Tag: Appraisal News

Portland Real Estate Appraisal Brief – Tuesday, December 2, 2025: HUD Rule Changes Prompt Lawsuit by Oregon and Washington

Oregon and Washington are among 20 states suing HUD over rule changes to the Continuum of Care grant program, which could cut millions in Portland housing funds.

Picture of HUD headquarters building.
HUD Headquarters
Via Wikimedia Commons

Federal Housing Funding Rule Faces Regional Legal Challenge

A coalition of approximately 20 states, including Oregon and Washington, has filed a lawsuit against the U.S. Department of Housing and Urban Development (HUD) over recent, sweeping changes to the $3.9 billion federal Continuum of Care (CoC) grant program. This legal action, filed on November 25, 2025, challenges a dramatic overhaul of funding priorities and conditions for the primary federal initiative supporting homelessness assistance.

The CoC program historically allocated nearly 90% of its funding to permanent housing solutions, a strategy known as “Housing First.” The new HUD Notice of Funding Opportunity (NOFO) for Fiscal Year 2026, however, drastically reduces the maximum funding available for permanent supportive housing to 30%, risking the displacement of an estimated 170,000 households nationwide. For the Portland region, this shift is especially critical, as Oregon alone stands to lose approximately $39 million in federal housing support, a figure cited by the Oregon Department of Justice. Washington State, which receives about $120 million annually in CoC grants, sees a substantial portion flow to its counties bordering the Portland metro area, including Clark County.

State attorneys general argue that HUD violated Congressional intent and the Administrative Procedure Act by imposing abrupt and sweeping changes without proper public rulemaking, as detailed in the official press release from the Washington State Attorney General. Beyond the funding cuts, the lawsuit cites new controversial conditions, including requirements for providers to mandate services as a precondition to housing and penalize jurisdictions that do not enforce strict anti-camping bans—policies that conflict with current practices in many Pacific Northwest cities. The national scope of the lawsuit underscores the destabilizing nature of the change.

Appraisal Implications

For certified residential appraisers working in the Portland metro area—encompassing counties like Multnomah, Washington, and Clackamas in Oregon, and Clark in Washington—the outcome of this lawsuit has material, though indirect, implications for property valuations, especially in the affordable and multifamily housing sectors.

Residential Properties

While CoC funds do not typically subsidize owner-occupied single-family homes, the potential displacement of tenants from permanent supportive housing could put additional strain on the already-tight rental market.

  • Supply and Demand Pressure: The loss of federally funded permanent supportive housing units means hundreds, if not thousands, of vulnerable residents in the region could be forced to seek alternative, unsubsidized rental housing. This influx of demand would further reduce the availability of affordable rental stock and could indirectly increase overall market rents for entry-level apartments. Higher rents, in turn, can put upward pressure on the price of smaller, owner-occupied starter homes as the rent-to-own cost dynamic shifts.
  • Neighborhood Stability: Appraisers must remain attuned to shifts in neighborhood stability and market dynamics. A rapid increase in unsheltered homelessness—which local leaders contend is a likely outcome of these funding cuts—can affect neighborhood marketability and, consequently, perceived value in nearby residential areas.
Tents along a city right-of-way. HUD’s homelessness-prevention programs aim to reduce street camping by stabilizing at-risk households

Commercial / Multifamily

The most direct impact is felt within the multifamily and commercial properties designed for social services and affordable housing.

  • Valuation of Supportive Housing Assets: Appraising existing permanent supportive housing (PSH) properties, often structured as low-income housing tax credit (LIHTC) assets or specialized nonprofit facilities, is directly tied to their funding stream. A loss or severe reduction in the reliable federal CoC operating subsidies introduces significant risk to the financial stability of these projects. Appraisers must consider:
    • Net Operating Income (NOI) Volatility: The immediate uncertainty regarding project renewal grants makes the NOI for these specialized assets highly volatile. This increased risk translates to a higher capitalization rate (Cap Rate) being applied by investors, which lowers the overall valuation of the property.
    • Highest and Best Use: A sudden and substantial policy change could force a re-evaluation of a PSH property’s Highest and Best Use if the specialized funding model is deemed permanently unviable. While unlikely to lead to immediate conversion, the risk of a future shift to conventional market-rate housing should be noted, particularly for properties nearing the end of their affordability period.

