Rent Growth Increasing In Portland
The last 12 months have been some of the toughest ever for Portland landlords as rent growth has remained mostly stagnate mostly due to the Covid-19 pandemic.
Thanks to recent statistics from rentalhousingjournal.com, we know that rent growth is on the rise in the Portland area as rents here increased by 0.6% during February and Portland isn’t alone in rent growth because San Francisco, Seattle, and others coastal cities saw similar rent growth as well.
A Sign Of Good Things To Come?
With more people getting vaccinated by the day, and businesses reopening across Oregon, there’s hope that February’s rent growth in Portland is a sign of good things to come as Oregon is finally flattening the curve and getting back to normal after Covid-19.
Most economic analysts feel that Portland’s rent growth is a sign that metro cities like Portland have finally seen the end of property rents bottoming out but will things begin to get back to normal?
Covid-19 was and is the worse pandemic to hit the U.S. in 100 years but it also has impacted the economy because it changed the way that people work as more people are working from home than ever before.
Moving forward, it’s unlikely that things will get back to where they were before as Covid has left its mark on the economy, and people who didn’t work from home before are likely to continue with the work from the home trend.
“This month’s data indicates that the markets where rents have been falling rapidly have reached a turning point. The booming markets (led by Boise, Fresno, and Gilbert) are still seeing prices rise, but in many cases, that growth is flattening somewhat. While remote work and economic fallout of the pandemic will undoubtedly continue to impact local rental markets going forward, the way that these trends continue to play out may now start to become more nuanced and gradual,” Apartment List said in the report
Contact Rent Portland Homes
At Rent Portland Homes, we specialize in local property management.
Our team can save you the time, money, and hassle of managing your rental property yourself.
To learn more about the services that we can offer you, contact us today by calling (503) 447-7735 or click here to connect with us online