The Portland housing market update reflects changes in pricing, sales activity, and market dynamics compared to the previous year. These shifts indicate evolving conditions that can influence both buyers and sellers in the Portland real estate market.
Portland Housing Market Update
Portland, known for its stunning landscapes, vibrant culture, and booming real estate market, is closely watched by both homebuyers and real estate professionals. The Portland Metropolitan Association of Realtors® (PMAR) has released its comprehensive housing market report. The Portland housing market in August 2023 witnessed notable changes in various key indicators, reflecting shifts in supply, demand, and pricing compared to the previous year. Let's examine the specifics to gain a comprehensive understanding of the market dynamics.
- The median sales price was $536,000, a decrease from the previous year ($548,500).
- The average sales price was $608,300, a decrease from the previous year ($607,700).
- No. of closed sales was 2155, a decrease from the previous year (2581).
- No. pending sales were 2053, a decrease from the previous year (2530).
- New listings were 2923, a decrease from the previous year (3209).
- Months of inventory equaled 2.2, an increase from the previous year (1.8).
- The average no. of days on the market was 37, an increase from the previous year (28).
Sales Prices
The median sales price in August 2023 was $536,000, representing a decrease from the previous year's figure of $548,500. Similarly, the average sales price decreased to $608,300 from $607,700 in the previous year.
Sales and Pending Transactions
The number of closed sales in August 2023 was 2,155, a decline from the previous year's count of 2,581. Additionally, pending sales decreased to 2,053 from 2,530 in the previous year, suggesting a shift in buyer activity.
New Listings and Inventory
New listings recorded a decrease, with 2,923 listings in August 2023 compared to 3,209 in the previous year. The months of inventory increased to 2.2 from 1.8 in the previous year, indicating a shift in market balance towards a slightly more favorable position for buyers.
Days on the Market
The average number of days a property spent on the market increased to 37 days, up from 28 days in the previous year. This suggests that properties took a bit longer to sell in August 2023 compared to the same period last year.
Is it a good time to buy a house in Portland Oregon?
Given the price drops observed in August 2023, it could be considered a relatively good time to buy a house in Portland, Oregon. The lower prices compared to the previous year may present opportunities for buyers to make purchases at a slightly more favorable cost. However, individual circumstances, financial considerations, and market dynamics should be carefully evaluated before making a decision.
Market Dynamics: Buyer vs. Seller
With the months of inventory at 2.2, indicating an increase from the previous year, the market is leaning slightly towards a more balanced or buyer-friendly situation compared to before. A lower months of inventory suggests a seller's market, where demand exceeds supply, potentially leading to higher prices. However, the increase in inventory might indicate a shift towards a more neutral market, giving buyers more options and potentially less pressure to compete.
Portland Housing Market Forecast 2023-2024
What are the Portland real estate market predictions? As the largest city in Oregon and a vibrant real estate hub, Portland's housing market has been closely monitored by both buyers and sellers. To gain insights into the current state and potential future of the market, we turn to the latest data provided by Zillow. Let's analyze the key takeaways and the 1-year forecast for the Portland-Vancouver-Hillsboro area.
Current Market Snapshot
As of July 31, 2023, Zillow reports that the average home value in the Portland-Vancouver-Hillsboro area stands at $545,990. This figure represents a decrease of 3.3% over the past year. Additionally, homes in this area are going pending in approximately 9 days, indicating a remarkably fast-paced market where properties are in high demand.
Market Forecast
Looking ahead, Zillow provides a 1-year market forecast for July 31, 2023, which suggests a growth rate of 3.5%. This forecast indicates optimism for the Portland housing market in the coming year, with the potential for home values to appreciate.
Market Metrics
Several key market metrics offer further insights into the current dynamics of the Portland housing market:
- Median Sale to List Ratio (June 30, 2023): The median sale to list ratio is reported as 1.000, suggesting that, on average, homes are selling very close to their list prices.
- Percent of Sales Over List Price (June 30, 2023): Approximately 47.8% of sales are going over the list price, indicating strong competition among buyers and potentially competitive bidding.
- Percent of Sales Under List Price (June 30, 2023): About 31.8% of sales are occurring under the list price, offering opportunities for buyers to find properties at a potentially lower cost.