Market Context

The regional housing market operates with razor-thin margins for affordability. The Portland metro area, which includes Multnomah, Clackamas, and Washington counties, has already approved significant local measures, such as the Metro Supportive Housing Services Measure, to address the crisis. However, these local funds are intended to supplement, not fully replace, federal support. Washington State’s Clark County, which is also part of the Vancouver-Portland metro area, relies heavily on the federal structure to support its local Continuum of Care grants.

The pending lawsuit highlights the deep interdependency between federal policy, local funding initiatives, and the stability of the housing market in the Pacific Northwest. Real estate professionals—including lenders, estate planners, and realtors—must closely monitor the legal proceedings, as the outcome will dictate the long-term viability of a substantial portion of the region’s dedicated affordable and supportive housing supply.

Sources & Further Reading

Thanks for reading—I hope you found a useful insight or an unexpected nugget along the way. If you enjoyed the post, please consider subscribing for future updates.

Question: Do you think this lawsuit will be resolved soon, or will it drag on for most of the year?

CODA

Are you an agent in Portland and wonder why appraisers always do “x”?

A homeowner with questions about multifamily income properties, GRMs, or income calculations?

If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.

And if you’re in need of appraisal services in Portland or anywhere in the Portland Region, we’d be glad to assist.

Appraisal Short: Portland Housing Market Q3 2025

Portland metro single-family market—Q3 2025 in under 60 seconds:

→ Full Q3 2025 market report

CODA

Are you an agent in Portland and wonder why appraisers always do “x”?

A homeowner with questions about appraiser methodology?

If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.

And if you’re in need of appraisal services in Portland or anywhere in the Portland Region, we’d be glad to assist.

Portland Real Estate Appraisal Brief – Monday, December 1, 2025: How Oregon Rent Caps and Eviction Rules Impact Inherited Rental Properties

Oregon’s 9.5% rent cap for 2026 combines with Portland’s relocation assistance rules, creating distinct valuation considerations for rental properties across the metro area.

House depicted sitting on a stack of $1 bills. Used to illustrate inheritance of a home.

When I appraise 2–4 unit residential income properties in the Portland metro area for estate, trust, or probate purposes, the single largest value depressant is almost always a long-term tenant paying far below-market rent. Oregon’s statewide rent-stabilization law and Portland’s additional relocation-assistance requirements combine to make it expensive and slow for heirs to reset those rents after the original landlord passes away.

How Below-Market Rents Survive Inheritance

Oregon law limits rent increases to once every 12 months and caps the allowable increase at 7% plus the Consumer Price Index (CPI), with an overall hard cap of 10%. For calendar year 2026, this limit is 9.5%. Certain units—such as regulated affordable housing and buildings less than 15 years old—are exempt. No-cause evictions are prohibited after the tenant’s first year of occupancy.

Many inheritors lack the cash or desire to front relocation fees and perform renovations, so the low-rent tenancy often remains in place for years. (I go into more detail in my discussion of Oregon rent control laws and the overlays the City of Portland adds.)

Appraisal Impact: Contract Rent vs. Market Rent

In the income approach for 2–4 unit residential properties, appraisers derive a gross rent multiplier (GRM) by dividing comparable sales prices by their monthly (or annual) scheduled rents, typically resulting in a three-digit figure (e.g., 165–195 in most Portland metro submarkets at present). Appraisers may also cross-check conclusions with a direct capitalization approach when income and expense data are reliable.

