The latest news of interest to multifamily owners of apartment buildings in Oregon and Washington.
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Friday, November 3, 2017
Rent Growth Beginning to Slow in Portland as New Units Come Online
The Daily Journal of Commerce reports that rents in Portland were down for the second month in a row in October. Year over year, rents were down 0.4%, and they were down 0.8% from September. Most of the softness in the market is occurring at the high end - with more brand new luxury units hitting the market, buildings in the Pearl District and Central Eastside are offering concessions or lowering rents. As of October, the median rent for a one-bedroom apartment in Portland was $1,140, and $1,350 for a two-bedroom. Buildings catering to middle- or low-income renters are still seeing low vacancy rates, but those rates are beginning to stabilize with an increase in overall supply. Joe Cortright noted in his City Observatory blog last week that more "for rent" signs have been popping up throughout the city recently. These trends will likely continue as new buildings open their doors to renters in the coming year. Read more.