Rents are still moving upward

Rents are still moving upward, vacancy is at an all time low, and so are interest rates. While it's still a landlord's market, we are beginning to see tenants giving notice and purchasing homes. Currently there are 2600 apartments units scheduled to come online in the Portland area in 2012 and just under 400 units in Clark County, WA. Financing for apartments and non-owner occupied homes are still a challenge, so inevitably some projects scheduled to come online in 2012 will be delayed.

Residential sales in Portland, surrounding cities & SW Washington are steadily improving. Days on the market (DOM) for Portland decreased to 76 days for July 2012 vs. 80 days for Q2. SW Washington went from 112 DOM in Q2 to 100 DOM in July 2012. Average sold price for Portland in Q2 was $279,963 vs. $293,900 for July 2012. SW Washington sold price for Q2 was at $221,144 and increased to $229,160 in July 2012.

The good news: both the rental & sales markets are expected to continue to improve through Q4. The bad news: we won't be able to sustain continuing improvements into 2013 unless job creation continues to increase.

Best regards,
Carmen Villarma
President

Post by Joanne Vanderhoef
Marketing and Media Specialist

The Management Group
Property and HOA Management in Vancouver WA and Portland OR
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