Q1 Portland and Seattle Rental Vacancy Rates Statistically Unchanged from Year Earlier

Greater Seattle is currently tied with Knoxville, Tennessee for 7th place among top 75 U.S. metro area rental vacancy rates with a vacancy rate of 3.7%. Portland ties Rochester, New York, at 17th with a vacancy rate of 5.2%. Both northwest cities vacancy rates are statistically unchanged year-over-year.

The average national rental vacancy rate for Q1 2020 was 6.6 percent for multifamily dwellings of five or more units -- statistically unchanged from 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 4.6% in Q1 2019 to 4.1%.

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U.S. Homeownership Rate FallsAfter falling to a 26-year low in 2016, the homeownership rate has rebounded and stands at 65.3%, up 1.1% from Q1 2019. Homeownership in the West has remained statistically unchanged. 

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