Tuesday, January 31, 2017
Census: Portland/Vancouver Vacancy Rate Falls to Nation's Fourth Lowest
Seattle Vacancies Nation's 7th Lowest
Census estimated Seattle-Tacoma-Bellevue's vacancy rate at 3.4% up from 2.7% in Q3.
Metro areas with lower vacancies than Seattle were San Diego (3.2%), Minneapolis-St- Paul (3.2%), Portland (3.1%) San Francisco-Oakland-Hayward (3.0%), Los Angeles-Long Beach-Anaheim (2.4%) and Worcester, Mass. (0.7%).
Average National Rental Vacancy Rate
The average national rental vacancy rate for Q4 2016 was 6.9 percent for multifamily dwellings of five or more units, roughly even with a year earlier. Vacancy rates remained lowest in the western U.S.
U.S. Median Rents
U.S. median asking price for rent was $864,
Greater Portland Rents
The national apartment research firm Reis reports that Portland metro rents increased 7.4% for 2016. The research firm Axiometrics reported a lower number, estimating that the year-over-year increase was 6.2%.
U.S. Homeownership Rate Rebounds SlightlyQ4 U.S. Homeownership rates rebounded slightly to 63.7% after hitting bottom at 62.9% in Q2 of last year -- its lowest level in 26 years. Homeownership remains lowest in the Western U.S. where the rate remained flat at 59%.