The latest news of interest to multifamily housing investors in Oregon and Washington.
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Tuesday, November 23, 2010
Nationally, Rents Predicted to Rise 2.4% in 2011 and 2.8% in 2012
Multifamily Executive reports that although Generation Y renters are now starting to pick up jobs in the recovering job market, many of them are not earning the wages necessary to pay much more in rents than currently being charged. They won't have much leverage in their careers for a while. That said, the Portland/Vancouver metro market may be different. We have almost no supply coming online and one of the lowest vacancy rates in the nation despite high unemployment. When employment picks up there should be upward pressure in rents higher than at the national average. Throughout the Pacific Northwest, price sensitivity will likely vary by geographic area, tenant mix, and apartment amenities. Read the story on national trends at Multifamily Executive.