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Oregon: The Beaver State
Oregon has an estimated population of 4,237,256 residents. Salem serves as the capital and second-largest city in the state, while Portland remains its largest. Oregon is known for its diverse geography, exhibited by abundant bodies of water, lush forests, high deserts, and volcanoes. Crater Lake National Park, which features the deepest lake in the nation, is the state’s only national park.
Aside from its natural beauty, Oregon also attracts many tourists thanks to its vibrant arts and culture scene. The state boasts a number of museums, such as the Portland Art Museum, the Oregon Museum of Science and Industry (OMSI), the Evergreen Aviation & Space Museum, and the High Desert Museum. Performing arts companies based in Oregon include the Portland Ballet, the Portland Opera, and the Oregon Symphony.
Colleges and universities located in Oregon include the University of Oregon, Oregon State University, Portland State University, and Reed College. Three major sports teams call Oregon home, namely the Portland Trail Blazers (NBA), the Portland Timbers (MLS), and the Portland Thorns FC (NWSL).
Other attractions include Mount Hood, Multnomah Falls, the Portland Japanese Garden, Silver Falls State Park, Smith Rock State Park, and the Oregon Zoo.
Analyzing Oregon's Rental Market
Oregon continues to have a growing housing market, with home prices increasing by 15.5%. The
median sale price for a home in the Beaver State is $473,415. Even with a high barrier to entry, the rental market in this state remains attractive to many investors due to a handful of reasons.
First of all, Oregon has a wide pool of renters. In fact, renters make up 37.6% of the state's total population. Secondly, landlords won't have too much trouble finding tenants to occupy their rentals. In 2019, the vacancy rate in Oregon was only 4%. In comparison, the national vacancy rate at the time was 5.97%.
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Finally, rent in Oregon is on the expensive side, which means landlords stand to earn great returns. In 2019, the median rent in the state was $1,185 — higher than the national median of $1,097 in the same year. Rent has also been on the rise in Oregon since 2011.
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Perhaps the only downside to being a landlord in Oregon, though, is that it's not considered to be a very landlord-friendly state.
When to Hire an Oregon Property Management Company
A property management company can help landlords with their everyday duties and responsibilities. This includes finding and screening tenants, conducting property inspections, collecting rent, enforcing lease terms, overseeing maintenance, and answering tenant concerns. A company can also help with tax preparations, budget management, and evictions.
But, how do you know it's time to hire an Oregon rental management company?
- No Time. Finding time out of your day to manage your rental property can be difficult when you have a full-time job and personal responsibilities.
- Lack of Experience. Managing a rental property is no easy feat. Apart from time, it also demands expertise, something that not all landlords are equipped with.
- Multi-Property Owner. Owning several rental properties might be a good way to earn extra income, but it can get very burdensome if you're unable to manage them all at the same time.
- Place of Residence. Do you live far from your rental property? Driving back and forth just to show the place to tenants and oversee maintenance work is a waste of time and money.
- Lack of Interest. If you simply dislike the thought of managing a rental property alone, then hiring a professional is the way to go.
Looking for Property Management in Oregon?
Finding a property management company in Oregon can be difficult if you don't know where to begin. Rental Choice aims to make the process easier for rental property owners like you. Using our online directory, you can search for property management companies in your city or state. Trust that our online database only lists reliable and experienced companies to help you manage your rental property.
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