Rent increases are here. This last fall it was announced that Oregon landlords will be allowed to raise rents by 14.6% this is up from the previous, and already high, rent cap of 9.9%. What does this mean for renters? Well if you are currently a 1 bedroom apartment in Portland and paying the average rent of $1,500 a month your rent could go up to as much at $1,719 in 2023.

Here are some action steps we are encouraging all of our renter friends to take.

1. Find out if your landlord is planning to raise your rent and if so by how much?
2. Educate yourself about the real estate market. We work with many clients that think they are years away from buying a home when in fact they are far closer than they think.

Here’s the bottom line each month you pay rent that is an expense for you and investment for your landlord. If there is a chance you could be investing your money in your own future wouldn’t that be great? Set up a time to talk to our team, ask for a lender recommendation, or sign-up for one of our Home Buyer Master Classes, and start having that conversation about how close you are to homeownership.

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