- Median Days to Pending (July 31, 2023): The median time for a property to go pending is 9 days, highlighting the quick pace of the market and the high demand for homes.
Addressing the Question: Are Home Prices Dropping in Portland, Oregon?
While Zillow's data indicates a 3.3% decrease in average home values over the past year, it's important to consider the market forecast, which suggests a 3.5% growth rate in the coming year. These figures indicate that while there may have been a recent decline in home values, the market is anticipated to rebound and show positive growth in the near future.
It's worth noting that real estate markets often experience fluctuations, and a single year's data may not provide a complete picture of long-term trends. The 1-year forecast offers a more optimistic outlook for the Portland housing market.
The Portland housing market is dynamic and competitive, with metrics suggesting both opportunities and challenges for buyers and sellers. As always, staying informed and consulting with a local real estate expert who understands the nuances of the Portland market can help individuals make well-informed decisions. The market forecast indicates that while there may have been recent declines, positive growth is on the horizon, making it an intriguing time to engage with the Portland real estate market.
Portland Real Estate Investment: Should You Invest in Portland?
Should you consider Portland real estate investment? Many real estate investors have asked themselves if buying a property in Portland is a good investment. Portland offers a promising real estate investment landscape. Its strong economy, population growth, and rental market make it an attractive option for investors looking for potential long-term appreciation and cash flow. By carefully evaluating market conditions and working with professionals, investors can position themselves for success in the Portland real estate market.
Portland is a very ethnically diverse large city and home to around 600,000 people. However, the Portland housing market, in reality, includes more than two million people who live in the Portland Metropolitan Area or Greater Portland—comprising Clackamas, Columbia, Multnomah, Washington, and Yamhill Counties in Oregon, and Clark and Skamania Counties in Washington.
Investing in Portland real estate can be a lucrative opportunity for those seeking to grow their wealth and portfolio. With its strong economy, diverse job market, and desirable quality of life, Portland has become an attractive destination for real estate investors.
One of the key factors that make Portland an enticing investment option is its steady population growth. The city's population has been consistently increasing, driving demand for housing and rental properties. This demand creates opportunities for investors to generate rental income and capitalize on the appreciation.
Another advantage of investing in Portland is the city's thriving job market. Portland is home to a diverse range of industries, including technology, healthcare, education, and manufacturing. The presence of major employers and a growing entrepreneurial ecosystem contribute to a stable economy, ensuring a steady stream of potential tenants and buyers for investment properties.
Additionally, Portland's strong rental market offers investors a reliable income stream. With a high percentage of renters in the city, there is a constant demand for rental properties. Rental rates have been steadily increasing, providing investors with the potential for consistent cash flow and attractive returns on their investments.
Furthermore, Portland's commitment to sustainability and green initiatives has made it a leader in eco-friendly practices. This focus on sustainability has attracted environmentally conscious tenants and buyers, enhancing the long-term value of real estate investments in the city.
However, like any investment, there are considerations and risks to keep in mind. The Portland real estate market has experienced price fluctuations and can be competitive, especially in desirable neighborhoods. Conducting thorough market research, analyzing property values, and working with experienced local professionals are essential steps to mitigate risks and make informed investment decisions.
Portland is a “Hot” Real Estate Market for Millennials
One of the major factors driving the Portland real estate market is the city is hot with Millennials. Nor is it just students coming to Portland driving up prices in the Portland housing market. They want to buy homes in a family-friendly, cultural city, something many cannot afford to do in California.
When a city sees people move there for work, this could include everyone from 25-year-old grads to 50-year-old mid-career professionals. The fact that the Portland real estate market is especially attractive to young adults trying to buy houses, means there will be a strong demographic momentum into the future as they start families, increasing the local population and the odds they’ll stay.
Portland Lacks Room to Grow Which Drives The Home Prices Up
One of the beautiful things about Portland is its proximity to the ocean and the mountains, while much of the area is covered in protected forests. The downside of this is that the city lacks room to grow the way many inland real estate markets do. Developers could tear down older buildings and build skyscrapers, but that’s expensive compared to going five miles down the highway and building a new suburban neighborhood.
