Portland, ME: The Forest City
With 66,595 residents, Portland is the most populous city in Maine. It also acts as the county seat of Cumberland County. Portland is known for its long history of dedication to the arts. Today, it is the site of multiple attractions, including the Portland Museum of Art, the Children’s Museum of Maine, and the Maine College of Art.
The food and beverage industry also plays a big part in the culture of Portland. The city is home to countless renowned restaurants, coffee shops, and breweries — most of them located in downtown Portland. The Portland Farmers Market, which began way back in 1768 and has continued since then, is also a popular destination for residents and tourists alike. The city further celebrates food with a number of festivals, including Harvest on the Harbor, Taste of the Nation, Maine Restaurant Week, and the Maine Brewers Festival.
Colleges and universities located in Portland include the University of New England and the University of Southern Maine. Other points of interest include the Maine Historical Society & Museum, the Kotzschmar Memorial Organ, Deering Oaks Park, the Portland Head Light, the Portland Observatory, Baxter Boulevard, the Eastern and Western Promenades, Fore River Sanctuary, and the Victoria Mansion.
What Is Portland ME’s Rental Market Like?
The rental market in Portland is definitely attractive to property investors. The median listing price for a home in this city is $476,800, which is above the national median. Perhaps due to expensive real estate, a bulk of the city’s residents have turned to renting their homes. In fact, renters make up 54.9% of the population in Portland.
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Aside from the large pool of renters, Portland is an appealing market for rental property owners because of its high rent. The average rent for an apartment in this city is $1,620, up by 4% from the previous year. Rent in Portland has been steadily on the rise since 2012. And, when it comes to percentages, 43% of apartments in this city fall between the $1,501 and $2,000 rental range, while 12% command a rate above $2,000.
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Portland also has a relatively decent vacancy rate. In 2019, the vacancy rate in the Forest City was 4.45%, whereas the national rate was 5.97%. Finally, Maine is generally considered to be a landlord-friendly state thanks to its lack of rent control laws.
Why Go With a Portland ME Property Management Company?
Landlords need to balance a plethora of duties to ensure the success of their rental property. Typically, though, landlords don’t have adequate time to manage their rentals. They also usually lack experience in rental management. On the other hand, some landlords either live far away or are just not interested in rental management and operations.
This is where a Portland ME rental management company can help. A professional manager can administer the smooth management of rental properties. Management companies ease the burden often shouldered by landlords. Some of the services you can expect from a rental management company include:
- Advertise your listing
- Screen and process tenants
- Oversee property showings
- Set and collect rent
- Create a lease agreement
- Perform move-in, move-out, and routine inspections
- Enforce your lease terms
- Manage maintenance and repairs
- Respond to tenant complaints
- Manage your budget
- Help with tax calculations
- File evictions
Take the Next Step Today
Rental Choice makes it simple for landlords to find the right property management in Portland, ME. Our online directory is composed of thoroughly screened and trustworthy rental management companies. Search for one by city or state, learn more about each company, and contact them using the information we conveniently provide.