Thursday, May 5, 2011

U.S. Census Bureau: Portland Metro Scores America's Lowest Apartment Vacancy Rate

The U.S. Census Bureau reports Portland has lowest vacancy rate among the top 75 U.S. Metropolitan Statistical Areas (MSAs).

The Census estimate pegging the Portland area's vacancy rate at 4.0 percent is on track with the spring 2010 Metro Multifamily Housing Association vacancy estimate of 3.8 percent.

Seattle-Tacoma-Bellevue, WA had a Q1 2011 vacancy estimate of 6.8 percent, up from 6.2% the prior quarter and the nation's 15th lowest.

The nation's 10 lowest vacancy rates were:

  • Portland-Vancouver-Beaverton, OR-WA - 4.0%
  • Allentown-Bethlehem-Easton, PA-NJ - 4.1%
  • Grand Rapids-Wyoming, MI - 4.2%
  • Boston-Cambridge-Quincy, MA-NH - 5%
  • Bridgeport-Stamford-Norwalk, CT - 4.6%
  • Nashville-Davidson-Murfreesboro, TN - 5.0%
  • Bakersfield, CA - 5.2%
  • Los Angeles-Long Beach-Santa Ana, CA - 5.3
  • Charlotte-Gastonia-Concord, NC-SC - 5.5%
  • New York-Northern New Jersey-Long Island, NY - 5.5%
The MSA's with the five highest vacancy rates were as follows:

  • Tucson, AZ - 16.7%
  • Birmingham-Hoover, AL - 17.3%
  • Detroit-Warren-Livonia, MI - 18.9%
  • Jacksonville, FL - 19.1%
  • Orlando, FL - 22.6%
Read the full report online