Apartments are a little easier to come by in the Portland area, but that’s not slowing down rent increases across much of the market.
According to the Metro Multifamily Housing Association which released its latest survey Wednesday:
- Vacancy across the metro area grew to 3.72% from 3.34% late last year.
- Rents climbed 3% in the same period, reaching $1 a square foot per month across the metro area.
- Average two-bedroom unit now rents for $771, up $28 a month compared with six months earlier.
The Portland area has one of the lowest rental vacancy rates in the country. Last year Portland ranked second-tightest rental market among the larg metro areas. That’s good news for owners of apartment buildings, who can push rents higher without risking empty units.
But the clock is running. High demand for apartments has drawn interest from developers, and Johnson said some 6,100 units are in the works. The bulk of those new apartments are still months or years away. Only 1,700 units will come to market this year, with another 2,700 on track to open in 2013. That lags the region’s 15-year historical average of 4,000 new units a year.
Where do you think PDX is in the Apartment Building Investment Cycle?
See the rest of the article Oregonian article here: Portland-area apartment vacancy grows, but rents continue to climb Hat tip: Joseph Chaplik, JBIRE
