August 2024 kept our Living Room property management team on their toes with 20 tenant move-ins across the portfolio. Days on market ticked up for most rentals, except for ADUs. We learned, after a rough first half of the year, ADU pricing reductions and concessions are key to moving them more quickly. They’re leasing faster but both ADUs and condos are still facing stiff competition and sticking around for over 30 days on market. These high-touch units cost us more in showings than our placement fees can cover, so many management companies, including Living Room are more selective when onboarding these types of units. On the bright side, single-family homes and small plexes (1-5 units) are a breeze to show with self-guided tours. Plexes even saw a small rent bump as owners took advantage of natural growth after keeping rates steady to avoid turnover. Meanwhile, luxury homes slowed down sooner than expected, with rents dipping 2% and some gorgeous properties still waiting for the right tenants. It’s a good reminder that getting larger homes turned over before school starts in July is essential. The rollercoaster of pandemic renting is behind us, and we’re seeing a return to seasonal swings—where a turnover in April or August can make a 2-4% difference in rental rates.
*The numbers reflected in the images below specifically reflect the Living Room Property Management portfolio. 90% of the homes leased are located in the City of Portland with only 10% in surrounding Portland Metro suburbs.