Relative to the strong migration and income-driven demand, the supply is lagging in the entire Portland MSA. New housing permits have been among the slowest recovering economic indicators in the Portland MSA after bottoming out in 2012. Not only is the Portland MSA producing new buildings at a relatively slow rate, but also fewer homes are
available for sale than ever before.
The relative lack of room to grow keeps rents high in the Portland real estate market for both residents and commercial firms. While Portland residents complain about the rent, Silicon Valley’s insane rents are pricing firms out of San Francisco Bay Area, and enough have moved north to get the area called Silicon Forest. Google’s moved both people and jobs here.
Other tech firms followed suit, opening offices here, or simply relocating. Increased demand for housing guarantees higher rental rates and property values. Considering the affordability problems in San Francisco and Seattle, Portland’s relative cheapness is leading people to migrate from those cities—which has contributed to the population growth of Portland MSA.
Portland’s Relatively Affordable Housing Market
Portland's relatively affordable housing market is a significant draw for both residents and prospective homebuyers. Compared to other major cities on the West Coast, such as Seattle and San Francisco, Portland offers a more accessible and affordable housing market.
One of the factors contributing to Portland's affordability is its lower median home prices. While housing prices have seen an increase in recent years, they still remain relatively affordable compared to other metropolitan areas. This affordability opens up opportunities for individuals and families to become homeowners without facing exorbitant costs.
Another aspect of Portland's affordability is the presence of diverse housing options. The city offers a range of housing types, including single-family homes, townhouses, condominiums, and apartments. This variety allows individuals to find housing that aligns with their budget and preferences.
Furthermore, Portland's affordable housing market is complemented by the city's strong job market. The region boasts a robust economy with opportunities in various industries, including technology, healthcare, education, and manufacturing. The availability of well-paying jobs enables residents to afford housing options in the city.
Additionally, the city's transportation infrastructure, including public transit systems and bike-friendly initiatives, provides residents with convenient access to different neighborhoods and reduces commuting costs. This accessibility contributes to the overall affordability of living in Portland.
Portland's Massive Student Market For Rental Property Investment
There are more than three dozen private and public universities within 150 miles of Portland. The University of Oregon and Oregon Institute of Technology both have massive campuses here. Student enrollment for the STEM and IT programs is exploding because graduates are entering the hot tech market created by Silicon Valley refugee firms. This means there is a strong Portland housing market for students in the vicinity of multiple campuses. Compare that to places like College Station, Texas – your property values and rents depend on the attractiveness of the one main school to students.
Portland Rental Market Statistics: The average size of a Portland, OR apartment is 765 square feet. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer more generous square footage. The average rent for an apartment in Portland is $1,763, according to RENTCafé.
More than 32% of the apartments can be rented for $1,500 or less while about 40% fall in the range of $1,500 to $2,000. 47% of the households in Portland, OR are renter-occupied while 53% are owner-occupied. That makes a huge population of renters. The most expensive Portland neighborhoods to rent apartments are Arnold Creek ($1,999), Old Town Portland – Chinatown ($1,999), and The Pearl ($2,006).
As of October 2023, the average rent for an apartment in Portland, OR is currently $1,450. This is a 3% decrease compared to the previous year. Over the past month, the average rent for a studio apartment in Portland decreased by -2% to $1,255. The average rent for a 1-bedroom apartment decreased by -3% to $1,450, and the average rent for a 2-bedroom apartment decreased by -1% to $1,875.
Portland's Better Business Climate
If you ask people and businesses why they relocated to Portland, one answer is the lower cost of living. Oregon is one of only five states in the nation that levies no sales or use tax. State government receipts of personal income and corporate excise taxes are contributed to the State's General Fund budget, the growth of which is controlled by State law. Oregon has property tax rates that are nearly in line with national averages. The effective property tax rate in Oregon is 1.04%, while the U.S. average currently stands at 1.08%.
Oregon is ranked number fifteen out of the fifty states, in order of the average amount of property taxes collected. It is ranked 16th of the 50 states for property taxes as a percentage of median income. Oregon's median income is $73,097 per year. The average home price in Portland Oregon is much lower than the average house cost in nearby cities like Seattle. The median property tax in Oregon is $2,241.00 per year for a home worth the median value of $257,400.00. Counties in Oregon collect an average of 0.87% of a property's assessed fair market value as property tax per year.
