to gouge people on this.
Is the strong rental market due to the fact that the market was hit so hard, and these once active buyers are now renters?
Is it because of it's more difficult to obtain financing?
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