Rents keep skyrocketing; now is the time to buy!
Image Credit: NextPortland.com
The construction boom in Portland has pushed rents to an all-time high. According to The Oregonian, developers have flocked to Portland to build high-end apartments, causing rents to skyrockets. Owning a home has never been more affordable than now.
For example, sustained rent increases in a once affordable Southeast neighborhood (near 126th and Ankeny) with character and known for being a little gritty is pricing out the working class. It’s becoming increasingly difficult for those who brew coffee, pour beer or fix bicycles to live in this beloved neighborhood they’ve called home for a long time.
According to The Oregonian, despite 22,000 new apartments coming on line in the metropolitan area since 2012, more than half in Portland proper, vacancies remain practically non-existent.
If it seems like Portland’s residential real estate market just keeps getting hotter, that’s because that’s exactly what it’s doing.
Demand is very strong and interest rates continue to remain historically low. The biggest challenge a buyer faces today is somewhat low inventory but on the rise and with lesser competition from other buyers with fall upon us. Multiple offers are commonplace for well-priced homes in good condition at below $600,000 in the metro area.
If you’re a renter and feeling the burden of these rent increases, now may be the perfect time to consider buying. Call me today so we can discuss your options.