Tuesday, October 19, 2021

Oregonian: Thousands in Danger of Eviction

A cover story in Friday's edition of The Oregonian revealed just how the state's slow action and lack of leadership are taking a toll on renters and housing providers alike. Read more. 

Meanwhile, Oregon Public Broadcasting, the Salem Statesman Journal are among the many news organizations staying on top of this story. Click the links to read more. (No subscriptions required.)

Tribune: Some Landlords Get Rent, Many Still Waiting

The Portland Tribune reports today that even though Oregon is facing a backlog of requests from tenants for back-owed rent, the state may still qualify for more federal funds to help out.

The paper reports:

The backlog remains greatest in the three Portland metro area counties, where 42.1% of completed applications have been paid through Oct. 18, compared with 54.5% statewide.

Still, the Oregon Department of Housing and Community Services and 18 community action agencies paid out a total of $133 million by a Sept. 30 deadline set by the U.S. Treasury for states to commit at least 65% of their initial shares of rental assistance. Oregon's initial share was $204 million, and Oregon is in line for more money that will be reallocated from other states failing to spend their full amounts.

According to the state agency's dashboard, 20,968 of 38,474 completed applications for rent and utility assistance have been "paid and obligated" statewide as of Oct. 18 — the figure includes payments approved by agencies but not yet redeemed by landlords — for a total of $165.6 million. Requests total $300.8 million.

For Multnomah, Washington and Clackamas counties, 9,201 of 21,882 completed applications have been paid for a total of $37.7 million. Requests total $180.4 million. (See breakout for county details.)

Read the whole story.

Monday, October 18, 2021

Multifamily Marketwatch Podcast - October 18, 2021

This week: apartment rent payments are slowing as the pandemic wears on; the nation’s shortage of housing affecting all price points and rent and vacancy trends for Oregon and SW Washington.

Listen to our latest podcast.

Thursday, October 14, 2021

Sold! 9 Units in Vancouver, Washington


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HFO is pleased to announce the sale of Hidden Green Apartments consisting of 9 garden-style units in Vancouver, Washington Congratulations to brokers Jack Stephens and Todd Tully and the rest of the HFO team. 

Rent & Vacancy Trends Announced for Portland, Vancouver, Salem, Eugene & Bend

Multifamily NW held its semi-annual Apartment Report breakfast with fall 2021 data this morning. Here are how today's numbers compare with those from one year ago. 

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Wednesday, October 13, 2021

RealPage: Severe Shortage of Rental Housing at Every Price Point

RealPage reports the magnitude of the demand boom is far beyond even the most optimistic forecast, following September's historic low vacancy rate of 2.7%. 

The news also included these points:

  • New lease demand for year ending September 2021 increased by 50.5%
  • Apartment resident retention surged to an all-time-high of 58%

Vacancy registered below 45 in 140 of the 150 largest US metros RealPage tracks in September. Orange County led the way at 1.12%, followed by Providence, RI (also at 1.12%); Riverside, Calif. (1.37%); San Diego (1.53%); Miami (1.75%); Virginia Beach (1.76%); Fort Lauderdale (1.94%); Sacramento (1.96%); Tampa (1.98%); and Detroit (2.04%).

The lack of availability also has “nothing to do” with construction completions, according to RealPage: new completions over the last year hit a three-decade high of 362,087 units, a wave that would historically be considered a major risk factor for investors but which has wholly failed to meet demand in the current cycle.

Net absorption hit 610,715 for the year ending in September, smashing prior records by more than half.

“We were bullish on apartments heading into 2021, but the magnitude of the demand boom is far beyond even the most optimistic forecast,” said RealPage director of forecasting and analysis Carl Whitaker. “And the absorption numbers could have been even bigger if not for the historic lack of availability.”

Rents also remain at record highs. National median rent growth has increased by 13.8% since January; prior averages were around 3.6% from 2017 to 2019. Increasing incomes and budgets of renters searching on their database are closely related to the increasing cost of homeownership and a tight residential real estate market, some analysts say: the for-sale market has posted a 48% drop in listings since last year, with supply seriously constricted.

“With rents rising virtually everywhere, only a few cities remain cheaper than they were pre-pandemic,” a recent Apartment List analysis notes. “And even there, rents are rebounding quickly.”

Monday, October 11, 2021

Sold! Mobile Home Park in Gresham


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HFO is pleased to announce the sale of Glisan Terrace - a 14-pad mobile home park in Gresham, Oregon. Congratulations to Todd Tully and Greg Frick and the rest of the HFO team!

Multifamily Marketwatch Podcast - October 11, 2021

This week: supply chain issues causing construction delays, rents across the country spike, and a Portland rental market update.

Listen to our latest podcast.

Wednesday, October 6, 2021

Oregonian: Most Renters Still Waiting For Aid

Today's lead story in The Oregonian concerns the continued backlog of rent assistance payouts. Although the state has made headway in tackling the problem, some counties are still behind expectations and many renters could lose their eviction protection before the money arrives.

Of the $204 million Oregon received from the U.S. government for the latest round, it had paid out or allocated 71% including administrative costs. But, only 37% of the money has actually reached landlords on behalf of renters. 

New guidelines released by the Department of the Treasury on Monday indicate that level of performance should be enough for the state to keep the money it's received. The new guidelines will allow Oregon to request more funding because it had committed more than 65% of the monies received by a September 30th deadline.

Another $156 million is already on the way according to a government executive, although the state is receiving between 1,000-2,000 applications weekly and the money is expected to be quickly depleted.

Between mid-September and October 4th, Oregon moved from being ranked 26th in the nation for distribution of rental aid to 8th place. 

The worst counties in the state for distributing funding include Marion County, which has received $10.4 million but had not paid out any rental assistance by the end of August and by the end of September had paid out nearly $575,000. 

Meanwhile, eviction filings in Oregon totaled 361 in July, 463 in August and 473 in September. The numbers do not include renters who move before the rental owner takes them to court.

Tuesday, October 5, 2021

Portland Multifamily Market's Challenges and Opportunities

Multi-Housing News interviewed Guardian Real Estate Services’ Hollie Forsman provides insights on local market fundamentals.

Forsman said that although the pandemic rounded off a thriving decade for Portland and has constricted employment, the metro’s multifamily market continues to benefit from a steady influx of residents priced out of more expensive West Coast markets. 

Nonetheless, hurdles do exist, such as expiring eviction moratoriums, rent controls and limited supply, Hollie Forsman, director of operations at Portland-based Guardian Real Estate Services, told Multi-Housing News.

In the interview, Forsman reveals the most critical trends and challenges shaping Portland’s multifamily market right now. Read more.