Housing Market News: CAT Executive Director Quoted

“On the other side, the rental market is also challenging. RENTcafe says, in Portland, rent costs are down 2% year-over-year, with the average apartment in the city going for just under $1,500. Although that may be a plus for many, there's been little improvement for lower-income rentals.

‘There isn't a housing supply for folks who need affordable housing. Those are the households that are doubled up right now,’ Kim McCarty, the executive director of the Community Alliance of Tenants, said.

McCarty says the rental market is extremely challenging for those who lost their jobs during the pandemic and she worries about the future.

‘We're very fearful that there may be rent hikes where landlords are trying to catch up with lost income, so even if they have kept rents low or they've been offering really generous entry-level offers, like three months of rent free, that kind of thing, it's still not an affordable market, and we're still really fearful for low-income tenants,’ McCarty said.”