RENTAL HOUSING ASSOCIATION OF GREATER PORTLAND
President • Elizabeth Carpenter Past President • Phil Owen Vice President • Robin Lashbaugh Secretary • Lynne Whitney Treasurer • Jon Moon Office Manager • Alita Dougherty Member Services • Cari Pierce Bookkeeper • Pam Van Loon
10520 NE Weidler Portland, OR 97220 (503) 254-4723 • fax (503) 254-4821 info@rhagp.org http://www.rhagp.org
The RHAGP has been actively working to participate in housing issues. The current focus of our work is within three stakeholder groups with the topics under discussion as described below. I think it says a lot that we are invited to participate in these conversations and that our ideas are considered both locally and statewide. Landlord Tenant Coalition - Phil Owen and Cindy Robert have been participating in these bimonthly meetings since last summer. While the conversation has not come to the point of a completed and agreed upon piece of legislation, the topics still on the table include renters insurance, guest definitions, criminal history consideration and the ability to assess fees for non-compliance of contract terms on such issues as pets and
President' s Message
smoking. Section 8 Voucher Program - House Speaker Tina Kotek convened a group last fall to discuss mandatory Section 8 program participation. This is an issue that has been discussed in many cities and states, sometimes without the landlords, so we are thankful that Speaker Kotek welcomed Phil and Cindy into the workgroup. City - RHAGP Board member Jerad Goughnour has been confirmed on the City of Portland's Housing Advisory Commission (PHAC). The Portland Housing Bureau looks to the PHAC members to bring ideas, analysis, and perspectives to the table; to highlight opportunities for influence between the City housing system and other systems, as well as to provide a forum for public input on housing issues.
Apartment Market At the CCIM (Certified Commercial Investment Member) monthly meeting for January the speaker was Mark Barry, MAI. Mark was very positive concerning the apartment rental market in the Portland Metro area. In his presentation Barry stated the vacancy rates will stay low, around 3.5% in most locations of Portland, until about 2015. At that time roughly 8,000 units/ doors will have been completed. Barry predicts vacancy rates will rise to 6% as a result, which has been the historical vacancy rate for the Portland area. Important to keep in mind is that Portland has an increase in population of about 20,000 to 25,000 each year. Further researching CCIM information, the average price for the Portland Area is $72,989 per unit,
PHIL OWEN RHAGP President
which is lower than both the regional average of $127,901 per unit and the national average of $107,833 per unit. Cap rate in the Portland apartment market is an average capitalization rate of 6.2%, similar to the national average of 6.3% percent, and higher than the regional average of 5.8%. I have found for close-in Portland the cap rate to be around 4% to 5%, with outer areas from 5.5 to 7% capitalization rate. Most of the capitalization rate does depend on the condition of the property and area. The Urban Land Institute report states the multifamily sector is a solid development opportunity. ~Elizabeth Carpenter, President
Advertise in the Landlord Times - Metro Circulated to over 20,000 Apartment owners, On-site, and Maintenance personnel monthly. Call 503221-1260 for more information.
RHAGP Vendor Happy Hour Join us Thursday, February 21st at 6:30pm for a special vendor appreciation happy hour. Why: Learn how to get
the most of your Vendor membership, new marketing opportunities, share best practices and help brainstorm program improvements
Who: All current vendor
members and those looking to join
Where:RHAGP Office
10520 NE Weidler Portland OR 97220
When: Thursday, 2/21/13 6:30pm
Cost: FREE! RSVP: Phone: 503/254-4723
or E-mail:info@rhagp.org
For more information on the RHAGP and the Vendor Program, visit www.rhagp.org 6
The Landlord Times - Metro • February 2013