The exact property tax levied depends on the county in Oregon the property is located. Oregon's Multnomah County, which encompasses most of the city of Portland, has property taxes near the state average. The county's average effective tax rate is 1.07%. To understand why Portland property taxes go up every year nearly regardless of real estate values, let’s take a quick look at how taxes are usually calculated. The standard way is to multiply the value of your home by the property tax rate for your area of the county—which is estimated by county assessors through in-person inspections and comparisons to similar, recently sold homes.
But Oregon’s system of property taxes was modified by a 1997 bill that uncoupled property taxes from the actual value of homes. Now, Oregon pegs the taxable value of a property to its 1995 property values, plus 3 percent a year thereafter. In 2019, we had a cooling real estate market but now the market conditions are neutral amid the pandemic. That means that your home’s value may stay the same this year, or even go down a little bit, as per the Oregon property taxation system, the value is still going up 3%.
In many areas, real home values have risen much faster but the assessed property value still has a long way to go to catch up to them. The caps have succeeded in keeping property taxes relatively predictable and far lower than if they rose in sync with their home value — the price homeowners could fetch for their house. According to Metro, the current average assessed value of a Portland home is just $231,000.
In 2019, Oregonlive.com ranked Oregon counties by their effective tax rates — the amount of tax imposed per $1,000 of real market value across the entire county. This is an average, and individual homeowners within those counties might have dramatically different rates. Also, These numbers reflect the previous tax year (2018), the most recent for which figures were available from the Oregon Department of Revenue.
Portland metropolitan area comprises Clackamas, Columbia, Multnomah, Washington, Yamhill Counties in Oregon, and Clark and Skamania Counties in Washington.
In Multnomah County, the average tax rate is $20.12 per $1,000 of assessed value, but the average homeowner is taxed $9.87 per $1,000 of real market value.
In Clackamas County, the average tax rate is $16.00 per $1,000 of assessed value, but the average homeowner is taxed $10.60 per $1,000 of real market value.
In Columbia County, the average tax rate is $13.32 per $1,000 of assessed value, but the average homeowner is taxed $9.40 per $1,000 of real market value.
In Washington County, the average tax rate is $17.07 per $1,000 of assessed value, but the average homeowner is taxed $10.88 per $1,000 of real market value.
In Yamhill County, the average tax rate is $15.21 per $1,000 of assessed value, but the average homeowner is taxed $10.52 per $1,000 of real market value.
Caveat: On Nov. 6, 2018, voters approved a million-dollar general obligation bond to create affordable housing for approximately 12,000 people in the greater Portland region. The total amount to be raised through property taxes is nearly $653 million over 30 years. Due to this property owners in the tri-county Portland area would pay the bond back through higher property taxes over the next 30 years.
In 2019, property taxes to pay for this bond went up by 24 cents per $1,000 in assessed value for Portland homes in each of the three counties. That comes out to about $60 for a home with an assessed value of $250,000. Although the region's average home market value is far higher than $250,000, the average home's assessed value was $231,000 in 2018.
Now coming to its business friendliness, various national surveys put Oregon in the middle of the pack. However, business friendliness is relative. Forbes Magazine came out with an article in mid-2018 describing how California is unsustainable. Infrastructure is crumbling, and they build trains to nowhere instead of roads and dams people need.
It is hard to run a water-dependent industry when they’re rationing water for homeowners soon. We already addressed taxes, but regulations are insane. The new California rule mandating that businesses have at least one woman on the board by the end of 2019 is merely the camel’s nose under the tent; they could start mandating ethnicity-based board membership, union, or employee representation on boards and board membership based on sexuality.
A business could try to solve this by going private, or they can move their headquarters to Oregon. It is certainly easier to move a business and team north to Portland where their salaries go further since the Portland real estate market is so much more affordable.
Portland is Relatively Landlord Friendly – For Small Landlords
There’s an interesting situation in the Portland real estate market. If you own a large apartment building, you’ll find the Portland area difficult to manage because it is so tenant-friendly. A small landlord with a single home for rent, though, is in a different category. People buying and renting out a single home in the Portland housing market will have a much easier time.
