Portland fosters a bustling rental market, with many of the most desirable units renting within hours of being posted. Of course, with so much competition, making your rental home stand out from the crowd can be challenging. It helps if your rental property ticks the boxes on what tenants in Portland look for in a rental. And as it turns out, a few specific traits, when combined, form the ideal Portland rental home for today’s market. If your property fits this mold, chances are you’re underpricing it.
At Rent Portland Homes by Darla Andrew, our years of experience in the Portland rental market give us valuable insight into the types of units Portland renters are most excited to rent. Here’s our breakdown on which of our properties rent the fastest, how to price them, and how you can use this information to help your rental succeed.
The Makings of a Great Rental
Ideal Portland rental homes have a few things in common. In our experience, three factors determine how quickly a unit will rent: size, location, and price.
A Modest Two-Bedroom is Key
The hottest Portland rental homes have one thing in common: they’re all in the range of 700 to 1,100 square feet. These homes will have between two to three bedrooms and one bathroom, as well as a small yard. This is a nice, tidy size with enough space to grow without being too difficult in its upkeep.
Location, Location, Location
We’ve noticed that our most popular and fast-renting properties all share a similar location in Southeast Portland, between SE 50th and 122nd Ave. This area is full of lovely neighborhoods, green spaces, and excellent places to eat and shop. With so much to love about Southeast Portland, many renters are flocking to the area.
Rent for the Right Price
We often see prices at around $2.00-$2.25 per square foot for these highly desirable rental homes. That shakes out to $1,400-$1,575 per month’s rent for a 700 square foot home, or $2,200-$2,475 per month for 1,100 square feet. These rates are underpriced for the rental market, as these types of rentals are currently so popular.
When all of these factors align, we often see these homes rent within two to three hours of posting them on our website. Because of how desirable these rentals are, the demand for them outstrips our supply. We receive far more applications for these homes than we can provide, and Portland renters are always hungry for more. But what is it about these properties that makes them so popular?
The Ideal Portland Rental Is Versatile and Affordable
One aspect that makes these homes so appealing is their versatility. A two to three-bedroom unit is excellent for two roommates or a new couple. With COVID-19 creating many opportunities to work from home in Portland, many professionals working remotely might want an extra room to convert into a home office. A small floor plan of 700-1,000 square feet gives renters enough space to spread out without too much work to clean it. A small yard is convenient for people with furry friends, green thumbs, or children who need space to play. Overall, this type of rental is a great fit for many different renters and casts a wider net in the market.
As for the location, Southeast Portland is a wonderful area for nature lovers, as it encompasses both Mt. Tabor Park and the Kelly Butte Natural Area. It’s far enough away from the hustle and bustle of downtown Portland to feel safe and tucked away while still within easy commuting distance. Hawthorne and Division street offer excellent shopping and eating opportunities, while Milwaukie is a fantastic little hamlet to while away an afternoon. The area caters to a wide variety of lifestyles, and the popularity of our units in the neighborhood shows that people have their eyes set on living there.
And of course, the price of these units is also appealing. Many renters find these homes affordable for a broader range of salaries, so more people can apply. All in all, these types of rentals have a ton to offer, and Portland renters know it.
There’s A Market For Every Rental
But what if your property doesn’t meet these specific criteria for Portland’s most popular types of rentals? Never fear. While two-bedroom 700 square foot homes in SE Portland will rent like hotcakes, you don’t need to specialize exclusively in the ideal Portland rental to be successful.
With our years of experience in the Portland rental market, we’ve found great success in renting homes of all shapes. Good marketing is the first step in securing great tenants for your rental. Knowing where to list your rental, writing up some eye-catching text, and of course, getting the absolute best photos of your property will draw prospective tenants no matter your home’s size or location. It also helps to set the right price for your rental. Though setting a competitive price is crucial in today’s market, if you price your rental too low, you’ll be undervaluing your investment as well as possibly throwing up red flags as a scam.
Lastly, the trick is to know your rental’s strengths so you can best showcase them to prospective tenants. Of course, the details of marketing a rental property are easier said than done. If you’re struggling to find good tenants or tired of putting in endless hours on marketing and advertising, it might be time to call a property manager.
Need Help Managing Your Portland Rental?
Finding good tenants in Portland’s rental market today can be a challenge. Though many properties in Portland rent blindingly fast, the element of competition means landlords must be savvier than ever to keep up. At Rent Portland Homes by Darla Andrews, we love working with our clients to tailor our services to their individual properties and needs. Partnering with us means our dedicated team of experts will always have your back. We put together a professional marketing package for your property, screen potential tenants, handle rent payments and maintenance, and overall keep your rental running effortlessly. If you’d like to hear how we can help you make the most of your Portland rental, call or text us today at (503) 515-3170 or fill out the contact form on our website.