Friday, February 8, 2008

Housing's Slide Allows for Apartment Market's Rise

The Portland Business Journal reports that apartment rents in the Portland, Oregon market are expected to continue increasing for several reasons:
  1. Apartment vacancies in the greater Portland area are at their lowest levels in 15 years
  2. Not as many people are buying homes, as a result of the lending crunch and also because Portland's homes are still relatively expensive
  3. There's been very little apartment construction in the metro area for some time
  4. Much available suburban land has been purchased for single family homes
  5. The gentrification of urban neighborhoods

Read the full story online.