Thursday, April 28, 2016

U.S. Census Bureau Q1 2016 Homeownership and Vacancy Report Released

The U.S. Census Bureau reports that the rental vacancy rate for the Portland-Vancouver- Hillsboro metro area was 6.6% for the first quarter of 2016, up from 2.4% three months earlier.

The estimate is a sharp jump in the estimated vacancy rate for Portland, which for every survey over the past two years has ranked consistently among the nation's lowest.

The MultifamilyNW fall 2016 survey of 56,000 Portland MSA units was also released this week, and pegged the vacancy rate at 3.5%.

Census reported Seattle-Tacoma-Bellevue with a vacancy rate of 4.4%, up from 3.9% in the prior quarter.

The average national rental vacancy rate for Q1 2016 was 7.0 percent for multifamily dwellings of five or more units, unchanged from the prior quarter. The U.S. rental vacancy rate has been falling since 2009 and is currently hovering at its lowest level since 1993.

Although MPF research reports rent growth in the Portland MSA continues to lead the nation at 11.8% for Q1 2016, average rents increased to $870 - up from $850 the prior quarter.

Homeownership rates have increased somewhat over a year ago. It was reported at the MultifamilyNW Breakfast that some luxury apartments in downtown Portland are starting to see leases broken as renters move to purchase homes.