The U.S. Census Bureau reported today that the rental vacancy rate for the Portland-Vancouver- Hillsboro metro area was 5.1 percent for the third quarter of 2015. Despite local survey reports to the contrary, the U.S. Census Bureau data has shown an increase in the Portland vacancy rate from 2.7% in Q1 to 5.1% in Q3.
In every survey over the past two years, Portland metro has ranked consistently among the nation's lowest vacancy rates. In this latest Census Bureau Report, Portland metro is tied for 24th lowest with Hartford-West Hartford-East Hartford, CT
Seattle-Tacoma-Bellevue was in a 2-way tie with San Diego for 4th place with vacancies at 2.0%, down from 4% the prior quarter.
The nation's lowest vacancy rates were as follows:
- Grand Rapids-Wyoming, MI - 0.9%
- Greensboro-High Point, NC - 1.0%
- Worcester, MA - 1.6
- San Diego-Carlsbad, CA [TIE] - 2.0%
- Seattle-Tacoma-Bellevue, WA [TIE]
- Boston-Cambridge-Newton, MA-NH - 2.8%
- Milwaukee-Waukesha-West Allis, WI [TIE]
- New Haven-Milford, CT [TIE]
- San Jose-Sunnyvale-Santa Clara, CA - 3.1%
- Raleigh, NC - 3.2%
- Los Angeles-Long Beach-Anaheim, CA - 3.6%
- Providence-Warwick, RI-MA [TIE]
- San Francisco-Oakland-Hayward, CA [TIE]
- Charlotte-Concord-Gastonia, NC-SC - 3.9%
- Knoxville, TN [TIE]
- Minneapolis-St. Paul-Bloomington, MN-WI [TIE}
- Cape Coral-Fort Myers, FL -4.1%
- Nashville-Davidson-Murfreesboro-Franklin, TN - 4.5%
- New York-Newark-Jersey City, NY-NJ-PA [TIE]
- Richmond, VA - 4.7%
- Fresno, CA - 5.0%
- North Port-Bradenton-Sarasota, FL [TIE]
- Hartford-West Hartford-East Hartford, CT - 5.1%
- Portland-Vancouver-Hillsboro, OR-WA [TIE]
Although rents in the West and specifically Portland metro lead the nation, average rents remained flat.
U.S. Homeownership Rate Remains Flat
U.S. Homeownership rates have fallen from a recent high of 65.1 percent at the end of 2013 to an estimated 63.5 percent in Q3 2015. Homeownership remains at its lowest level in 22 years.
[Note: The US Census vacancy estimate is 2.23% higher than the vacancy rate of 2.87% reported by MultifamilyNW in its Fall, 2015 Apartment Report.]