Mt. Hood's Rental Crisis
If you've been "thinking" about buying a home on Mt. Hood, this graph really says it all. We receive countless calls and inquiries from people looking for rentals in our area. Well, there are none. We haven't heard of any in about 8 months. Portland's rental crisis is our crisis too. Nationally, Portland's crisis is getting compared to San Francisco's crisis.
On the mountain many workers for the ski industry have been left out in the cold with few options for living close to work creating longer commute times. Many properties have been scooped up by investors looking for vacation rentals leaving fewer homes available for purchase. We've never seen inventory this low on the mountain. Bad for renters, good for sellers who are seeing escalating prices and bidding wars in many cases.
Interest rates will be going up this year and are projected to end in the 4.5 to 5% by years end. Avoid contining rising rents and BUY A HOUSE TODAY!