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.
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.