Monday, February 1, 2016

Census: Portland Ends 2015 With Lowest U.S. Vacancy Rate

The U.S. Census Bureau reports that the rental vacancy rate for the Portland-Vancouver- Hillsboro metro area was 2.4 percent for the fourth quarter of 2015, the nation's lowest.

In every survey over the past two years, Portland metro has ranked consistently among the nation's lowest vacancy rates.

Seattle-Tacoma-Bellevue had the 8th lowest vacancy rate at 3.9%.

The nation's lowest vacancy rates were as follows:
  • Portland-Vancouver-Hillsboro, OR-WA 2.4% (TIE)
  • Allentown-Bethlehem-Easton, PA-NJ  - 2.4% (TIE)
  • San Jose-Sunnyvale-Santa Clara, CA - 2.5%
  • Los Angeles-Long Beach-Anaheim, CA - 2.7%
  • Albany-Schenectady-Troy, NY - 3.0%
  • Austin-Round Rock, TX - 3.4% (TIE)
  • Omaha-Council Bluffs, NE-IA - 3.4% (TIE)
  • Richmond, VA - 3.4% (TIE)
  • San Francisco-Oakland-Hayward, CA - 3.5%
  • Nashville-Davidson-Murfreesboro-Franklin, TN - 3.7% (TIE)
  • Providence-Warwick, RI-MA - 3.7% (TIE)
  • Seattle-Tacoma-Bellevue, WA - 3.9%
  • Boston-Cambridge-Newton, MA-NH - 4.0%
  • Buffalo-Cheektowaga-Niagra FAlls, NY - 4.2% (TIE)
  • Minneapolis-St. Paul-Bloomington, MN-WI 4.2% (TIE)
The average national rental vacancy rate for Q4 2015 was 7.0 percent for multifamily dwellings of five or more units, and was 0.4 percent lower than Q4 2014. The U.S. rental vacancy rate has been falling since 2009. It is hovering at its lowest level since 1993 and far below the 11 percent average vacancy rate of 2009.

Although rent growth in the West and specifically Portland metro lead the nation, average rents increased to $850.