That GRM is then applied to the subject property’s actual contract rent. When contract rent lags 20–40% behind market—a common range in inherited portfolios— the indicated value is often proportionally lower than the same property delivered vacant or at market rent.

Example: A duplex with market rent of $2,700 per side ($5,400/month total, $64,800/year) but current contract rent of $2,000 per side ($4,000/month total, $48,000/year) and a reconciled GRM of 180 yields:

  • Market-rent value: $5,400 × 180 = $972,000
  • Contract-rent value: $4,000 × 180 = $720,000
  • Result: $972,000 – $720,000 = $252,000 → Difference of approximately 26% solely due to the locked-in tenancy.
Graphic depicting a duplex. On one side a green up arrow depicts market rent and an estimated value of $972,000. On the other side a red arrow pointing down depicts below market rent and an estimate of $720,000.

For a real-world illustration, consider a recent North Portland fourplex sale from 2024. This 1966-built property sold for $768,000 with actual gross scheduled income of $58,026 annually ($4,835 monthly average across four 2-bedroom units on month-to-month leases). The listing projected $66,120 in gross income—a 14% increase—highlighting below-market rents with “opportunity for growth.” Using the market-derived monthly GRM of approximately 159 (consistent with the listing’s implied metrics), the contract-rent value aligns with the sale price, while the projected rents suggest a potential value around $875,000, representing a 12–14% discount due to the existing tenancies and regulatory hurdles to realizing that upside.

RMLS multifamily listings display scheduled rents in the public fields, and confidential remarks may note “long-term tenants – below-market rents” as an upfront acknowledgement to a potential purchaser. Savvy buyers and appraisers run the numbers immediately and adjust offers (and appraised values) accordingly.

The Challenge Scales with Unit Count

  • Duplexes remain the most manageable. Under Oregon law, a new owner or an immediate family member moving in is a “Qualifying Landlord Reason” for termination. This creates a realistic path to market rent within 12–18 months. Crucially, Portland’s mandatory relocation assistance is generally NOT required if the new owner occupies one unit of a duplex as their primary residence and terminates the tenancy of the second unit. This key exception significantly lowers the cost and risk of resetting the rent on a duplex in the city.
  • Triplexes and fourplexes are far harder. While an owner or immediate family member can still reclaim a unit (or units) in a triplex or fourplex for occupancy, this move-in termination does trigger the full Portland relocation assistance payment for each unit vacated. The cost of reclaiming multiple units often becomes the practical—and high-cost statutory—constraint. As a result, at least one protected tenant and their below-market rent often remains in place, sometimes indefinitely.
Regulatory ScenarioDuplex (Owner-Occupied)Triplex / Fourplex
State Law Termination (Owner Move-In)Allowed (with 90-day notice)Allowed (with 90-day notice)
Portland Relocation Fee Required?NO (Exempt under PCC 30.01.085.G.3)YES (Full fees apply)
Cost to Recoup 1 UnitMinimal (Time/Legal fees)$4,200 – $4,500+ (plus legal fees)

Practical Guidance for Heirs and Estate Professionals

Inherited small income properties with long-term, below-market tenants routinely trade at meaningful discounts to physically identical buildings that are vacant or leased at market rates. The regulatory environment creates a durable “locked-in tenancy discount” that survives the death of the original landlord.

Appraisers must document both contract and market rent, then apply the market-derived GRM to the realistic income stream the property actually produces under current law. Understanding this dynamic early avoids surprise when the date-of-death value comes in lower than expected.

In many cases, keeping the stable tenant and modest cash flow is the path of least resistance—and still the highest and best use. Rents can be gradually raised each year until all units are in alignment with the rest of the market, provided increases comply with the annual cap and notice requirements; in Portland, certain increases trigger relocation assistance.

If you are an estate planning attorney, personal representative, or heir handling a 2–4 unit rental in Multnomah, Washington, Clackamas, Yamhill, Columbia, or Hood River counties, reach out. These scenarios are a routine part of my practice.

