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As we transition into Spring the vacancies are beginning to decline from the record high rates we have been experiencing; yet the rates are still hovering between 9-12%. Perhaps we will begin to see this decline as a trend and see some stabilization in the market. While we are beginning to see a decline in the overall vacancy rates, it appears the larger apartment complexes are still struggling with a high number of vacancies.
COROA is in the process of completing and compiling our Annual Rental Survey results, and the data will be distributed and discussed at our annual meeting on April 1, 2010. Mark this date on your calendars! You don’t want to miss this information packed session. Registration details are in this newsletter.
As a reminder, House Bill 3450 regarding the mandatory installation of carbon monoxide detectors is phasing in. As of July 1, 2010, every new rental agreement and executed tenancy is required by law to have a properly installed and functioning carbon monoxide detector if there is any fuel source in the dwelling where carbon monoxide is emitted as a by-product of combustion. Landlords, it is your responsibility, as dictated by this new law, to supply working batteries when commencing tenancy. The July 1, 2010 deadline applies to all new lease and rental agreements; for existing tenants, the deadline is extended to April 1, 2011.
For more information on House Bill 3450, go to: http://www.leg.state.or.us/09reg/measpdf/hb3450. Copies of the bill summary will be provided at the COROA annual meeting.
Your COROA board is working hard to improve our services and inform you of any issues related to owning rental property. Look for our new advertisements on the Ad Central real estate channel (cable channel 4). We carefully consider each of our educational classes to bring you pertinent information in a manner that is easily understood.
Please to join us for the annual meeting on April 1, 2010, and take the opportunity to get to know your colleagues, other COROA members, and the COROA board.
I encourage you to stay positive about the benefits of owning rental property. Appreciation will return and we will get through this real estate storm!
Lawnae Hunter
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