Sleep Sound Property Management, Inc answers the question "Why are rents so high in Portland?"
A lot of long time residents, new arrivals and investors want to know why rents have grown so dramatically over the last 5-7 years. In this video we answer this question.
Some point the finger at what they see as greedy real estate developers and landlords without considering the economics or the reality of the situation.
Supply and demand drive prices. Currently the market is out of balance, but the market will correct itself.
The problem with supply is rooted in city policy around urban planning and the urban growth boundary. Both of these positions have artificially inflated housing prices in the area. While these policies are not necessarily a problem from a long term perspective, they are a major source of the current housing shortage.
In addition to this, the city of Portland has seen significant immigration to the area. Increased pressure on the low housing stock has resulted in major increases in rents.
If you are looking to buy, rent or have your property professionally managed we would love to hear from you. We are experts in the Portland rental market and manage both residential and multifamily (apartments).