Portland Oregon Rental Market News – Learn More About The Latest Changes In 2021
The Portland Oregon Rental Market is constantly changing, especially since the dark times that we experienced during the height of the COVID-19 crisis are coming to an end, people are getting back to work, and the normal pace of life is resuming.
Despite the improvements that we’re seeing in everyday life, one big question that remains is what changes can we expect in the Portland Oregon Rental Market for the remainder of 2021 and beyond?
In this article we will answer this question and provide you with tips on how to navigate the rental market moving forward.
Statewide Eviction Moratorium Ends On June 30th
One big change that’s on the horizon is the end of the statewide eviction moratorium on June 30th. This means that as of July 1st, 2021, landlords in Portland, and across Oregon, will be able to evict tenants for nonpayment of rent.
Besides the pending end of the statewide eviction ban, the CDC eviction moratorium is also coming to an end by June 30th as well and this means that landlords across Oregon, and the United States can move forward with evictions.
Oregon Renters Will Have Until 2022 To Repay Back Rent
Oregon Gov. Kate Brown recently signed a measure into law Wednesday that gives tenants facing financial struggles during the coronavirus pandemic more time to pay their past-due rent.
People now have until Feb. 28, 2022, to pay back rent, instead of facing a July deadline.
“Everyone deserves a warm, safe, dry place to call home — and during the COVID-19 pandemic, it has been particularly critical that Oregonians be able to stay in their homes,” Brown said.
Senate Bill 282 also protects renters from the long-term effects of not making payments on time by barring reporting to consumer credit agencies and removing back rents from consideration when submitting future rental applications. The law also bars landlords from denying applicants based on pandemic-era evictions and allows such evictions to be kept secret.
The new law also relaxes occupancy limits, with lawmakers saying some residents have needed to stay with friends and family because of financial or health issues during the pandemic. However, it does not extend Oregon’s eviction moratorium past June 30 or forgive back rent.
Rents On The Rise In Portland
The pandemic had a big impact on rent prices in 2020. They dropped significantly in places like downtown Portland, The Pearl and Northwest. Now, since bars, restaurants and other businesses are starting to reopen, rent prices are going up again, according to analyst John Gillem with the CoStar Group.
“We are looking at a 1% increase since pre-pandemic levels,” Gillem said. “So, rents are starting to really trend up.”
As an analyst with the CoStar Group, Gillem studies rental prices throughout the area.
“I think if you’re working remotely, the suburbs will still have the best value.” Gillem said.
Rents dropped in Portland’s urban core last year because people moved to the suburbs for more space, Gillem said. Now, people are coming back to downtown as the pandemic improves. But rents are still increasing in the suburbs. The average rent is Hillsboro is around $1,600. Before the pandemic it was $1,400.
Matt Crile owns several properties in Washington County. He said there’s still a lot of demand in the suburbs.
“Our places are usually full,” Crile said. “We do have some short-term rental pieces that accommodate people that come in for brief stays and those two have been surprisingly occupied. I would have thought we would have taken a hit because it seems like travel is down.”
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