Rental data as reported by The Wall Street Journal (“Apartment vacancies Fell in Quarter” A4 July 8th, 2010) shows that vacancies of multi-unit properties fell during the first quarter of 2010. Real Estate investors are now raising rents by 0.7% as vacancies began to drop. During the height of the real estate market crash; land lords were forced to lower rents in order to retain tenants as falling home prices led some renters to buy foreclosures and short sales while others were forced to moving in with family members or room-mates in order to weather the market crash.
Rentals and the Portland Oregon Housing Market
This is an encouraging albeit early sign that stability may be returning to the Portland Oregon Housing Market. The plight of over-extended real estate investors was exacerbated by the fact that although adjustable rate mortgage payments were going up, rental income was going down.