This week: the Portland City Council approved Commissioner Eudaly's tenant screening and security deposit ordinances with a 3-1 vote; proposed changes to the US census could result in an undercount of over 4 million residents nationwide, including over 75,000 people in Washington and over 35,000 people in Oregon; Democrats vying for the 2020 Presidential nomination are facing pressure from voters to address housing affordability.
Tuesday, June 25, 2019
In the summer of 2018, a large portion of the siding was replaced and repainted, delaying full marketing of the property. The property was managed for occupancy and rents trailed the market. HFO was key in positioning the property against its historical operations with low rents and high expenses for a successful sale.
Thursday, June 20, 2019
Wednesday, June 19, 2019
Tuesday, June 18, 2019
A final adopted version will be available relatively soon after the meeting.
The asset was taken to market after completion and management companies were switched during lease-up, which resulted in limited historical operations and a longer timeline to full occupancy.
HFO successfully found a buyer seeking new product that was able to offset the impact of the property's limited financials.
Monday, June 17, 2019
This week: The Portland City Council appears poised to adopt a proposed renter screening ordinance that some argue will only serve to increase homelessness; Oregon House Bill 2001 moved forward in the state legislature, the bill would legalize duplexes, triplexes, and fourplexes in single-family neighborhoods in all cities with more than 25,000 residents; and a new report finds that tech workers from some of the most expensive cities on the West Coast are viewing Portland as a more affordable alternative.
For decades, many landlords and banks have held firm to the standard that a person should not rent a unit or buy a home that is more than 30% of gross income. The new standard set by Portland would be 50% of gross income. For people living paycheck to paycheck, any bump in the road in terms of a medical emergency, job loss or other emergency situation could lead to there not being enough savings to avoid eviction. Evictions follow a renter around for three years, which will make re-renting even more difficult for someone in that situation.
Read the op-ed piece here.
Thursday, June 13, 2019
Wednesday, June 12, 2019
“The metro added 27,500 positions in 2018, a 2.4% year-over-year employment growth rate. The construction boom taking place in the metro is supported by the office sector, which has more than 2.4 million square feet of space under construction,” the Yardi Matrix report says.
“With more than 9,320 units underway and some 6,900 units expected to be delivered this year, there are major concerns about oversupply, but a strong occupancy rate is indicating that there is a rapid absorption of new deliveries and demand for housing outpaces supply. The high occupancy rate and steady rent growth are drawing investors to the metro.
“With demand high, we expect rents to rise 1.9% in 2019,” the report says.
Tuesday, June 11, 2019
This apartment building was owner-managed and rents were significantly below market. Utilizing our extensive network of investor relationships, HFO secured a buyer with the wherewithal to close on this unique property.
Monday, June 10, 2019
A growing number of families – at all income levels – are working to find housing they can afford. As such, communities across the U.S. are seeking solutions to solve our nation’s housing crisis. To help meet this demand, federal, state and local governments must come together to reduce barriers to developing more rental housing.
"There isn’t a universal solution to solving the affordability problem," said Doug Bibby, NMHC President. "It requires a multi-faceted approach and I’m thrilled our Housing Affordability Toolkit will help communities, lawmakers and industry stakeholders nationwide explore various approaches."
Developed in partnership with HR&A Advisors, the Housing Affordability Toolkit is divided into six sections and each section delves into a specific component of addressing the affordability challenge. The Toolkit also includes case studies of eight different markets around the country to paint a diverse geographic and economic picture of how affordability challenges can differ from jurisdiction to jurisdiction. Each part can stand alone or be combined with others to bolster the recommendations within the Housing Affordability Toolkit to guide housing affordability discussions.
To download the Toolkit, visit housingtoolkit.nmhc.org.
Final Vote Expected Wednesday at 10:30 am on Portland's Proposed Tenant Screening, Security Deposit Ordinances
Meanwhile, Willamette Week obtained a copy of the City Attorney's analysis of the ordinance, which determined that the possibility of the ordinance being invalidated in court as "low to moderate." Read that story.
This week: Portland’s tenant screening ordinance moves forward to a possible vote by city council this Wednesday at 10:30 am at City Hall; Portland-area developers are bypass the City’s inclusionary housing requirements by constructing assets with fewer than 20 units, and a study finds that the migration of younger people into cities is more than a passing trend.
Thursday, June 6, 2019
Units include a full-sized washer/dryer set, vaulted ceilings plus decks in select units. The property is within walking distance of Portland State University and the city's financial and cultural districts.
HFO was able to demonstrate management upside and long-term demand for this rare townhome product. The asset was purchased by an exchange buyer from California actively seeking to build a portfolio of properties throughout metro Portland.
Tuesday, June 4, 2019
07/25/2019 - Update: Gov. Brown signed the bill into law on June 6th and it will take effect on January 1, 2020.
Monday, June 3, 2019
This week: The City of Portland renter and tenant security deposit ordinances progress to a second reading on June 12th; Seattle rent rates are back on the rise, and the City of Tacoma is in the news as the nation’s hottest housing market.