Top Rental Picks
Capitalizing On The Demographic Wave Of Our Time
In recent months there has been increasing media coverage about the “echo baby boomers” – the children of the post World War II baby boomers. According to a study by the Joint Center For Housing Studies, the number of Echo Boomers aged 25-44 are the largest generation, to reach adulthood in the nation’s history. Echo boomers are entering their peak household formation years of 20–24 with more than five million more members than the baby boomers had in the 1970s.
Needless to say, their numbers are large and will impact the housing market for the next three or four decades. According to the pundits, most echo boomers will enter the housing market as renters. Nearly 80 percent of all householders under age 20 were renters last year. Rising interest rates coupled with more limited credit availability are likely to reinforce this trend, especially when you consider continued high levels of unemployment (especially in this town).
Some markets across the U.S. have started expand their supply of rental inventory by building new apartment complexes. Portland, however, faces some unique supply constraints – notably the Urban Growth Boundary (UGB). A look at the construction starts for 2010 confirms that very few builders are finding suitable sites to add apartment inventory. So, where are all the renters going to rent? Answer: Single Family Homes throughout town.
3-Bedroom Homes in Portland’s Urban Core - Priced Below $200,000
Not all single family homes are suitable as rentals. In most cases prices are still too high. For the most part, the math really only works on 3-bedroom homes in good locations, priced below $200,000. Here’s a sampling:
