Oregon is slowly coming out of one of its darkest periods for residential real estate, but activity isn’t brisk enough to spur an uptick in home ownership; therefore, the market for multifamily properties continues to boom.
Commercial real estate, and specifically properties for residential rentals, continues to see increases in value and rental rates are increasing.
Owning one or multiple residential retail properties, whether single or multiple unit buildings can provide you with a steady second income and a nice addition to increase equity for your investment or retirement portfolio. With steady, reliable renters, mortgage and maintenance costs can be self-liquidating, and there can be significant tax benefits to owning rental properties as well.
One interesting trend that is emerging is young people purchasing an investment property as their first home. With rents outpacing the growth in mortgage payments, cash flow can be generated while equity is being built, and it’s sometimes possibly to parlay this equity into additional properties, and build a portfolio prior to making a commitment to purchase your own private residence.
In Portland, Oregon’s largest market, vacancy rates were recently pegged at 3.46 percent, the lowest rate in recent memory. In desirable neighborhoods, vacant rentals last usually ten days or less.
The forecast of the next two to three years is strong, with the number of renters continuing to outpace available vacancies.
Whether contemplating a single unit or multiple units, you can rely on professional expertise and advice from a commercial real estate broker like Rene’ Nelson, CCIM of Pacwest Commercial Real Estate, Inc.
Nelson is one of Oregon’s leading authorities in multi-family homes and apartment buildings. The CCIM designation means Nelson is a Certified Commercial Investment Member, a designation awarded for expertise in commercial real estate, which is given to professionals who have undergone extensive training as well as demonstrated transaction experience in their careers. Many consider it to be the PhD of real estate.
Rene’ Nelson, CCIM was awarded the 2013 CCIM Transaction of the Year Award for the Oregon/SW Washington CCIM Chapter and is the current Regional Vice President for Region One for the CCIM Institute.
Whether you’re an established property investment veteran, or just starting to explore the possibilities purchasing multi-family units can offer you, begin your exploration of the market’s opportunities with Rene’ Nelson, Oregon’s expert on rental properties.