Rental addition to your property?

It's no secret that building costs are at an all time high and for multifamily builds the cost benefit isn't there. Due to the housing crisis in Portland they have adopted new residential infill policies to allow multifamily housing in single-family neighborhoods. These types of homes are becoming legal on the vast majority of residential lots in Portland: a duplex, a triplex, a fourplex, a mixed-income or below-market sixplex, a large group co-living home, a double ADU, and a tiny backyard home on wheels.

Michael Andersen, a senior researcher with the institute says, "It costs about $200 per square foot to build each square foot of a new building. In parts of town that are less expensive, it also means the rents are lower. They're less likely to be able to afford a brand-new building."

An option that helps with these issues is to add units to existing properties. For example, adding ADUs (accessory dwelling units) in the back yard or remodeling homes to allow for multi unit living. Sightline conducted research and has discovered three different options they believe could be built in today's market. Click here to read more.

So how does this translate to Salem? Do you think this would be a viable option for our community? Would you consider building an ADU in your back yard for a secondary income? Let us know your thoughts.