Wednesday, April 16, 2014

Good News Still Flowing in Spring 2014 MultifamilyNW Report

Updated: 10:42 am 4/16/14

Multifamily NW released its latest Apartment Market report for Portland metro this morning.

Despite a recent increase in vacancies, the latest MultifamilyNW Apartment Report indicates apartment are seeing an increase in net operating incomes. The Portland metro area experienced over 5 percent growth in rents while operating expenses increased just over 2 percent.

The Spring 2014 Multifamily NW Report indicated an increase in vacancy from 3.11 to 3.46%.  The spring 2013 report listed overall vacancy at 3.55%. 

Average market rents have increased from the spring 2013 MultifamilyNW Apartment Report to the spring 2014 report by over 11%. (Click on the image to enlarge.)

Other Highlights:
  • Only 7% of all properties are offering rental incentives
  • Average number of days vacant is 35
  • Median per unit expenses have increased for all property types by 2.2% over the past year from $4,251 to $4,346 per unit
  • Property taxes average $870 per unit ($1.07 sq. ft.)
  • Insurance costs average $165 per unit ($0.22 sq. ft.)
  • Water and sewer averages $550 per unit ($0.76 sq. ft.)
Today's keynote speaker was Robert Ball of Astor Pacific.

Download the full report.