Tuesday, November 1, 2016

Census: Portland Vacancy Rate Estimated at 5.6%

The U.S. Census Bureau has released it's 3rd quarter rental vacancy report for 2016. Its Portland MSA vacancy rates are as follows:

Quarter 1: 6.6%
Quarter 2: 4.9%
Quarter 3: 5.6%

Of the top 75 U.S. metros, Greater Portland's vacancy rate was ranked 20th, in a tie with Detroit and Nashville. The cities stood at roughly the mid point of all cities ranked, which ranged from 1.0% in Cape Coral-Fort Myers, Florida to 17.1% in Birmingham-Hoover, Alabama.

The Census Bureau's vacancy estimate is higher than both the recent MultifamilyNW estimate, which placed Greater Portland's multifamily vacancies at 3.71%, and other recent third-party estimates of around 4.5%.

Census estimated the average U.S. rental vacancy rate at 6.8%.