Thursday, April 26, 2018

U.S. Census: Portland Posts Nation's Sixth Lowest Apartment Vacancy Rate

The U.S. Census Bureau reported that the first quarter 2018 rental vacancy rate for the Portland-Vancouver- Hillsboro metro area was 3.6% percent -- an increase of 1% over the prior quarter and a 0.3% decrease from one year earlier.

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:

  1. Fresno, CA (1.6%)
  2. Akron, OH (2.3%)
  3. Syracuse, NY (2.4%)
  4. Cincinnati, OH-KY-IN (3.4%)
  5. Minneapolis-St. Paul-Bloomington, MN-WI (3.5%)
  6. Portland-Vancouver-Hillsboro, OR-WA (3.6%)
  7. Grand Rapids-Wyoming, MI (3.9%)
  8.  Tucson, AZ (3.9%)
  9. Charlotte-Concord-Gastonia, NC-SC (4.0%)
  10. Louisville/Jefferson County, KY-IN (4.0%)
  11. New York-Newark-Jersey City, NY-NJ-PA (4.0%)
  12. Riverside-San Bernardino-Ontario, CA (4.0%)
  13. Los Angeles-Long Beach-Anaheim, CA (4.2%)
  14. San Francisco-Oakland-Hayward, CA (4.3%)
  15. Worcester, MA (4.4%)
  16. Phoenix-Mesa-Scottsdale, AZ (4.6%)
  17. Seattle-Tacoma-Bellevue, WA (4.6%)
Average National Rental Vacancy Rate
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.

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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%.

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