Thursday, October 31, 2019
Tuesday, October 29, 2019
The U.S. Census Bureau reports that the third-quarter 2019 rental vacancy rate for the Portland/ Vancouver/ Hillsboro metro area was 4.7%, an increase of 0.2% from one year earlier. This is close to the recently released Multifamily NW fall survey of nearly 62,000 area apartment units which pegged area vacancies at 4.4%.
Seattle/Tacoma/Bellevue's metro area vacancy rate was listed at 4.6%, down 0.7% from a year ago.
The nation's lowest rental vacancy rates, by metro area:
- Allentown-Bethlehem-Easton, PA-NJ - 0.0%
- Worcester, MA - 1.1%
- Minneapolis-St Paul - Bloomington, MN-WI - 2.0%
- Buffalo-Niagra Falls, NY , and Grand Rapids-Wyoming, MI - 2.8%
- San Francisco-Oakland-Hayward, CA - 3.3%
- San Jose-Sunnyvale-Santa Clara, CA - 3.7%
- Los Angeles-Long Beach-Anaheim, CA - 3.9%
- Akron, OH - 4.0%
- New York-Newark-Jersey City, NY-NJ-PA - and Toledo, OH - 4.3%
- Seattle-Tacoma-Bellevue, WA - 4.6%
- Portland-Vancouver-Hillsboro, OR-WA / Jacksonville, FL / Bridgeport-Norwalk, CT - 4.7%
The average national rental vacancy rate for Q3 2019 was 6.8 percent for multifamily dwellings of five or more units -- down from 7.1% one year earlier, despite continuous delivery of multifamily units throughout the national market.
Year-over-year vacancy rates in the Western U.S. decreased, from 5.1% to 4.8%.
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U.S. Homeownership Rate Falls
After falling to a 26-year low in 2016, the homeownership rate has rebounded and has increased slightly over the past year to 64.8%. Homeownership in the West has also increased from 60.2% in Q3 2018 to 60.6% in September 2019.
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Monday, October 28, 2019
This week: the City of Portland repeals its placard and tenant notification requirements for unreinforced masonry buildings; real estate and construction professionals in the pacific northwest questioned in a recent survey were concerned over environmental regulation, affordable housing, and rent control. And it turns out that the exodus of residents from California may not be wealthy retirees after all.
Thursday, October 24, 2019
Tuesday, October 22, 2019
Keynote speaker Andy Warren, Director of Real Estate Research at PwC, emphasized that the differences between the top 20 metro areas for real estate investment are shrinking. This year, Portland was ranked 20th on the list, while Seattle was 10th. Denver dropped from 10th place last year to 17th this year. Warren commented on the rising phenomenon of "hipsturbia," or millennial hipsters moving to suburbs while expecting walkable urban amenities like bars, breweries, and flexible work spaces. He also emphasized that cities that have invested in infrastructure are the most attractive to investors. According to the Emerging Trends in Real Estate survey, 81% of real estate professionals cite transportation as the most important infrastructure investment a city can make.
Following Warren's presentation, Matt Miller of Greater Portland Inc. moderated a panel featuring Warren, Expensify Founder David Barrett, Bridge Economic Development President Alisa Pyszka, and Eastdil Secured Senior Vice President Mark Washington. The panel discussed Portland's strengths and weaknesses, as well as what the city will need to do in the future to foster economic growth.
Barrett recently moved his company from San Francisco to Portland, which he said was primarily a lifestyle decision. He did not look at school districts or taxes, but instead was drawn to Portland because of the character of its neighborhoods, and its proximity to wine country and outdoor recreation. He urged the developers and planners in the audience not to imitate San Francisco's pattern of development in which urban campuses close themselves off and shut out the local community.
Other panelists, including Alisa Pyszka, emphasized that Portland needs to work on growing its economy from within and focusing on educational opportunities that rely less and bringing in talent from other cities. They also discussed the "trailing spouse" factor - if people move here for job opportunities, will their spouses also be able to find jobs in their field that will keep them in the region?
In terms of barriers to entry and feasibility, the panelists agreed that while local investors may feel that the political and regulatory environment in Portland makes investment and development difficult, investors from larger cities tend to view the city as a relatively untapped market that presents an opportunity for creative options. This was borne out in the survey, which ranked Portland as the #1 city for investment opportunities.
Monday, October 21, 2019
A report finds that rents in most Portland area cities are flat or declining while those in the valley and Eugene are increasing; the Portland water bureau is building a corrosion control facility to reduce the possibility of lead in the city's water supply, and a recent study finds that proximity to transit can increase property values.
Wednesday, October 16, 2019
The traveling helpdesk is available to provide technical/non-legal assistance on Saturdays at the Multnomah County Library branches and dates listed below:
19th - Capitol Hill 10:30 am - 12:30 pm
19th - Belmont - 2:30-3:30 pm
2nd - Holgate 10:30 am - 12 pm
2nd - Gregory Heights 1-3 pm
9th - Midland 10:30 am - 12:30 pm
9th - St. Johns 2-4 pm
16th - Capitol Hill 10:30 am - 12:30 pm
16th - Hollywood 1:30-3 pm
7th - Holgate 10:30 am - 12 pm
7th - Gregory Heights 1-3 pm
14th - Midland 10:30 am - 12:30 pm
14th - St. Johns 2-4 pm
21st - Capitol Hill 10:30 am - 12:30 pm
21st - Belmont 2-3:30 pm
Tuesday, October 15, 2019
Monday, October 14, 2019
This week: Under orders from a Federal Judge, the Portland City Council will have a public hearing October 23 on the court's mandated rollback of its ordinance requiring placards on unreinforced masonry buildings; and the Supreme Court is deciding whether to hear a case challenging the legality of inclusionary zoning.
Wednesday, October 9, 2019
Tuesday, October 8, 2019
Monday, October 7, 2019
This week: CoStar reports that multifamily investment has picked up again after a brief slowdown following the implementation of statewide rent control; Sightline Institute researcher Michael Anderson warns that Portland's Better Housing by Design initiative could be held back by parking requirements; and startups are aiming to disrupt security deposits by requiring less money upfront from tenants and providing insurance to landlords.