Meanwhile, Portland MAI Appraiser Mark D. Barry last week delivered a speech to the Metro Multifamily Housing Association (MMHA) predicting vacancies will increase slightly through year end 2009, with modest rent increases in the first six months of 2009 and flat the rest of '09.
Portland's Metro Multifamily Housing Association reported Portland/Vancouver MSA vacancies increased 0.7% over the last 12 months from 2.9% to 3.6%.
All sources are attributing the drop in occupancy rates to rising unemployment which is forcing some renters to give up apartments and move in with friends or family members. RealFacts Inc. predicts additional job losses will result in additional apartment vacancies during Q4 2008.
- Turnover rents up 4-8% to date with 3-6% increases in collections (RealFacts reports Portland/Vancouver MSA rents up 3.3% from one year ago)
- Landlords are increasing fees and more are starting RUBS