Portland Rental Market Update April 2025

Find out what’s happening in the Portland rental market for early April 2025.

 

Hi everyone, Coty Thurman here from Living Room Property Management, bringing you a quick update on the single-family rental market in the Portland Metro region.

 

Are Rents Going Up?

Yes. Zillow’s March 2025 report shows national rents are up 3.5% from last year, averaging just over $2,005. At Living Room, we average $2,435 across our portfolio, and we leased homes in the first three months of the year for 4.6% more than what the previous tenants paid.

Is It A Renter’s Market?

No, not really. Homes are leasing in under 12 days. While one or two properties may sit longer, most renters are feeling real pressure—many are applying as soon as the 72-hour rental hold period opens. This competition will stick around until more inventory is added.

 

Seasonal Rental Trends

It’s officially the season of air conditioning—homes without efficient cooling are facing bigger concessions, and charm alone isn’t cutting it anymore.

More and more tenants who can afford to move away from multifamily are opting out of shared walls. They’re tired of recurring neighbor issues. With current tenant protection laws, it can take months for a property manager to resolve disruptions, and great tenants aren’t willing to wait that long for peace.


Looking Ahead

Demand for quality single-family rentals is strong, and it’s only growing. To keep up—and to ease pressure on both renters and the market—we need more single-family inventory.

While many investors are backing out of Multnomah County due to red tape, renter demand remains high. We help property owners stay in the game with smart, stress-free management that keeps homes full and well cared for.

Thinking about renting out your property but don’t want the hassle? Living Room Property Management takes care of everything—tenant placement, maintenance, and protecting your investment—so you don’t have to.

 

Portland Rental Market Update Early October 2024

Find out what’s happening in the Portland rental market for early October 2024.

 

 

Hi, I’m Coty Thurman, Principal Broker and Vice President of Living Room Property Management here to tell you what you need to know about the Portland rental market for early October 2024.

2025 Rent Increase Cap

Oregon’s 2025 rent increase cap is out, and it’s holding steady at 10% (9.9% in Portland). No big surprises here—it’s the same as last year. It may not seem exciting, but in a market where things can change quickly, a little predictability is welcome for both landlords and tenants. Keeping things status quo isn’t the worst news.

Now, onto the bigger picture. According to the 2024 Baselane Real Estate Investor Survey, investors are optimistic but cautious. Vacancy concerns? Down. Over 52% of investors are less worried about vacancies because rental demand is still strong. The real headache? Home prices and financing. According to the National Association of Realtors, home prices jumped 4.2% year-over-year…a term coined “equity” for those playing the game and “impossible” for those who have not entered the housing market. 

 

Institutional Investors vs Mom and Pop Owners

This brings us to a key difference in the market: large institutional investors vs. mom-and-pop landlords.

The big guys—those institutional investors—are still excited, snatching up nearly 19% of U.S. homes sold in Q1 of this year. They’ve got the resources to ride out the challenges and turn a profit.

 

But let’s talk about the mom-and-pop owners—the ones we work with at Living Room. These folks make up a lot of the single-family inventory. Many are holding onto their golden 3% interest rates, but they’re being hit hard by rising costs of insurance, taxes, and maintenance. Regulations make it tough for them to sell or even move back into their own homes when a tenant’s lease is up. 

 

Honestly, I get it—this $**t is tough, but for those who can hold on, there’s still a lot of potential for long-term equity growth and the single-family tenant market is not going away.

 

What About Renters?

On the renter side, the number one question I hear is: “How hard is it to find a home right now?” If you’re looking for a 2-3 bedroom single-family home with a yard under $3K, buckle up. Even homes on busy streets are going fast with multiple applications. But if you’re open to an apartment or privately-owned condo, you’re in luck. Inventory is solid, and there are some great concessions out there. 

It reminds me of the early 2000s when we were giving away two months of free rent and our fingers were in knots after putting another epic balloon bouquet on the street corner luring people in for an apartment tour. 

To wrap things up: whether you’re an investor or a mom-and-pop owner, now’s the time to evaluate your strategy. Being a landlord in today’s market isn’t for everyone, but for those who stick it out, there’s plenty of opportunity.


Make A Move

If you need help navigating these choppy waters, Living Room Property Management is here to help smooth out the seas, call us today. 

Portland Rental Market Update March 2024

Find out what’s happening in the Portland rental market during the first quarter of 2024.

Hi, I’m Coty Thurman, licensed Oregon Broker and President of Living Room Property Management. I’m here to tell you what you need to know about Portland’s rental market for March 2024.

The Tale Of Two Cities

If you’ve been keeping an eye on Portland Rentals, you’ve probably noticed quite the rollercoaster ride lately. Much like the real estate sales market, Portland’s rental scene is a tale of two cities. Some homes fly off the shelves within days, while others take weeks to get scooped up. Properties boasting yards, walkability, and pet-friendly policies continue to steal the show, but only if they’re priced just right.

In the latter half of 2023, the rental market served up a buffet of options for renters on the hunt. Homes lounged on the market for 3-5 months- until the January frenzy hit. Even the great ice storm of 2024 couldn’t chill the enthusiasm, with Living Room welcoming in 2 and a half times more renters than we did in January of 2023.

We were not alone. ShowMojo, our trusty tool for scheduling rental tours, reveals that nationally, home rentals sat on the market for 43 days, that’s the longest streak in over 6 years.

Rent Drops & Concessions

During this slow time, single-family landlords borrowed a page from the apartment diaries and began offering concessions and reduced rates to make these vacant rentals more attractive to the few renters who were out searching.

At Living Room Property Management, we saw rents drop by an average of 7%, mirroring national trends which were led by Idaho, Washington and Oregon metro markets. This time around, it’s not new laws driving the market shift, but good old-fashioned supply and demand. Folks were simply not moving.

Bounce Back

Was it a glitch in the system or an extended case of seasonal lulls? Our crystal ball tells us the rental market is beginning to bounce back. By February 2024, inventory was already moving much faster. 22 days faster as a matter of fact and with this increase in speed rent prices are stabilizing.

The pressure to lower rents is easing up as more mom & pop investors cash out and single-family rental inventory dwindles.

With multifamily construction slowing down, and population GROWTH predicted for the first time in two years, the forecast hints at a return to the upward trend in rental prices.

Leverage The Opportunity

For existing homeowners who have been looking to move, this is an incredible opportunity to leverage the low interest rate of your existing starter home to make monthly cash flow and climb the property ladder to your next home.

Give the Living Room Property Management team a call for A rental assessment and let us help turn your starter digs into a savvy investment.

By renting your home rather than selling it, you help create more rental inventory, which in turn helps balance the market. And a balanced market benefits everyone—landlords and tenants alike!

Make A Move

If you’re ready to make a move, call us today, we’d love to help you find your next living room.