Sources & Further Reading

  • PortlandAppraisalBlog discussion on Oregon 2026 Rent Cap: Post
  • PortlandAppraisalBlog discussion on Oregon Rent Laws vs. Portland’s Tenant Protections: Post
  • Oregon Residential Landlord and Tenant Act (full chapter): ORS Chapter 90
  • Rent Increase Limits & Notice Requirements: ORS 90.323
  • Annual Rent Cap Calculation: ORS 90.324
  • Termination of Tenancy without Tenant Cause: ORS 90.427
  • Portland Renter Additional Protections (City Code 30.01.085): Official City Page
  • Portland Mandatory Relocation Assistance Brochure (PDF): Download
  • Portland Housing Bureau Relocation Rules & Exemption Form: HOU-3.05
  • Oregon Law Help – Eviction & Termination Notices: Guide

Thanks for reading—I hope you found a useful insight or an unexpected nugget along the way. If you enjoyed the post, please consider subscribing for future updates.

Question: How have the current rent control laws affected your portfolio?

CODA

Are you an agent in Portland and wonder why appraisers always do “x”?

A homeowner with questions about multifamily income properties, GRMs, or income calculations?

If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.

And if you’re in need of appraisal services in Portland or anywhere in the Portland Region, we’d be glad to assist.

Portland Real Estate Supplemental Appraisal Brief – Sunday, November 30, 2025: Oregon vs. Washington Rent Caps for Income Properties

Oregon vs Washington rent cap and relocation rules create sharply different risk profiles for 1–4 unit (conventional) and 5+ unit (commercial) investors in the Portland and Vancouver metro areas.

Oregon State Capitol vs. Washington State Capitol illustrating differing rent cap laws for Portland and Vancouver metro income property investors
Via Wikimedia Commons

Why This Matters

In the Portland–Vancouver metro, rent regulations directly shape cash‑flow stability, refinance eligibility, and valuation. Appraisers rely on predictable rental streams for income approach comparables, while lenders model risk differently across state lines. For investors, the 4‑to‑5 unit threshold is pivotal: properties with 1–4 units typically qualify for conventional Fannie Mae/Freddie Mac financing, while 5+ unit buildings fall into commercial lending. Because rent‑cap rules and relocation‑assistance exposure diverge sharply at this threshold, understanding the cross‑border distinctions is critical before acquiring or refinancing multifamily assets.

Oregon Statewide Framework (ORS Chapter 90, SB 611)

  • No rent increase permitted during the first 12 months of tenancy
  • Cap: 7% + CPI (West Region), maximum 10% annually
  • Notice: 90‑day written notice required for any increase
  • Relocation assistance: applies only if landlord owns 5+ units statewide
    – One month’s rent paid to tenant for no‑cause terminations (ORS 90.427)
  • Exemption: units with certificates of occupancy issued within the prior 15 years

Portland City‑Specific Rules (PCC 30.01.085 – effective Jan 1, 2025)

  • Applies regardless of landlord unit count
  • Portland City‑Specific Rules (PCC 30.01.085 – effective Jan 1, 2025)
  • Applies regardless of landlord unit count
  • Any increase ≥5% in a rolling 12‑month period requires 90‑day notice
  • Increases ≥10% give tenants the right to terminate with reduced notice and receive mandatory relocation assistance
    – $2,900 studio/SRO
    – $3,300 1‑bed
    – $4,200 2‑bed
    – $4,500 3+ bed
  • Exemptions require advance approval from the Portland Housing Bureau (e.g., week‑to‑week tenancies, owner‑occupied duplexes)
  • Enforcement: non‑compliant landlords face liability for up to 3× monthly rent, damages, and attorney fees

Washington Statewide Stabilization (HB 1217 – signed May 2025)

  • No rent increase in the first 12 months
  • Cap: lower of 7% + CPI or 10% through Dec 31, 2025
  • Manufactured homes: 5% cap
  • Notice: 90 days for residential units; 180 days for mobile‑home parks
  • Relocation assistance: no statewide mandate (though RCW 59.18.440 allows local governments to adopt programs)
  • Exemptions:
    – New construction (<12 years old)
    – Nonprofit affordable housing
    – Owner‑occupied 2–4 plexes
  • Enforcement: Washington Attorney General; penalties up to $7,500 per violation. August 2025 saw inaugural fines against landlords for unlawful increases.

