The latest news of interest to multifamily owners of apartment buildings in Oregon and Washington.
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Tuesday, August 24, 2010
MPF Research Predicts All New Downtown Portland Apartments Will Be "Essentially Full" This Fall
MPF Research predicts that with the Portland metro area's current 96% occupancy rate, the only significant availability is the recent completions still moving through initial lease-up downtown. "Those projects are making progress by leaps and bounds. The overall occupancy for developments built since 2000 in the urban core has soared from a low of about 73 percent in fall 2009 to a rate of 91.6 percent as of mid-2010. In another quarter or so, the newest completions seem likely to be essentially full."
Further, MPF reports that effective pricing climbed 3.5 percent during the initial half of 2010, with growth split about evenly between 1st and 2nd quarters. Rents are way up in the metro's suburban apartment centers, while pricing in the urban core is edging forward." Read the full story.