Portland’s rapid growth has been well-documented by now, even reaching national notoriety. BiggerPockets referred to it as the second-best real estate market in the country, citing its 14.6% year over year home appreciation over the last few years. So the question becomes: Why is Portland such a hot city to invest in? Because with economic growth comes an increase in the Portland real estate market.
Portland’s long been the home for three of the world’s biggest brands, being Nike, Adidas and Intel, yet many companies are choosing to relocate here or open a new location. AirBnB opened a downtown office which brought an influx of employees. Google announced plans to start a Portland office, as did Under Armour. Rumors even broke of Amazon opening an office here.
These companies open massive facilities, leaving room to employ thousands of people and supply decent living wages. This is reassuring for property owners, as steady wages brings reliable and high-quality tenants.
Follow the millennials
Portland became one of the top destinations for millennials in 2017. With this type of influx comes the increase in rental properties, higher demand for housing, and the highest equity gains and appreciation rates. Thus, for cities with a high number of millennials—which also includes Austin, Denver and Boston—investors can see some of the greatest returns.
Portland is a highly desirable place to live
Sure, it rains for a few months and can get quite cold. But for parts of the year, Portland is one of the most beautiful cities in the country. It caters to everyone, having activities for families, young professionals and the elderly population alike. There’s some of the best restaurants in the world, access to gorgeous nature, even a professional basketball team. People want to live here, they’ll continue to live here, and that won’t be changing anytime soon.
Portland real estate: The big takeaways
If you’re looking to buy a home in Portland, whether to live or invest, the time to do so is now. The housing inventory isn’t getting much better, yet the rate of buyers and investors is growing more competitive by the day. Portland real estate offers a fantastic market, you just have to know what you’re looking for and what you’re buying.
At Portland Development Group, we’ve been facilitating investments and real estate deals with investors both experienced and new. We can direct and guide you in the right direction. For more information about investing in Portland real estate, give our team a call!