How is the rental market?
When I last wrote about the state of the condominium market, I mentioned that the market has “put the brakes” on. This trend continues, especially in the higher end of the market where we now see condos priced above $600,000 are staying on the market much longer. In fact, the average days on market has now risen over 90 days! The condo inventory has also risen pretty dramatically in the over $600,000 market with over a 9 month supply of units, clearly indicating a buyers market!
One of the things I have been watching, and baffled by, is the rental market. If you would have asked me a year ago, I would have said we will start seeing rental rates come down. Well, I was wrong on my timing. With all of the new construction we have seen in the building of apartments, rates are finally declining in the Portland area.
Even with rental rates coming down, it is more affordable to own then rent. If you are in the market to start looking at condominiums to purchase, give me a call and we can start the search for your dream condo!
Brad Golik is a condo specialist with Total Property Resources in The Pearl District. You can see his website at LuxuryCondosofPortland.com You can reach him at 503-896-8856
This entry was posted on September 24, 2018 by LuxuryCondosofPortland. It was filed under new high rise condominiums, Pearl Lofts, Portland luxury condominiums, portland penthouse, Uncategorized and was tagged with buying a condo, Pearl District, Pearl District Prices, Portland condos for sale, the cosmopolitan portland, Vista North Pearl.