As the new incoming President of COROA, I would like to take this opportunity to introduce myself. I feel honored to be able to represent our members, and am excited to be your President.

My background begins with buying my first residential rental property at the age of 19…many, many years ago. I knew at that young age that my financial future would be best secured by owning real estate. As I looked around my small world in Santa Cruz, California; it was evident that real estate ownership was a common thread that ran through “successful business people”. So; off I embarked on a wonderful journey; that 40 years later still amazes me! I can sincerely say without hesitation that real estate investment ownership consistently has proven to help build my financial success.

During these challenging times we need to remind ourselves that “real estate” is a market, and like any market is subject to rises and falls as conditions change. Currently, you may be questioning your investments; but “market forces” WILL change again. I believe that within a few years you will be happy you own your investment property. Investors are returning to the real estate market and are purchasing property again! They will no doubt experience good future appreciation.

COROA is a great organization for property owners. Today we have updated forms, lobbyists in Salem, educational seminars and networking opportunities for both property managers and property owners alike. I am proud to serve this membership and encourage you to become active.

Now for a vacancy update… It is no secret that vacancies are running 10-15% and more for the larger apartment complexes. We are still battling an unemployment rate above 15% in Central Oregon. The unemployment rate, coupled with the best real estate home buyers market in history has created market conditions that make our vacancies higher than normal; not to mention the fact that the media has encouraged tenants to “call your landlord and get your rent reduced!” Rental rates have slightly declined and vacancy factors remain at high levels.

We will recover from this recession, and when we do, rental rates will increase and it is probable that we may even have a rental housing shortage. Remember; currently both nationally and locally little if any rental housing is being built. In reflecting back on previous recessions, this has been a pattern; vacancies go down and rents go up. So, stay tuned, be patient and if you can…buy more property!

Lawnae Hunter