Portland vs Nearby Cities
Combine a rapidly increasing population with a community of established residents not interested in moving and limited construction of new homes, and you have a housing market with soaring prices. This scenario perfectly describes the real estate market in the Portland, Oregon, area. The median home value in this city is around $400,000, and the median listing price is often well over that figure. It’s common for buyers to pay $300 or more per square foot.
Those prices are comparable to most nearby cities, including Gresham, Beaverton and Hillsboro. Median listing prices are over $300,000 in all of these towns, but there are some cities offering affordable prices if you venture further south. Salem has a median listing price under $300,000.
Portland Property Managers
Professional property managers have established systems that allow them to balance the many tasks that are essential to a profitable rental business. They can improve the profitability of a rental property while lowering the owner’s risk of financial liability. This includes keeping all rental units up to code, communicating with tenants and advertising to attract qualified renters.
Portland Property Management Company Fees
Property managers can charge up to 12 percent of the rent collected from tenants, and some managers will add a vacancy fee that covers all empty units. Additional charges may apply if the manager is responsible for advertising and other select services.
Oregon Landlord/Tenant Laws
- When a landlord fails to return a tenant’s security deposit, the tenant has the right to file a lawsuit worth up to $10,000.
- If a tenant intentionally damages rental property, the landlord has the right to serve them with a quit notice that gives the tenant 24 hours to move out of the property. The landlord may file for eviction if the tenant doesn’t move within that time.