The maxim “No news is good news” has a universal application, but seems especially apt when considering the volatility of the rental market in Oregon. There has been no news as of late. This means that the market is relatively stable and the legislature has not thought to interfere in this legislative session, for the most part.

But even from a lack of news, we can glean some important details and trends.

April and May witnessed higher vacancy rates, but those have leveled off, for the most part, with some of the more stubborn units finally renting. As usual, the minor flood of thirty-day notices always received in the spring has petered out for the summer. Students, aside from a few procrastinators, have secured their leases for the 2024-25 school year. 

Rent Price Trends

While the price of real estate continues to rise slowly, rent prices have stabilized and leveled off. Rents are no longer going up. They are standing still, and in some areas, even decreasing. To avoid long vacancies, we urge our owners to take advantage of our property manager’s expertise.

If the unit is overpriced when first placed on the market, it will sit. After the first few weeks after the initial listing, the “honeymoon” time, the unit starts to accumulate doghair in the eyes of prospective applicants. You can lower the rent, but if it has been listed too long, even if it is now a “deal”, applicants are hesitant. They look at it and wonder “What’s wrong with it?”

To avoid renting below market rates, do not list at above-market rates. Get the price right at the very beginning.

Lease Terms/Pets

The easiest perk to offer at your rental is a lenient pet policy. The vast majority of the population owns pets. A vast majority of rentals don’t allow pets. Tweak your lease terms to allow pets and expand your pool of prospective applicants.

Empire recommends the following lease terms for the majority of our homes:

  • Pets 25 lbs and under permitted; with,
  • $300 in additional deposit per pet; and,
  • Monthly Pet Rent.

In select circumstances, these will need to be tweaked, but for the vast majority of cases, this will improve your unit’s marketability and expand your target audience.

Reach out to us if you want to discuss your unit. As always, Happy Landlording!