They don’t have to follow the same rules on renter protection like rental assistance payments if you evict someone without cause (like you’re going to rehab or sell the property). Rental rates for smaller landlords can go up more in accord with market rates instead of being capped at around 5%. Regardless of how many properties you own, Portland has only discussed rent control – and seen significant opposition to it.
Portland Investment Properties: Where To Invest?
In any property investment, cash flow is gold. The Portland real estate market is booming because the economy is doing well on its own and the area is head and shoulders above California’s deteriorating situation. The Portland housing market has experienced double-digit annual price growth in recent years. Home values rose 11.4% in 2016 alone, according to a report from the real estate data company Clear Capital. The home prices in the Portland, Oregon housing market have slowed considerably over the last few months. And that’s a good thing, from a sustainability standpoint.
Good cash flow from Portland investment property means the investment is, needless to say, profitable. A bad cash flow, on the other hand, means you won’t have money on hand to repay your debt. Therefore, finding the best investment property in Portland in a growing neighborhood would be key to your success. If you invest wisely in Portland's real estate, you could secure your future.
The less expensive the Portland investment property is, the lower your ongoing expenses will be. When looking for the best real estate investments in Portland, you should focus on neighborhoods with relatively high population density and employment growth. Both of them translate into high demand for housing.
The neighborhoods should be close to basic amenities, public services, schools, and shopping malls. A cheaper neighborhood in Portland might not be the best place to live in. A cheaper neighborhood should be determined by these factors – Overall Cost Of Living, Rent To Income Ratio, and Median Home Value To Income Ratio. It depends on how much you are looking to spend and if you are wanting smaller investment properties or larger deals in Class A neighborhoods.
Portland home prices are some of the most expensive in all of the United States. According to Realtor.com, there are 90 neighborhoods in Portland. Southwest Hills has a median listing home price of $1.2M, making it the most expensive neighborhood. Lents is the most affordable neighborhood, with a median listing home price of $380K.
Some of the most popular neighborhoods in Portland are Bethany, Southwest Hills, Hazelwood, Multnomah Village, Raleigh Hills, St. Johns, Eastmoreland, Lake Oswego, Laurelhurst, Downtown Portland, Tigard, Alameda, Cedar Hills, Montavilla, Hillsdale, Lents, Woodstock, and Kenton.
We recommend taking the help of the local real estate agents to find neighborhoods with an affordable entry prices of homes, high appreciation forecasts, and growing rent prices so that as an investor you can enjoy positive cash flow and nice profits. If the housing supply meets housing demand, investors should not miss the opportunity since entry prices of homes remain affordable. Find neighborhoods that are most popular among renters.
Here are the ten neighborhoods in Portland having the highest real estate appreciation rates since 2000—List by Neigborhoodscout.com.
- Downtown North
- Downtown East
- Arbor Lodge
- Overlook
- Overlook North
- Humboldt
- Concordia
- Kenton East
- King
- Humboldt North
Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.
NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Portland.
Consult with one of the investment counselors who can help build you a custom portfolio of Portland turnkey properties. These are “Cash-Flow Rental Properties” located in some of the best neighborhoods of Portland.
Not just limited to Portland or Oregon but you can also invest in some of the best real estate markets in the United States. All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete Portland turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.
Apart from Portland, you can also invest in many other real estate markets which are equally good for investors. Bend is a small city in Oregon. It is nestled on the edge of the Cascade Range and the shore of the Deschutes River. It is a verdant spot in the High Desert. It sounds like a wonderful place to visit. Home prices in the Bend real estate market have gone up by 5.7% over the past year. The median home value is $475,132.
Oregon is bounded to the north by Washington state, from which it receives the waters of the Columbia River; to the east by Idaho, more than half the border with which is formed by the winding Snake River and Hells Canyon; to the south by Nevada and California.
If you head to the south, go for the Las Vegas real estate market. It is as hot as the desert heat in Nevada. Las Vegas is in the top 10% nationally for real estate appreciation. Las Vegas real estate has appreciated by 99.29% over the last 10 years. The Las Vegas real estate market is entirely brimming with new businesses. It isn’t just about casinos, medicine is a growing industry as well.
