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Pacific Northwest Real Estate Investment Market Report: October 2020

hard money loan scams done through a computer

Beware: How to Avoid Hard Money Lender Scams

For many real estate investors, private lending can be a very useful tool. Hard money lending makes it possible for investors to quickly and efficiently fund deals when they need creative financing solutions or conventional lending is not an option.

While there are many reputable hard money lenders in the industry with years of experience and excellent reputations, unfortunately, there are also malicious players offering deals in the space. If you’re in the market for a hard money lender, it’s important to know how to differentiate legitimate lenders from scams. Below are a few standard hard money loan scams—and tips on how to avoid them.

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Market Activity

Seattle, WA
Market Overview

For the first two quarters of 2020, the Seattle multifamily market remained resilient. In September, King County’s rent collections fell to 76.4 percent compared to 81.2 percent in September 2019. 70 percent of regional apartment stock is located in King County. As many areas have experienced a decline in rental rates, concessions have been on the rise. Meanwhile, Pierce and Snohomish counties saw an increase in rent of 4.6 and 2.5 percent, respectively.

1,297
Homes Sold
$749,000
Avg. Home Price
$2,070
Median Rent
Vacancy Rates Graph
U.S Census Bureau: second quarter 2020
2.9%
Rental Vacancy Rate
0.5%
Homeowner Vacancy Rate
7.8%
State Unemployment Rate
Metro Area Unemployment
Bellingham, WA
9.4%
Bremerton-Silverdale, WA
7.7%
Kennewick-Richland, WA
8.5%
Lewiston, ID-WA
4.2%
Longview, WA
9.4%
Mount Vernon-Anacortes, WA
9.7%
Olympia-Tumwater, WA
8.3%
Vancouver-Hillsboro, OR-WA
8.4%
Seattle-Tacoma-Bellevue, WA
7.9%
Spokane-Spokane Valley, WA
9.3%
Walla Walla, WA
7.0%
Wenatchee, WA
8.3%
Yakima, WA
10.1%

Market Activity

Portland, OR
Market Overview

The Portland multifamily market continues to show its strength. However, occupancy in Portland has dropped by 2.8 percent to 90.5 percent. Occupancy in Clackamas and Clark counties increased by 0.8 and 2.8 percent, respectively. Slow rent growth across the region has caused concessions to double downtown and in surrounding submarkets.

1,334
Homes Sold
$490,000
Avg. Home Price
$1,545
Median Rent
Vacancy Rates Graph
U.S Census Bureau: second quarter 2020
4.5%
Rental Vacancy Rate
1.0%
Homeowner Vacancy Rate
8.0%
State Unemployment Rate
Metro Area Unemployment
Albany, OR
7.8%
Bend-Redmond, OR
7.4%
Corvallis, OR
6.2%
Eugene, OR
7.7%
Grants Pass, OR
8.1%
Medford, OR
7.9%
Portland-Hillsboro, OR-WA
8.4%
Salem, OR
7.0%

Market Activity

Boise, ID
Market Overview

Idaho ranks third in small business growth compared to states across the U.S. Over the past four years, small business jobs in the state have grown by 20.7 percent, a favorable indication for office properties and the local economy as a whole. With that, back in August, Idaho had the highest rate of net migration in the country at 194 percent. During the pandemic, more people moved into the state than out, according to Colliers International.

531
Homes Sold
$385,000
Avg. Home Price
$1,152
Median Rent
Vacancy Rates Graph
U.S Census Bureau: second quarter 2020
4.0%
Rental Vacancy Rate
0.8%
Homeowner Vacancy Rate
6.1%
State Unemployment Rate
Metro Area Unemployment
Boise City, ID
4.1%
Coeur d'Alene, ID
4.8%
Idaho Falls, ID
2.7%
Lewiston, ID-WA
4.2%
Logan, UT-ID
2.7%
Pocatello, ID
3.6%
Twin Falls, ID
3.4%
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com.

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