Portland has become a prime destination to invest in real estate as its housing industry is still recovering after the Great Recession. The state has seen a 3.63% growth in population since 2010, but new housing construction hasn’t kept up with the pace, and as a result, rents have surged and there is simply a lack of inventory.
Even though population growth has been modest, home prices rose sharply in recent years, 34% since 2012, partly because of speculation in foreclosed homes. Experts suggest they’ll keep rising near that pace for the next few years, which means excellent opportunity right now. The local economy leans heavily on Nike, Intel, and international trade and for many years has grown much faster than the US average.
The metro area is growing at an uneven pace, with the fastest growth
now in Clark County, (across the river to the northeast). Experts expect
10,000 new homes built in Clark County over the next three years, and 8,000
new apartments. In the much larger Multnomah County, 10,000 new homes and 13,000 apartments are expected. Compared to Multnomah, Clark has more younger families, and fewer immigrants. There is a smaller percentage of renters but with rents higher and home prices lower, investments in single-family property in Clark County have excellent potential.