Key Investor Takeaways

  • 1–4 unit owners: favorable treatment in both states; no mandatory relocation payments (except inside Portland city limits, where PCC 30.01.085 applies)
  • 5+ unit owners: Oregon relocation exposure (one month’s rent on no‑cause moves); Portland relocation exposure even for small landlords if increases ≥10%; Washington no statewide relocation mandate, creating a material cash‑flow difference across the Columbia River

Comparison Table

IssueOregon StatewidePortland (overlay)Wash. HB 1217Impact 1–4 UnitsImpact 5+ Units
First-year increase allowed?NoNoNoSame both statesSame both states
Rent cap (2025)7% + CPI ≤10%Same statewide cap≤10% (5% Mobile/
Manufact.
parks)		Effectively identicalEffectively identical
Relocation assistance required?Only if landlord owns 5+ unitsYes on ≥10% increase or qualifying no-causeNone statewidePortland exceptionOregon yes / WA no
New build exempt15 yearsSame12 yearsWA slightly shorterWA slightly shorter
Owner-occupied 2–4 plex exempt?NoPossible with PHB approvalYesWA more favorableWA more favorable

Regional Implications for Appraisals

  • Both states prohibit first‑year increases and require ample notice, promoting predictability in rental streams.
  • Oregon’s relocation rules (especially Portland’s) stabilize occupancy in high‑turnover areas, dampening vacancy risk.
  • Washington’s broader exemptions favor newer developments, potentially accelerating value growth in Clark County compared to Oregon’s focus on small‑landlord relief.
  • Enforcement differences matter: Oregon emphasizes tenant remedies via damages, while Washington’s AG fines signal robust compliance.

Further Reading & Resources

  • Oregon Revised Statutes Chapter 90 – Residential Landlord and Tenant: 2023 Edition
  • ORS 90.427 – Termination of tenancy without tenant cause (relocation assistance): ORS 90.427
  • Oregon Law Help – Eviction & Termination Notices: Guide
  • Portland Renter Additional Protections (City Code 30.01.085): Official City Page
  • Portland Mandatory Relocation Assistance Brochure (PDF): Download
  • Portland Housing Bureau Relocation Rules & Exemption Form: HOU-3.05
  • Washington HB 1217 – Rent Stabilization: 2025 legislation
  • Washington Residential Landlord-Tenant Act: RCW 59.18
  • Washington Attorney General: File a Tenant Complaint

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Thanks for reading—I hope you found a useful insight or an unexpected nugget along the way. If you enjoyed the post, please consider subscribing for future updates.

Question: Do you think other states will follow Oregon’s and Washington’s rent control laws?

CODA

Are you an agent in Portland and wonder why appraisers always do “x”?

A homeowner with questions about multifamily income properties, GRMs, or income calculations?

If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.

And if you’re in need of appraisal services in Portland or anywhere in the Portland Region, we’d be glad to assist.

Portland Real Estate Weekly Appraisal Digest – Nov 24th – Nov 29th, 2025: Rent Caps, Price Trends & Regulation Updates

As the Portland metro area navigates a shortened week of real estate developments, themes of cautious optimism in homebuying blend with tightening rental regulations and professional safeguards against bias. First-time buyers are edging back into the market, even as confidence dips slightly, while Oregon’s actions on rent pricing and unspent funds signal a push toward affordability. In the Portland–Vancouver region, these shifts underscore the need for appraisers and other real estate professionals to stay abreast of changes and the evolving valuation landscape.

