Portland Vacancy Rates Creep Up

Last week, Multifamily Northwest published their Fall 2017 Apartment Report. This report includes a very detailed vacancy and rent survey which covers 20 sub-markets and seven unit types. The Fall 2017 survey includes 52,500 units across more than 750 properties. The findings of this report include an increase in vacancies from 4.01 percent in the Spring of 2017 up to 4.37 percent as of Fall 2017. This survey also reports that rents increased from $1.50 to $1.57, or 4.7 percent, from spring to fall of 2017. However, it should be noted that properties less than two years old are not included in this report. 

Portland Metro vacancies bottomed out in Fall 2015 at 2.9 percent and since that point have slowly crept up. At 4.4 vacancy rate, the market is shifting from a landlords market, to a market in balance. If you're interested in any information on specific sub-markets or unit types, don't hesitate to reach out. 

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Posted on October 26, 2017 .