Portland Apartment Market: Stable Vacancies, Rents Increasing

The Metro Multifamily Housing Association reported at its bi-annual breakfast this morning the following key indicators of the Portland/Vancouver Metro Area Housing Market:

• A 3.63% vacancy rate, down from 3.7% in spring, 2012
• Rent rates increased by 3% over the prior six months, reflecting an annual rent increase of 6.2%
• Inner/Central SE and NE Portland continue to be very tight markets with vacancy factors of 2.3% and 2.6%
• The average number of days a unit stays vacant has dropped from 43 to 37 days
• Rent overall has increased to $1.03 per square foot

Salem and Eugene

• In Salem vacancies are 3.07%, up slightly from spring 2012; rents have declined
• In Eugene/Springfield, vacancies are at 3.7% and rent rates are on the rise.

Bend and Redmond

• Vacancy rates have decreased from 8.4% to under 3.9% in the past six months.

Each six months, Metro Multifamily Housing conducts a survey; the survey released today represented a survey of 869 properties with a total of 56,080 apartment units.