This week: Representatives of landlord and tenant groups question the Portland Rental Services Office's use of funds generated by the new rental services fee to pay OneApp Oregon for renter data; economic indicators are causing investors to worry about a potential recession; a report from the Terner Center for Housing finds that impact fees are negatively impacting housing construction in California.
Monday, August 19, 2019
Wednesday, August 14, 2019
Funding of OneApp Oregon through Rental Services Fee Receives Criticism from Landlord and Tenant Groups
Monday, August 12, 2019
This week: The Portland City Council approved an annual $60 per unit fee on rental housing; Oregon Secretary of State Bev Clarno released a report on end-of-budget-cycle spending among state agencies, issuing 16 recommendations to improve transparency in state budgets; the National League of Cities' Housing Taskforce is calling on cities to work together to collect and share data in order to take on the nationwide housing shortage.
Thursday, August 8, 2019
Wednesday, August 7, 2019
The city council passed the fee over the objections of landlords, who testified a week earlier that the charge was a tax that would be passed on to renters since all the services it supports were for renters. Read more.
HFO Partner Greg Frick discusses the challenges of recruiting businesses to Portland in the current environment with Larry Holt, Vice President for Greater Portland, Inc. Greater Portland Inc. provides support and services to companies seeking to relocate or expand in the Portland metro area.
Monday, August 5, 2019
Despite Ongoing Construction, Seattle and Portland's Rental Vacancy Rates Remain Among Nation's Lowest
The U.S. Census Bureau reports that second-quarter 2019 rental vacancy rate for the Portland/ Vancouver/ Hillsboro metro area was 4.1%, a drop of 0.7% from one year earlier.
Seattle/Tacoma/Bellevue's metro area vacancy rate was listed at 3.3%, down 0.8% from a year ago.
The nation's lowest rental vacancy rates, by metro area:
- Cleveland, OH - 1.5%
- San Jose, CA - 2.0%
- Columbus, OH - 2.2%
- Boston - 2.9%
- Seattle/Tacoma/Bellevue - 3.3%
- Akron - 3.6%
- Riverside, CA 3.7%
- North Port, FL - 3.9%
- Rochester, NY 4.0%
- Portland/Vancouver/Hillsboro - 4.1%
- Denver - 4.4%
- Salt Lake - 4.4%
- L.A. 4.5%
The average national rental vacancy rate for Q2 2019 was 6.8 percent for multifamily dwellings of five or more units -- no change from one year earlier, despite continuous delivery of multifamily units throughout the national market.
Year-over-year vacancy rates in the Western U.S. decreased, from 5.1% to 4.8%.
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U.S. Homeownership Rate Falls
After falling to a 26-year low in 2016, the homeownership rate has rebounded but fell slightly over the past year to 64.1%. Homeownership in the West has also decreased from 59.7% in Q2 2018 to 59.3% in June 2019.
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