Today’s real estate market is bringing a new group of buyers to the table. Investors and home owners looking to supplement their income or find alternative sources of revenue are taking advantage of today’s market and snatching up income properties and vacation homes. With the correction of the market impacting neighborhoods throughout the Northwest, investors have recently stepped up in greater numbers and purchasing single family and multi-family homes that will be used for investment or vacation purposes.
The rental market has tightened recently with Portland’s vacancy rates being the lowest in the nation, averaging 3.4%. As a result, rental rates have shot up. Nationwide rental rates rose 1.77% in the month of March from the year prior. During the same period, Portland’s rents rose a shocking 9.92%.* With limited available housing, projections are for rents to continue to rise in 2012. While this isn’t necessarily good news for renters, this does provide opportunity for those looking for increased revenue sources.
If you or anyone you know would like more information about income properties or second homes, please feel welcome to contact me. It would be an honor to be of assistance.
*(OregonBusiness.com Aug. 2011)