Table of Contents

Monday, November 24: NAR RCI Shows Rising First-Time Buyers

The National Association of REALTORS®’ October 2025 REALTORS® Confidence Index reveals a notable uptick in first-time buyer activity across the Portland metro area, capturing 32% of transactions amid modestly lower interest rates and expanding inventory. This marks a shift from prior months, even as overall REALTORS® confidence tempered, with just 17% anticipating higher buyer traffic. Median days on market held steady at 34, while cash sales accounted for 29% of deals, homes drew an average of 2.1 offers, and 19% closed above list price.

For appraisers in the Portland region, these patterns point to steadier comparable sales pools, though they also flag potential risks from waived contingencies—19% of buyers skipped appraisals—and a strong tilt toward suburban purchases at 82%. This segmentation demands careful reporting, especially in areas like Multnomah County and Vancouver, WA, where defensible adjustments for local preferences become essential. The week’s buyer momentum sets a grounded tone, reminding professionals to measure market value without injecting undue optimism.

Tuesday, November 25: Oregon Joins $7 Million Settlement with Greystar

Oregon joined eight other states in proposing a $7 million settlement against Greystar Management Services for alleged misuse of RealPage software in coordinating rent hikes, affecting roughly 19,000 Portland apartments—equivalent to 10% of the region’s multifamily stock. If finalized, the agreement would prohibit Greystar from exchanging non-public rent data or following RealPage’s algorithmic suggestions, echoing a parallel U.S. Department of Justice decree limiting the software’s practices for three years. Such curbs could ease rental pressures starting in 2026, with appraisers watching for cap rate shifts in larger apartment complexes and steadier gross revenue forecasts.

In the Portland metro, this intervention highlights ongoing scrutiny of tech-driven pricing, potentially softening rents by 5–8% and delivering $110–$176 in monthly relief to affected households—translating to $4,000–$10,600 over three to five years. For income property valuations, the changes reinforce the importance of conservative income projections, particularly for smaller multifamily assets where GRMs might stabilize. This development folds into broader affordability efforts, bridging national antitrust moves with local tenant protections.

Wednesday, November 26: Oregon’s New 7-Hour Anti-Bias CE Requirement

Map of Oregon showing all counties and a banner at the top announcing new continuing education requirement in anti-bias training for appraisers.

Starting January 1, 2026, Oregon mandates a one-time 7-hour continuing education course on Valuation Bias and Fair Housing for all licensed appraisers, followed by at least 4 hours in every two-year renewal cycle—without expanding the existing 28-hour total. Codified in OAR 161-010-0010, the requirement targets unconscious biases in comp selection, adjustments, and reporting to uphold USPAP’s call for credible, impartial analyses. In the Portland metro, this will likely yield more transparent reports, aiding homeowners, realtors, attorneys, and lenders in reviewing decisions on over-improved properties or reconsiderations of value.

Appraisers don’t generate market value—they document it—and this training bolsters accountability by encouraging explicit justification of valuation choices. For regional stakeholders, expect enhanced scrutiny on equitable practices, especially in diverse neighborhoods where bias could potentially skew outcomes. The measure ensures Portland professionals are in compliance with national appraiser ethical standards, fostering trust in an era of heightened regulatory focus.

Thursday, November 27: $21 Million in Unspent Rental Fees Discovered

A Portland city audit uncovered $21 million in uncollected or unallocated rental-registry fees earmarked for emergency aid and eviction prevention, despite monthly filings of 800 to 1,200 cases in Multnomah County. The shortfall stems from tracking lapses and delays, overlapping with the resignation of Portland Housing Bureau Director Helmi Hisserich, who departed with a $241,000 severance after administrative leave. Redeploying these funds could bolster tenant supports, indirectly stabilizing occupancy in rental properties across the Portland region.

