Tuesday, April 15, 2008

Portland Metro Apartment Vacancy Rates Remain Below National Average

REIS, a national real estate data service, reported April 21st that the national apartment vacancy rate in Q1 2008 increased by 20 basis points from 5.7% to 5.9%. REIS said this rise was due to seasonal adjustments and the continuing impact of shadow inventories of condos for rent in several metro areas. Nationally, REIS projects a slight additional increase in vacancies by the end of the year. Compared to the national average, Portland Metro fares much better, but has experienced a similar basis point increase in vacancies. The Metro Multifamily Housing Association reported an increase of 40 basis points from 2.8% last fall to 3.2% this spring.