As interest rates declined in late 2023, there was a general sense of optimism that the apartment market would show significant improvement in 2024. At the halfway point of 2024, apartment market fundamentals (rents/vacancies) are stabilizing or improving, though the sales market remains extremely sluggish.
We have created a one page report summarizing how the Portland apartment is faring in YTD 2024. While the sales market remains depressed, apartment fundamentals will likely see continued improvement based on very little proposed construction. Apartment sales picked up in the second quarter of 2024 and buyers/sellers appear to have accepted that lower prices seen recently are not transitory. Keep in mind that not all submarkets are equal, with certain areas faring better than others.
