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Your COROA Board of Directors is working hard to create educational classes and keep you informed.
At our May board meeting Herb Neelund, president of Oregon Rental Housing Association, joined us. Mr. Neelund travels the state visiting with local Rental Housing Owners Associations. He was very complimentary of the work we are doing in Central Oregon, and heard our board’s concerns about laws that took effect in January 2010, which are not advantageous to landlords and property managers.
We have a new Legislative Advocate Jim Staub, a property manager from Eugene. Hopefully, he will be able to advocate effectively for landlords, and may even be able to get some laws amended.
If you are concerned about low rental rates, I do believe we have brighter days ahead. Single-family home rents are on the rise and multi-family rental rates should follow. As a landlord I would discourage you from offering huge rental incentives, such as free rent, etc. Vacancy factors are going down slowly, but the trend is down, and higher rents should follow.
I strongly suggest that you begin to increase your rents as vacancies occur. While there still are vacancies, we are not at “fire sale rents” anymore. I personally am not offering any incentives to tenants or lowering rents when re-leasing a property.
As I have said before in this column, be patient - our rents will begin to climb.
Sincerely,
Lawnae Hunter
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