Posted on 10/15/2020 2:35:27 AM PDT by knighthawk
Rent prices in Portland, Ore., are falling at a faster rate than many other major cities after years of increases, according to a report.
The declines in several rental markets are largely attributable to the coronavirus pandemic, according to the Oregonian, but Portland’s is steeper than all but 9 other cities with populations of 250,000 or more -- likely due to years of rent hikes, a report from Apartment List said.
The outlet said the downtown area has been particularly challenged by months of racial injustice protests that have frequently turned destructive and homeless camps that have overwhelmed certain areas – although there’s no data to show if downtown rents are decreasing faster than the rest of the city.
(Excerpt) Read more at foxbusiness.com ...
particularly challenged, funny
I fully expect the commercial real estate market to collapse after the election.
Few stores were able to pay rent during the Covid 19 shutdown. Many are filing bankruptcy to renegotiate or get out of leases.
Many companies are cutting office space due to the new work from home initiatives.
The increase in metro crime is driving people away.
Huh, whaddaya know?
Increased vacancies = declining rental costs...what a surprise.
Fox Business news should have added effects on commercial rental costs...gee maybe people are fleeing the area.
Portland is a s***hole, literally.
Work from home is one reason. But, in the case of CA, IMHO, the decrease is caused mostly from people leaving to get away from CA and all that implies (homeless folks, feces and needle encrusted streets and sidewalks, etc.).
I suspect Utah, Nevada and Arizona have seen increases due to this.
“although there’s no data to show if downtown rents are decreasing faster than the rest of the city.”
The data is there, they just don’t want to see it.
This is only going to get worse and businesses find they can’t afford insurance, assuming they can even get insurance. What idiot would insure a business in downtown Portland?
Carl Icahn shorted the commercial RE market back in February IIRC (I think he actually shorted commercial mortgage pools).
It was a smart move.
They know.
Rents are the bellwethers of growth and decline of real estate.
I suspect an unreported angle of this story (in Portland and throughout the country) is we are also watching what happens when the spigot is turned off and we can’t continue trafficking masses of foreigners into this country to replace an ageing American population that is dying out.
Leftist speak.
Months of crime and terrorism.
Consequences are a bitch
New York City, Washington, Seattle, Minneapolis, Newark, Chicago, ...?
I agree.
I’d look at San Jose, San Francisco and Portland to be the first to collapse.
It’s a total mystery.
I would have thought fire would kill the coronavirus.
“The outlet said the downtown area has been particularly challenged by months of racial injustice protests that have frequently turned destructive and homeless camps that have overwhelmed certain areas – although there’s no data to show if downtown rents are decreasing faster than the rest of the city.”
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The outlet that wrote this is fake news. The riots in Portland for months never were about racial injustice. They were always about changing our system of government from republic to totalitarian and our economic system from capitalism to socialism. The goal of Antifa has not changed and will not change. Antifa is playing heck with rents because intelligent people are getting out of Dodge.
Racial inequity protests? Portland is 2% black, these are Anarchist riots.
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