February is shaping up to be a meaningful follow-up to what we saw in January. Rather than repeating last month’s themes, what we’re seeing now is momentum—more movement from property owners, more activity from renters, and early signals about how the spring season may unfold.
Owners Are Re-Entering the Market
One of the most noticeable shifts over the past several weeks is the number of property owners stepping off the sidelines. We’ve seen a strong influx of new homes entering the portfolio, with many owners hoping to have tenants placed by early spring.
What’s driving the decision to rent?
- 83% of the new homes coming in are tied to outward migration—owners relocating out of state for work or personal reasons.
- Property type split:
- 50% single-family homes
- 50% attached homes (condos, townhomes, duplex units)
- Bedroom mix:
- 50% two-bedroom homes
- 37% three-bedroom homes
- 12% one-bedroom homes
This mix is important. It tells us the incoming inventory is heavily concentrated in the mid-range rental space, which tends to be the most active and competitive segment.
Showing Activity Has Jumped Significantly
The past six weeks have brought a noticeable shift in renter activity, but the second week of February stood out in a big way.
We logged over 225 inquiries on our listings in that single week, compared to just 39 inquiries during the same week last year. That’s the highest inquiry volume we’ve seen since peak leasing season in May 2025.
That surge translated into more than 60 applications, helping move some of the lingering winter inventory and creating space for the new homes preparing to hit the market this spring.
After a quieter start to the season, this type of activity suggests renters are back in motion earlier than expected.
Pricing Trends: Winter Reality vs. Spring Expectations
Homes that were leased in January spent an average of 29 days on the market, about six days longer than in January 2024. That increase reflects what we already knew—December moved a lot of inventory, and January became the month where we worked through what remained.
Some segments were easier to move than others.
- Single-family homes:
Rents held steady, leasing at about the same rates as the previous tenant.
The Altos Research report shows the average rent for a single-family home in Portland at $2,495, which is exactly the same as this time last year and closely aligned with what we’re seeing across our portfolio. - Attached homes (condos, ADUs, townhomes):
These were more price-sensitive.- ADUs, especially backyard units, were the most challenging to lease this winter.
- To secure tenants, rents often came in 5–15% below the previous lease rate.
- The Altos report shows attached housing averaging $1,544, down from $1,670 last year; a drop of about 7.5% year over year.
For context, Altos Research is a national housing data provider that tracks real-time rental and sales pricing trends. We use their reports as a comparison point alongside our own portfolio data to better understand where the broader market is moving.
What we saw in practice was consistent with typical winter behavior: renters expect a better deal when moving during colder months, and many were willing to negotiate to get what they needed.
Renewals: Flexibility Is the Theme
January renewals told an interesting story about where both owners and tenants are mentally right now.
- 43% of leases converted to month-to-month
- 35% signed new fixed-term leases
- Many of those new leases extended beyond 12 months, with tenants seeking stability
We’re also seeing more owners proactively asking how to encourage renewals. The answer, in most cases, is simple: reduce friction.
That often means:
- Keeping rent increases modest (most stayed under 5%)
- Offering small concessions, particularly for attached homes
- Prioritizing stability over pushing for maximum rent
A $200–$500 credit on the first month of a new lease can be enough to discourage a tenant from starting the Zillow hunt. In many cases, that small investment is far easier to absorb than 2–4 weeks of vacancy.
Early Signs of a Spring Market🌷
The mild winter across the Northwest seems to have sparked an earlier-than-usual moving season. Increased showing activity, rising inquiry counts, and faster application volume all point in that direction.
At the same time, more inventory entering the market means more competition. If that trend continues, we may see additional pressure to keep rents competitive, especially in the attached home segment.
For owners with strong, stable tenants, this may be a season to focus less on pushing rents and more on retention. Maintaining a good tenancy with minimal disruption often produces a better long-term outcome than testing the market and risking vacancy.
As we move further into spring, we’re optimistic about the demand we’re seeing. The key will be staying disciplined with pricing, preparation, and renewal strategy as new homes continue to enter the market.
Happy leasing.
From the desk of President and Broker, OR & WA – Coty Thurman