Monday, September 29, 2014

MPF Research: "Will New Supply Derail Portland's Performance?"

In its latest Portland-centric story, Realpage/MPF Research asked the question: Will the new supply being added in Portland derail recent rent gains? Their answer, in a word, is "no."

Portland’s mid-2014 occupancy rate registered at 97.6%, up 60 basis points from the mid-2013 result. Annual rent growth for new leases is coming in at 7.3%. Combining those two metrics yields an annual revenue growth figure of 7.9%. That’s the fourth-best annual revenue growth stat among the 50 largest metros nationally. 

MPF states Portland won't have a problem absorbing the 6,000 units under construction at the end of Q2 2014 because they are spread out and don't come online all at once. Their larger concern is the fact that income growth lags behind other markets with strong rent growth gains. 

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