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Jul-30-2019 00:45printcomments

Salem Housing Costs Still Too High? Property Trends Suggest Good News Soon

Oregon's average rent increased 10-14% between 2017 and 2018.

housing market
The housing market may be loosening up in the Salem area.

(SALEM, Ore.) - The state of Oregon ranks second highest in the number of migrants who choose to stay in the state. This places a lot of focus on the discussion of available property and housing.

Around 43.9% of Salem’s population is comprised of renters, based on the data of Best Places, which in turn leads to steeper rental rates in and around Salem.

However, if property trends and other recent developments are to be an indicator, there is good news looming.

Rent Control Bill

As of April this year, the average rent in Salem goes for about $981—a 3.87% increase from last year, based on the market study of Rent Jungle.

The constant increase of rent and property prices in Salem caused much distress among renters and potential property owners. It is fortuitous that Oregon passed a statewide rent control bill (Senate Bill 608) to limit any rent increase to 7%. The general aim of this legislation was to put a stop to the average rent growth of 10-14% which occurred between 2017 and 2018.

The bill was signed into law by Oregon Governor Brown at the end of February and went into effect March 1. Oregon is the first state to impose a statewide rent control policy, intended to help stem the tide of rental increases and give people affordable housing options.

Easing in Property Crunch

What generally drives up rental prices is a lack of supply in available units and properties while the demand for them remains high. This is about to change, says economist Josh Lehner from the Oregon Office of Economic Analysis.

Lehner mentions that the market is settling with Portland offering a fresh supply of rental apartments and properties. The easing property crunch also holds a positive opportunity for property buyers.

The trickle also affects Salem properties for sale. That's good news for those looking to finance their future homes, as they will be able to look around for better mortgage deals.

Mortgage Assistance Programs

What about those who already have mortgages to pay? The Oregon Housing and Community Services have recently announced that they will be providing mortgage assistance for those receiving unemployment benefits.

Referred to as the Mortgage Payment Assistance Unemployment program, it aims to help unemployed residents avoid foreclosure on their properties and having to rent because of economic changes. If eligible, homeowners may receive up to 12 months coverage and a maximum amount of $20,000 for their mortgages.

Given the succession of news that may help ease the burden off rental properties and properties in general, it would not be unreasonable to think that things are looking up.

Of course, the nature of property being as it is, it will be subject to shifts. In any case, it will be beneficial for interested parties to keep a sharp eye on any updates that may have an effect on properties in Salem.

Source: Special Features Dept.


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