Rental Frenzy

Garrett renting

In working in both rental properties and homes for purchase, I get to see insights into the world of those moving to the Portland area and why they want to be in different parts of town. Hearing what causes people to move is a big indicator into what they are looking for in the next place they live.

Check out the screenshot below from last Friday afternoon.  The majority of the people were calling on a duplex at NE 64th and Glisan that is 2 bed, 1 bath and rents for $1,300 a month. Two of the calls were for a 4 bed 2 bath house in SW Portland for $2,500 a month. There are a few observations to be made here right away.

  1. NiIMG_4007ne voicemails in under three hours’ time shows me that there is a frantic demand to schedule appointments for viewing rentals.
  2. Three of the callers are from the Portland area, two from California, two unknown, one from Vegas and the other from the Detroit area.
  3. Big rent increases in the past year have caused locals to move around more often than normal.

A group of roommates from Portland and Los Angeles got the duplex and a family from Phoenix rented the house.  I learned through it that the duplex renters were given a rent increase so they needed a place to fit their budget. Ironically, that is the same reason that caused the tenant before them at the duplex to leave, but there was still the demand at the new price for the duplex. The family from Phoenix got a job transfer to Portland, so they were happy just to lock up a place before the big move.

In the end, both groups got housing that fit their needs. But, the first group had to leave where they liked living for a neighborhood that was not as trendy. The second needed to pay top dollar, and was happy to do so because their company helped pay for the job transfer. All well and good for those folks, but where does that leave the other seven groups that called Friday afternoon that need housing…?

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