For single- to four-unit residential appraisals, the revelation carries little direct valuation impact, though it amplifies persistent affordability strains. In multifamily commercial contexts, however, improved assistance might lower vacancy risks and lift net operating income, supporting firmer asset values. This episode underscores administrative hurdles in housing policy, urging appraisers to factor in such externalities when projecting long-term stability.

Friday, November 28: FHFA Q3 2025 House Price Index Trends

The Federal Housing Finance Agency’s Q3 2025 House Price Index reports a subdued national uptick of 0.2% quarter-over-quarter and 2.2% year-over-year, while Oregon lagged with just 0.31% annual growth and a –0.16% quarterly dip, placing 45th among states. Within the Portland–Vancouver–Hillsboro MSA—spanning Clackamas, Columbia, Multnomah, Washington, and Yamhill counties in Oregon, plus Clark and Skamania in Washington—the purchase-only index edged up 0.16% quarterly and 1.51% annually, buoyed by Clark County’s momentum despite a –0.36% all-transactions quarterly pullback. Local medians (calculated by PortlandAppraisalBlog in the six-county Oregon-only region) held flat at $600,000, with unchanged sales volume and days on market climbing 13% to 52, mirroring the index’s conservative trajectory.

This repeat-sales methodology draws on conforming mortgages from Fannie Mae and Freddie Mac, integrating appraised values from refinances to ground the data—affirming appraisers’ pivotal role in shaping reliable benchmarks. In the Portland metro, the modest gains advocate for restrained adjustments, aligning with extended market times and steady comps. The report reinforces a narrative of equilibrium, where national moderation meets regional resilience.

Saturday, November 29: Oregon Sets 2026 Rent Cap at 9.5%

Oregon’s 2026 rent increase limit stands at 9.5% for most residential rentals in the Portland metro, effective January 1 and pegged as the lower of 10% or 7% plus the Consumer Price Index for All Urban Consumers, West Region (All Items) from the prior year—easing from 10.0% in 2025. Governed by ORS 90.323, the cap covers single-family homes, apartments, and smaller multifamily units, exempting new leases, fixed terms, and larger complexes over 30 units (capped at 6% under ORS 90.600). Current medians hover at $1,987 for two-bedrooms per RentCafe and $1,772 overall via Zillow, with neighborhoods ranging $1,800–$2,400.

This predictability aids appraisers in forecasting income for rental conversions and multifamily holdings, benefiting homeowners, investors, realtors, and lenders alike. In a demand-heavy market, the adjustment tempers escalation while syncing with inflation, potentially steadying GRMs and occupancy assumptions. It caps a week of rental-focused reforms, offering a clearer lens for valuation in Oregon’s urban core.

Week’s Blog Posts & Further Reading Links

Closing Remarks

This week’s briefs weave a tapestry of measured progress in the Portland real estate landscape—from invigorated first-time buyer shares to regulatory reins on rents and pricing algorithms. Rental affordability takes center stage with settlements, unspent funds, and a dialed-back cap, potentially easing pressures on multifamily valuations while the FHFA index signals subdued but steady price growth in the Portland–Vancouver MSA. Layered atop new anti-bias training, these elements highlight an industry honing its precision amid national headwinds, ensuring appraisals reflect a market that’s resilient yet restrained.

For professionals and stakeholders, the convergence underscores the value of localized insights: suburban demand bolsters entry-level comps, while policy tweaks demand vigilant income modeling. As 2025 draws to a close, the region positions itself for 2026 with tools for equitable, data-driven decisions.

Thanks for reading—I hope you found a useful insight or an unexpected nugget along the way. If you enjoyed the post, please consider subscribing for future updates.

Question: Which story interested you the most?

CODA

Are you an agent in Portland and wonder why appraisers always do “x”?

A homeowner with questions about appraiser methodology?

If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.

And if you’re in need of appraisal services in Portland or anywhere in the Portland Region, we’d be glad to assist.