Zillow shows that Oregon home prices now average over $479,000. The Oregon housing market has gone up every year since the Great Recession and, as of October 2021, shows a 21% increase over the previous year. This steady rise is good news for anyone looking to invest in Oregon, including those looking for rental income properties.
From small towns to large cities, Oregon has some of the fastest-growing areas in the country. For best results, look at both urban and suburban areas where the rental market is strong so that you have a better chance of finding a better deal.
Best Markets for Oregon Rental Investments
Are you considering investing in Oregon real estate for rental income? In Oregon, studio apartments rent for $744 while one-bedroom apartments typically rent for an average of $843. Two-bedroom apartments go for $1,053.
Here are five growing areas with strong rental markets to consider.
Salem Metro Area
Salem is the state capital, and the real estate market is stable. Currently, demand exceeds supply but the area still has affordable inventory for rental properties. The average rent for a studio apartment in Salem is $921, while one-bedroom apartments rent for $1,234 and two-bedroom apartments go for just over $1,500. That’s a nearly nine percent increase year over year. There’s also a strong market for single-family home rentals.
Douglas County real estate is still rising in value. However, at $293,798 on average, single-family homes are quite affordable. With a 21.2% increase in home values year-over-year, Douglas County is a great place to invest.
Douglas County includes many prime neighborhoods for rentals, including Reedsport, Roseburg, and Sutherlin. Competitive rental rates average $727 for a studio, $836 for a one-bedroom and $1,102 for a two-bedroom space.
Home to approximately 650,000 people, Portland is Oregon’s largest city. The city has a unique subculture and is a hot tourist attraction. Portland has a reputation for top Airbnb hosts. So, that’s another option to consider if you don’t want to deal with long-term renters.
Portland is a great location to consider buying larger apartment buildings. However, if you’re looking for apartments or single-family rental properties, the prices in Portland are highly affordable at $557,948. That’s an increase of 14.6% over last year.
Due to a steep rise in real estate prices, the rental market in Portland is booming and commands some of the higher rents in the count
OneTrust Home Loans
If you need a mortgage provider with great customer service and a variety of rental income property loan options, talk to the friendly loan officers with the Potempa Team at OneTrust Home Loans. They can get you through the pre-approval process so you can secure a real estate agent in the Oregon market of your choice.
You’ll find a mortgage advisor who looks after your interests and helps you navigate the details of securely a loan once you win a bid on a property. In fact, we’ll be here for you every step of the way so you can concentrate on finding the right property for you.