This week: Housing activists in Seattle push for increased density in inner-city neighborhoods; Willamette week releases its endorsements for the May primary, and Portland Mayor Ted Wheeler will ask the City Council to halt spending of the $258 million affordable housing levy approved by voters in November of 2016 until next January.
Monday, April 30, 2018
Thursday, April 26, 2018
The Spring 2018 Multifamily NW Apartment report released earlier this month surveyed nearly 58,000 units and reported a regional vacancy rate of 4.85%.
Seattle's Vacancy Rate - 4.6%
The Census Bureau estimated Seattle-Tacoma-Bellevue's vacancy rate jumped 2.7% from a year earlier to 4.6%.
Metros with the lowest rental vacancies for Q1 2018 were:
- Fresno, CA (1.6%)
- Akron, OH (2.3%)
- Syracuse, NY (2.4%)
- Cincinnati, OH-KY-IN (3.4%)
- Minneapolis-St. Paul-Bloomington, MN-WI (3.5%)
- Portland-Vancouver-Hillsboro, OR-WA (3.6%)
- Grand Rapids-Wyoming, MI (3.9%)
- Tucson, AZ (3.9%)
- Charlotte-Concord-Gastonia, NC-SC (4.0%)
- Louisville/Jefferson County, KY-IN (4.0%)
- New York-Newark-Jersey City, NY-NJ-PA (4.0%)
- Riverside-San Bernardino-Ontario, CA (4.0%)
- Los Angeles-Long Beach-Anaheim, CA (4.2%)
- San Francisco-Oakland-Hayward, CA (4.3%)
- Worcester, MA (4.4%)
- Phoenix-Mesa-Scottsdale, AZ (4.6%)
- Seattle-Tacoma-Bellevue, WA (4.6%)
The average national rental vacancy rate for Q1 2018 was 7.0 percent for multifamily dwellings of five or more units -- unchanged from one year earlier, despite ongoing delivery of multifamily units throughout the national market.
Year-over-year vacancy rates in the western U.S. increased slightly, from 4.7% to 5.2% and was down from 5.6% in the 4th quarter of 2017.
|Click to Enlarge|
U.S. Homeownership Rate Increases
After falling to a 26-year low in 2016, homeownership rates remain flat. The current homeownership rate in the West has increased by a statistically significant amount over the past 12 months--from 59% to 59.7%.
|Click to Enlarge|
Wednesday, April 25, 2018
Monday, April 23, 2018
This week: the latest apartment survey indicates vacancy rates are on the rise in Portland but remain among the lowest in the country; baby boomers and millennials both want to live in walkable, close-in urban neighborhoods. After ten years of planning, this year will see the groundbreaking for the $70 million Rockwood Rising project in Gresham.
Oregon's population increased to 4.1 million in 2017, an increase of 65,000 from a year earlier, with more than 57,000 people added from in-migration.
Thursday, April 19, 2018
Average rent per sq. ft. for all areas combined was reported at $1.56, reflecting a 3.31% increase from a year earlier. The 3.3% average rent increase is consistent with data reported by the national data collection firm REIS Inc. for the most recent 12-month period.
Tuesday, April 17, 2018
|The HFO team volunteers at Oregon Food Bank (Feb. 2018)|
In addition to distributing thousands of dollars in this manner each year, HFO contributes large lump sums to charities suggested and voted on by its team members.
In 2017, the HFO charitable fund focused making major donations to organizations serving homeless families. The HFO team continues that trend in 2018 and voted to continue supporting organizations serving homeless youth and families of the Portland metro area.
Recent major donations of cash and/or volunteer time have been made to:
- Outside In
- Morrison Child and Family Services
- Providence Cancer Research Center
- Big Brothers/Big Sisters Columbia Northwest
Additional non-profits supported by HFO and its 2017 charity fund include:
- American Red Cross
- College Housing Northwest
- Community of Hope
- Doctors Without Borders
- Friends of the Children
- Junior Achievement of Oregon and SW Washington
- Rose Community Development
- New Avenues for Youth
- Oregon Food Bank
- Oregon Humane Society
- Portland Rescue Mission
- Randall Children’s Hospital Foundation
- Royal Rosarian Foundation
- Shriners Hospital for Children
- Stand for Children
- United Way
- Wounded Warrior Project
Monday, April 16, 2018
Check out this episode!
Thursday, April 12, 2018
Wednesday, April 11, 2018
The key to creating more affordable housing remains construction of more housing. HFO Partner Greg Frick and John McIsaac of More Housing Now! discuss the issue.
- Rentals outside the city limits of Portland
- Week-to-week tenancies
- Tenants who live in the same dwelling unit as the landlord
- tenants who live in a duplex unit with the second unit occupied by the landlord
- Tenants who live in an ADU on a property occupied by the landlord
- A landlord that rents out his or her principal residence during the landlord's absense of not more than 3 years
- Landlord that rents out a residence due to active duty military service
- A unit where the landlord is terminating the rental agreement for an immediate family to replace the tenant
- A dwelling unit regulated as affordable housing for at least 60 years
Otherwise, rental housing providers are required to pay out relocation fees as follows:
|Relocation Assistance Flow Chart courtesy City of Portland|
Click here to download a PDF version of this chart.
Monday, April 9, 2018
This week: A recent third-party study of Portland's proposed Residential Infill Project concludes it will reduce demolitions and increase housing; A Washington State Judge rules that Seattle's law requiring landlords to accept tenants on a "first-come-first-served" basis violates the state constitution; Oregon sees the return of middle-wage jobs.
Thursday, April 5, 2018
Wednesday, April 4, 2018
Seattle Law Requiring Landlords to Accept Tenants on "First Come First Served" Basis Ruled Unconstitutional
Tuesday, April 3, 2018
Monday, April 2, 2018
This Week: Candidates to replace Dan Saltzman on Portland's city council are profiled; regional government announces plans to develop affordable housing on the SW corridor ahead of new MAX line construction; proposed building height increases in Portland's old town comes up for a council vote on Wednesday.