What are the top Portland Oregon housing trends for 2024?

As the vibrant city of Portland, Oregon, continues to evolve, so do its rental housing trends.

Whether you’re a tenant seeking a rental property for the first time or an experienced property owner navigating the market, staying informed about these trends is crucial.

At Rent Portland Homes—Professionals, we take pride in keeping our finger on the pulse of Portland’s rental landscape.

In this article, we will share with you insight into the latest trends shaping the city’s rental market:

Rising Demand for Sustainable Living

Portland has long been a pioneer in sustainability, and this ethos extends to its rental housing market. Tenants increasingly seek eco-friendly features such as energy-efficient appliances, sustainable building materials, and proximity to public transportation options.

Portland, Oregon Property owners must capitalize on this trend by investing in green initiatives that appeal to environmentally conscious renters.

Top Sustainable Living Trends:

Although renewable energy has become more accessible in recent years, nearly every person we spoke with agreed that 2024 would see an increase in the trend. With the use of renewable systems and new technologies, creating long-term sustainable energy consumption.

By switching to an air source heat pump or installing solar panels, homeowners not only significantly reduce their environmental impact but can drastically lower their energy bills. With the cost of energy continuing to cause uncertainty across the globe, it’s no surprise that many more people are considering making the switch. Different grants help to reduce solar panel costs and air source heat pump costs in the UK.

Adam Smith, founder and CEO of Eco Energy Geek told us:
“Solar and wind energy are expected to be the most popular forms of renewable energy, due to their relatively low cost and high efficiency. […] hydroelectricity and geothermal energy are also expected to play a significant role in meeting the world’s energy needs.”

Installing a renewable system effectively creates an independent energy source to provide heat or electricity to the home. This greatly reduces the need to rely on fossil fuels to power a property. Heat pumps, in particular, are a great way to combat high-level carbon and greenhouse gas emissions.

“Around 40% of global emissions come from buildings, and most of these result from the ways we heat our homes and businesses. Switching to cleaner, low-carbon options will play a critical role in tackling climate change.” Nationalgrid.com

Given a choice to commit to 10-15 years of fossil fuel emissions by installing a standard gas boiler or installing a heat pump, which instantly reduces carbon emissions by around 80%, it’s a decision that will significantly impact climate change worldwide. In addition, a heat pump will operate 3 times more efficiently than a boiler, saving vast amounts of money on energy bills.

Currently, the cost difference is between standard and low-carbon heating options. Still, many predict that 2024 will make those costs more comparable, increasing the desire to switch to sustainable products even further.

2. More Recycling

With frequent mentions from nearly all of our contributors, recycling was seen as one of the key trends in sustainability that we will see in 2024. Although it’s not a new concept, and many homes and businesses worldwide already do some form of recycling, it’s thought that with the global increase in environmental concern, more climate action and education towards recycling will become part of sustainability strategies.

Manufacturers and producers will be significant contributors who will increase efforts to reduce and recycle packaging and encourage consumers to do the same. This will be seen across all sectors, from food to retail production.

Garrett Yamasaki, CEO & founder of WeLoveDoodles, noted that: “The retail sector is making giant efforts in terms of reducing waste […] Some examples of this are “demand planning” in which companies plan an estimated amount of purchases they will be receiving, so they create the necessary amount of packaging to avoid wasting too much.”

With increased consumer demand for their products and brands to be more environmentally conscious, it’s no surprise that big companies are making moves to improve their sustainability. With a heightened awareness of recycling practices, particularly plastics and packaging, forecasts predict positive improvements.

The latest report from Smithers Pira, titled ‘The Future of Recycled Packaging Markets to 2023’, forecasted that percentages of recycled content in plastic packaging will increase due to retail brands committing to use more recycled elements. They also note that as governments worldwide start setting strict recycling targets, this will become a business sustainability trend at all levels of the industry.

Recycling is considered to be one of the key environmental considerations for countries around the world. The good news is that both brands and the consumer market appear to be shifting their priorities, and this change may become more rapid in the coming years.

