As a real estate professional, I find it very amusing to watch my real estate agent colleagues talk about the real estate market slowing down as if the sky were falling. They grasp for explanations while bemoaning the lack of offers they are getting on their listings. What many fail to recognize is that when interest rates rise, there is going to be an inverse effect on values.
With the rise of vacation rental sites, short-term rentals (rentals for less than 30 days) are a hot topic in Portland and throughout the world. Portland hosts headquarters for both Airbnb, and another up-and-coming juggernaut called Vacasa. Despite this, short-term rentals are a contested subject in the city. Many people, though, are still left wondering: “Can I turn my property into a short-term rental?”
Summer is always the busiest time in the rental business when it comes to leasing activities. It is when most leases expire and the most demand occurs. People tend to move in the summer when they have the time, energy, and favorable weather to do so. This is when rental prices will reach their seasonal peak. The Portland rental market is no different, but for years now we've seen rental prices increase even through slower seasons. This summer things changed.
As a property manager it’s nice to have great applicants to choose from, but as a potential renter it can be a frustrating experience. It’s becoming all too common in this market for management companies never to return phone calls or emails, to charge exorbitant application fees to everyone that applies, or to completely remove the human element out of it by only offering a pay per self-guided tour scheme. Learn how to increase your chances of success.
A question we get asked a lot is “how much should I charge for rent?” It’s a great question and obviously one of the most important aspects of rental property. If you charge too much then you run the risk of having higher vacancy. Charge too little and you leave a lot of money on the table and you are not maximizing your investment.