Tuesday, April 30, 2013

Once Again - Portland Ranked As Having Nation's Lowest Apartment Vacancy Market by U.S. Census

The U.S. Census Bureau reported today the Portland/Vancouver metro area vacancy rate fell from 5.2 percent in Q4 2012 to 3.3 percent in the first quarter, tying with Grand Rapids for the nation's lowest rental vacancy rate among the top 75 U.S. Metropolitan Statistical Areas (MSAs). This estimate is slightly less than the 3.55 percent vacancy rate reported by Multifamily NW in their spring 2013 survey.
 
 
 
 
 
The nation's 11 lowest vacancy rates were as follows:
  • Portland-Vancouver-Beaverton, OR - 3.3% (tie)
  • Grand Rapids-Wyoming, MI - 3.3% (tie)
  • San Jose-Sunnyvale-Santa Clara, CA - 4.0%
  • Honolulu, HI - 4.3% (tie)
  • Poughkeepsie-Newburgh-Middletown, N.J. - 4.3% (tie)
  • Los Angeles-Long Beach-Santa Ana, CA - 4.4%
  • Seattle-Tacoma-Bellevue, WA - 4.6%
  • Rochester, NY - 4.9%
  • Miami-Fort Lauderdale-Miami Beach, FL - 5.1% (tie)
  • New York-Northern New Jersey-Long Island - 5.1% (tie) 
The MSA's with the five highest vacancy rates for Q1 2013 were as follows:
  • Dayton, OH - 14.3%
  • Memphis, TN-AR-MS - 14.6%
  • Las Vegas-Paradise, NV - 14.9%
  • St. Louis, MO-IL - 15.6%
  • Milwaukee-Waukesha-West Allis, WI - 15.7%
  • Tucson, AZ - 20.8% 
Average national rental vacancy rates for Q1 2013 was 8.6%.

Download the Census Bureau table here.