I just signed a lease with a tenant for our rental condo! This is great news because the unit has been vacant since November. The extended vacancy really sucks. We had this condo since 2011 and this was the longest vacancy we’ve seen yet. The previous longest vacancy was just 25 days. Winter is a terrible time to look for renters or buyers. We also had a tough time finding a tenant because there is a building under construction next door. Many prospective tenants don’t work regular hours and they didn’t want to deal with construction noise.
It worked out for the best, though. I have a good feeling about our new tenant. She has been in the workforce for awhile and seems to have it together. Our condo is right next to a college campus so I’ve been showing the unit to many students. I like students, but older renters with stable jobs tend to be easier tenants. College students aren’t going to stay long. They have many changes ahead of them. Our new renter may turn into a buyer too so this might work out for everyone. Anyway, I’m very happy our condo is rented out. Today, I’ll tell you a bit more about our rental condo investment. Our complex has a pretty interesting history. After that, I’ll share how the investment is working out.
Our complex has 3 almost identical towers that were built in 1965. One of these 3 was the tallest building in Portland for about 4 years. That’s pretty neat. These buildings and the historic Halprin Open Space Sequence were part of the first urban renewal project in Portland. Back then, cities were falling into decline and residents were moving to the new suburbs. This area south of downtown was a Jewish