Portland Oregon Rental Market Owners Report – Summer 2020
Do you own rental properties in Portland Oregon? If so, like most owners, you know that 2020 has been a difficult year due to Coronavirus, lockdown, and closures of businesses across the PDX area.
The lock downs also forced most renters to stay home if they worked in “non-essential” jobs and this also affects your bottom line.
As of June 2020, the State of Oregon is gradually reopening, and people are going back to work, but the big question is how is the Portland Oregon Rental Market doing now?
In this article, we will provide you with the latest news about the PDX rental market, including relevant news affecting you and your rental business in the months ahead.
Average Rent For Portland Oregon Rental Market
As of May, /June 2020, the average rent for Portland Oregon for a one-bedroom apartment is $1,460 per month. This is a decrease of about 0.68% decrease while two-bedroom apartments saw a decrease of almost 5% in the last year so rents in the PDX area are going down slowly. (Source – Rent Jungle)
Regardless of Coronavirus, the most expensive neighborhood in the PDX area continues to be the Pearl District, followed by Kerns and the Downtown PDX area.
The lest expensive areas in the Portland area continue to be Powellhurst, Parkrose, and Bridlemile where it’s still possible to find one-bedroom apartments for under $1,200 per month.
The May and April rates are the highest on record, as nearly 184,000 residents in the Portland metro area were unemployed in May.
As some businesses began reopening on a limited basis in May, employment grew slightly by around 7,100 jobs. That makes up about 4% of all the jobs that were lost since the pandemic hit the area.
As non-emergency medical procedures resumed on May 1, which included dental clinics and other medical providers, ambulatory health services added back more than 4000 jobs.
Other industries that saw a bump in employment:
- Retail – 2,000 jobs
- Restaurants – 8,500 jobs
- Construction – 6,900 jobs
Some industries, like manufacturing, local government, and education, however, saw drops in employment in May due to pandemic-related closures.
Is The End Of The Eviction Moratorium In Sight?
There’s no doubt that landlords in Oregon have had a difficult time over the last 90 days following Coronavirus thanks to the Governor’s executive order 20-13 which prohibits evictions in Oregon until Tuesday, June 30th.
With the end of the eviction moratorium in sight, lawmakers are working hard to stop a possible “eviction wave” from hitting Oregon but will their efforts to stop evictions look like? The answer to this question could be house bill 4213, a bill that would extend the eviction moratorium until September 30th and tenants would be given until March 31st of next year to pay all of the back rent that they owe.
The clock is counting down for owners and renters in Oregon, much the same way that it’s been counting down in California as the State of California, like Oregon, has to do something fast to avoid a possible wave of evictions there as well.
One thing is for certain, we will keep you updated on the latest news regarding the Portland Oregon Rental Market so that you can plan accordingly, especially if you are thinking about adding new rental properties to your portfolio.
Short Term Rental Market Is Dead At Least Until 2021
Even though most states have reopened by now, the reality is that the short-term rental market is still “dead” until at least 2021.
COVID-19 continues to remain a problem nationwide so it’s unlikely that anyone will be traveling or staying in an Airbnb for the remainder of 2020 unless they intend on cleaning and disinfecting the short-term rental that they are staying in before they enjoy staying there.
“It took us 12 years to build Airbnb, and we lost almost everything in four to six weeks,” Chesky said in an interview on CNBC, indicating that the company was preparing to go public this year, and now that is up in the air.
Thankfully, there still is hope for short term rental owners, they can turn those short-term rental properties into long term rentals and get them back into profit again instead of having them sit vacant.
Contact Rent Portland Homes – Professionals
For more information about the Portland Oregon Rental Market, or to speak with us about the property management services we can offer you, contact us today by calling (503) 447-7735 or click here to connect with us online.