Tuesday, July 30, 2013

U.S. Census Reports Portland/Vancouver/Beaverton Multifamily Vacancy at 2.1 Percent - Nation's Lowest

The U.S. Census Bureau reported today the Portland/Vancouver/Beaverton vacancy rate fell from 3.3 percent in Q1 2013 to 2.1 percent in the second quarter, the nation's lowest among the top 75 U.S. Metropolitan Statistical Areas (MSAs).

Seattle-Tacoma-Bellevue, WA ranked #6 with a Q2 2013 vacancy estimate of 4.0 percent, down from 4.6 percent from the prior quarter. (Several cities tied at 3.3 percent and 3.7 percent.)

MSA's with the lowest vacancy rates were as follows:

Portland-Vancouver-Beaverton, OR-WA - 2.1%
Bridgeport-Stamford-Norwalk, CT - 3.1%
Charlotte-Gastonia-Concord, NC-SC - 3.3% (tie)
Grand Rapids-Wyoming, MI - 3.3% (tie)
Los Angeles-Long Beach-Santa Ana, CA - 3.3% (tie)
San Jose-Sunnyvale-Santa Clara, CA - 3.3% (tie)
Bakersfield, CA - 3.7% (tie)
Columbus, OH - 3.7% (tie)
San Francisco-Oakland-Fremont, CA - 3.8%
Seattle-Tacoma-Bellevue, WA - 4.0%

The MSA's with the five highest vacancy rates were as follows:

Orlando, FL - 15.1%
Detroit-Warren-Livonia, MI - 14.3%
St. Louis, MO-IL - 13.9%
Las Vegas-Paradise, NV - 13.7%
Richmond, VA - 13.1%

Average national vacancy rate for Q2 2013 was at 8.2 percent for rental housing and 1.9 percent for homeowner housing. The rental vacancy rate was 0.4 percentage points lower than last quarter.

The nation's homeownership rate remains flat at 65 percent.

Download the Census Bureau table here.