Monday, April 3, 2017

Portland Metro Area Underbuilt by 27,000 Units Over Last 10 Years

The Willamette Week reported over the weekend that according to the Oregon Office of Economic Analysis, a lack of new housing construction has been a major contributor to rising housing costs in the Portland Metro Area. Since 2006, the ratio of housing permits per population change has remained below the 1980-2004 average almost every year. The article notes that at the high end, rents are beginning to come down as new developments come online. At the lower end of the market, however, both renters and aspiring homeowners are feeling the effects of building trends that have not kept up with population growth. Read more.