Tuesday, August 1, 2017

U.S. Census: Portland Rental Vacancy Rate Climbs to 6.7% - Middle of the Pack

The U.S. Census Bureau reports that the rental vacancy rate for the Portland-Vancouver- Hillsboro metro area was 6.7% percent for the second quarter of 2017* -- an increase of 2.8% from Q1. The next definitive report on the area's vacancy rate -- by Multifamily NW -- is due out in October.

Seattle's Vacancy Rate Jumps 2.8%
Census estimated Seattle-Tacoma-Bellevue's vacancy rate has also increased the same amount -- 2.8% in the past three months -- from 1.9% to 4.7%.

The nation's lowest vacancy rates:

Allentown-Bethlehem-Easton, PA-NJ (1.2%)
Fresno, CA (2.2%)
Grand Rapids-Wyoming, MI (2.7%)
Jacksonville, FL (3.2%)
San Jose-Sunnyvale-Santa Clara, CA (3.5%)
Syracuse, NY (3.5%)
San Diego-Carlsbad, CA (3.6%)
Buffalo-Cheektowaga-Niagara Falls, NY (3.7%)
Los Angeles-Long Beach-Anaheim, CA (3.8%)
Worcester, MA (3.8%)

Average National Rental Vacancy Rate
The average national rental vacancy rate for Q2 2017 was 7.3 percent for multifamily dwellings of five or more units -- up 0.6% from one year earlier.

Year-over-year vacancy rates in the western U.S. have climbed from 4.9% to 6.0%.

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U.S. Homeownership Rate Increases
After falling to a 26-year low last year, homeownership rates have been increasing. The current homeownership rate in the West has increased the past 12 months by 1%.

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*The margin of error for the Greater Portland MSA is 2.9%