Portland Metro/Tigard Real Estate News

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Wednesday, November 5, 2008

Tight Rental Market

The rental market has felt the squeeze due to all the people who fell victim to foreclosures, laid-off workers and young adults starting out who are all out there searching for affordable lodging. Because of this competition, rents have been on the rise and the number of vacancies is on the decline. For many years the average of available apartments in Portland Metro was 5.6 percent, but last month it was only 3.6 percent.

To make matters even more difficult for those in bad situations, landlords are in a position to be picky, unlike before. So now your bad credit or pet can keep you from a place to live. At the same time, rents have been going up which makes things even harder.

The alternative people have been turning to is roommates. There are plenty of home and condo owners out there that are having trouble with their bills who are looking to rent out a room to supplement their income.

This year, people looking for a roommate on Craigslist, in Portland, has gone up 50 percent. The traditional apartment managers now have to be careful not to raise prices too much because of all the alternatives popping up in the roommate arena. There are also "shadow" rentals out there where unsold homes and condos are being rented out since people aren't buying. This could stabilize the previously predicted rent increases.

The Sunday Oregonian - October 26, 2008 - Front page bottom & A13


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