Hard Times For Tenants, Good News For Landlords

Aug 29, 2011 | John Telford | No Responses

Evidence continues to pour in showing the sluggish housing market is good news for anyone looking to rent their single-family homes.

It’s the other side of a sluggish home-sales market: Apartments are getting harder to come by in the Portland area, already known for its tight rental market.

Renters are snapping up places at rates not seen since 2007, when vacancy rates last dipped into the 3 percent range. The region’s residential real estate collapse has left some former homeowners looking for cheaper accommodations, and those with spotty credit are now largely personae non gratae to mortgage lenders.

That’s mostly good news for property investors, who have been looking to increase rents to meet rising costs. Not so much for renters, who will have to work harder to find a place to live — and maybe pay a little more for it, too…

Keep reading at: The Oregonian

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