Portland, OR: Rose City
With 652,503 residents, Portland is the most populous city in Oregon. It also serves as the county seat of Multnomah County. Colleges and universities located in Portland include Portland State University, the University of Portland, Oregon Health & Science University, and Portland Community College.
Portland is known for its many “brew and view” movie theaters, where patrons can order a beer while watching second-run films. Many performing arts companies call Portland home, including the Portland Opera, the Oregon Ballet Theatre, the Portland Center Stage, and the Oregon Symphony. The city is also home to several cultural and educational attractions, such as the Portland Art Museum, the Oregon Museum of Science and Industry, the World Forestry Center Discovery Museum, and the Hoyt Arboretum.
Additionally, Portland is famous for its street food, specialty coffee, and breweries. The city even hosts a number of beer-related festivals such as the Oregon Brewers Festival, the Portland International Beerfest, and the Spring Beer and Wine Festival. Other attractions include Portland Japanese Garden, the Oregon Zoo, Pittock Mansion, the International Rose Test Garden, and the Portland Children’s Museum.
How Is Portland OR’s Rental Market?
The real estate market in Portland is on the expensive side, with a median home listing price of $539,000. Perhaps this is why many residents here rent their homes. In fact, renters comprise 46.6% of the city’s population. This presents a lucrative opportunity to property investors and landlords.
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Landlords stand to earn above-average rental income in Portland. The average rent for an apartment in this city is $1,633, up by 8% from the year before. Rent in Portland has actually been increasing year after year since 2010. Most apartments command a rate above $1,000, too, with only 4% going below that amount.
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As for vacancy rates, Portland does not disappoint. In 2019, the vacancy rate in Rose City was 4.01%. This is significantly lower than the national vacancy rate of 5.97% in the same year. The only downside to Portland, though, is that its laws are generally more tenant-friendly.
Why Go With a Portland OR Property Management Company?
Rental property management is not for everyone. Usually, landlords have a hard time balancing the many duties and tasks they must perform. This is exactly why a lot of people are afraid to invest in rental homes or units.
Enter a Portland OR rental management company. With a management company, landlords can delegate their responsibilities to a certified professional. The manager or company will be in charge of everything, including finding and screening tenants, collecting rent, enforcing lease terms, ensuring proper maintenance, and processing evictions if need be. All landlords need to do is check in every now and then as well as wait for rental income to come in.
How do you know it is time to hire a rental management company?
- You own multiple rental properties that you can’t juggle all at once.
- Your rental property is located far from where you live or spend most of your time.
- You don’t know anything about how to properly manage your rental property.
- You don’t have enough time to manage your rental property.
- Rental management does not interest you.
Choose the Best Property Management in Portland, OR
Portland is a big city with many rental properties and management companies. With numerous options, it can be too overwhelming to know where to begin looking. Make the search process simpler using Rental Choice. Our comprehensive online directory consists of reliable property management companies you can search by location. Give it a try today!
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