3. Improved Transport and Infrastructure

This industry trend has steadily evolved for most countries, with improvements to sustainable transport options. Amongst the changes include increased bicycle use, low-carbon public transport and the rollout of electric cars and other vehicles.

Whilst some countries may be adopting energy-efficient electric vehicles more quickly than others, there is no doubt that these once seemingly futuristic modes of transport are now becoming commonplace on the roads and highways of the world.

Many of those we spoke to saw the importance of more climate-positive, sustainable transport, which will be a big part of everyday life in the coming year.

Adam from Eco Energy Geek analysed that: “There is a growing trend of sustainable transportation options being adopted by municipalities and private companies. This is due to […] increasing awareness of the environmental impact of traditional transportation methods, the high cost of fuel, and the availability of more sustainable options.”

When looking at the factors which impact and arise from fossil-fuelled transport, it’s no surprise that this is an area of concern. In 2020, passenger vehicles accounted for 41% of all the world’s CO2 transport emissions. That’s more than any other mode of transport.

The positive news is that action is already being taken to reduce the harmful impact of road vehicles. Aside from adopting electric cars, buses and vans, there is also an effort across green countries to encourage more use of public transport or bikes. Across Europe, many cities have increased efforts to reduce car use by making public transport accessible. This includes Malta, Luxembourg, Spain and many more.

Research from the University of Oxford also shows that using a bike over a car just once a day can reduce a person’s carbon emissions by 67%. This shows that even if every car trip couldn’t be substituted, the potential to decrease emissions is still very high.

It’s clear that transport is already an area that most countries are trying to improve, but with increased efforts, we can expect to see even more developments in this eco-trend throughout 2024.

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Preference for Flexible Lease Terms

With remote work becoming more prevalent, tenants prioritize flexibility in lease agreements. Short-term leases, month-to-month options, and flexible move-in dates are gaining popularity.

Property managers should consider offering flexible leasing arrangements to attract more potential tenants and adapt to evolving lifestyle preferences.

Focus on Amenities and Community Spaces

In a post-pandemic world, renters value amenities that enhance their quality of life. Properties with outdoor spaces, fitness centers, communal lounges, and co-working areas are in high demand. Additionally, proximity to parks, cafes, and recreational facilities adds value to rental properties, catering to tenants’ desire for convenience and social connectivity.

Tech Integration for Seamless Living

Technology revolutionizes the rental experience, making smart home features increasingly prevalent. From keyless entry systems to thermostats controlled via smartphone apps, tenants appreciate the convenience and security offered by tech-savvy properties.

This not only reassures tenants about their safety but also makes property owners more efficient in managing their properties. Property managers can leverage these innovations to streamline operations and enhance tenant satisfaction.

Affordability Challenges Persist

Despite the city’s allure, affordability remains a pressing issue in Portland’s rental market. With housing costs outpacing income growth, many tenants need more options and financial strain.

Property owners must balance maximizing rental income and ensuring affordability for tenants. One way to achieve this balance is by exploring mixed-income housing developments, where a portion of the rental units are reserved for potential low-income tenants, or by participating in affordable housing initiatives that provide subsidies or tax incentives for offering affordable units.

Emphasis on Health and Safety

Since 2020, the COVID-19 pandemic has underscored the importance of health and safety in rental housing. Tenants prioritize properties with robust cleanliness protocols, which may include regular disinfection of common areas and high-touch surfaces, and contactless services, such as online rent payments and virtual property tours.

Property managers should prioritize maintaining high standards of hygiene and implementing measures to protect residents’ well-being.

Contact Us

Navigating Portland’s dynamic rental housing market requires adaptability and a keen understanding of shifting trends.

At Rent Portland Homes – Professionals, we remain committed to providing tailored property management solutions that meet the evolving needs of tenants and property owners.

We understand the unique challenges you face and are here to support you. We empower our clients to thrive in Portland’s competitive rental landscape by staying attuned to the latest trends and leveraging innovative strategies.

Our team also saves owners thousands of dollars per year and hundreds of hours in wasted DIY property management efforts. Let us help you get more ROI from your rental property.

Learn more about the services that we can offer you by calling us at (503) 646-9663 or click here to connect with us online.