The University of Las Vegas and Zappo’s, the internet shoe store, is also based in Vegas. Its friendly business environment is propping up the economy and helping towards the positive Las Vegas real estate trends. The new businesses are propping up at a much faster rate than the national average.
Investing in a Las Vegas Property is a great option as Las Vegas has very low investment property taxes and no personal income tax. The average effective property tax in Las Vegas (Clark County) is 0.70%, slightly higher than the statewide average, but still significantly lower than the national average. The state’s average effective property tax rate is just 0.69%, which is well below the national average of 1.08%.
If you choose the nearby state of Washington, then we'd recommend the Spokane real estate market. Spokane is the second-largest city in Washington State. It is sited on the Spokane River in the foothills of the Rocky Mountains. The population of Spokane is around two hundred thousand. However, the Spokane real estate market includes the broader metropolitan area that is home to nearly 600,000 people. There is a high housing demand in the market and the current supply equals 1.2 months. The median home value in Spokane is $264,212 and home values have gone up 13.1% over the past year.
Let us know which housing markets you consider hot for real estate investing?
This article shouldn't be used to make real estate or financial decisions. Some of this article's information came from referenced websites. Norada Real Estate Investments provides no express or implied claims, warranties, or guarantees that the material is accurate, reliable, or current. All information should be validated using the below references. Norada Real Estate Investments does not predict the future US housing market. This article educated investors on Portland real estate. Buying a rental property needs research, planning, and budgeting. Not all investments are good. Always do research and consult a real estate investment counselor.
References
Market Data, Reports & Forecasts
https://pmar.org/shareables/
https://www.oregonlive.com/
https://realestateagentpdx.com/category/portland-real-estate-market-news
https://www.littlebighomes.com/real-estate-portland-or.html
https://www.realtor.com/realestateandhomes-search/Portland_OR/overview
Impact of Covid-19 & Recovery
https://realestateagentpdx.com/portland-real-estate-market-spring-2020-covid-19-update/17320
https://www.oregonlive.com/realestate/2020/06/portland-area-housing-market-pending-sales-new-listings-surge-in-may.html
Rental Statistics for apartments
https://www.rentcafe.com/average-rent-market-trends/us/or/portland/
https://www.rentjungle.com/average-rent-in-portland-or-rent-trends/
Best Neighborhoods
https://www.neighborhoodscout.com/or/portland/real-estate
https://www.rentjungle.com/portland-or-apartments-and-houses-for-rent/
https://www.rentcafe.com/blog/apartment-search-2/neighborhood-guides/portlands-best-neighborhoods-for-renters/
Foreclosures
https://www.realtytrac.com/statsandtrends/or/multnomah-county/portland
Oregon Tax Rates & Way of Computing
http://www.tax-rates.org/oregon/property-tax
https://smartasset.com/taxes/oregon-property-tax-calculator
https://realestateagentpdx.com/portland-property-taxes-to-rise-in-2020/16247
https://www.oregonlive.com/news/erry-2018/10/7273fa75401636/property-tax-rates-in-oregons.html
Top Reasons to Invest in Portland
https://www.entrepreneur.com/article/273822
https://www.oregonbusiness.com/article/item/16045-is-oregon-good-for-business
https://www.cnbc.com/2015/05/14/water-millennials-drive-portland-oregon-housing.html
https://www.oregonlive.com/politics/index.ssf/2017/02/portlands_tina_kotek_explains.html
https://www.oregonlive.com/portland/index.ssf/2014/07/how_friendly_is_oregon_portlan.html
https://www.pdx.edu/nerc/sites/www.pdx.edu.nerc/files/The%20State%20of%20the%20Portland%20Housing%20Market.pdf
https://www.business2community.com/brandviews/upwork/why-silicon-valley-techies-are-rushing-to-the-pacific-northwest-02076366
https://www.forbes.com/sites/thomasdelbeccaro/2018/04/19/the-top-four-reasons-california-is-unsustainable/#6f1366cd3a23
https://www.portlandmercury.com/news/2018/01/24/19626335/portlands-small-time-landlords-dont-have-to-follow-renter-protections
