"Thankfully — despite some challenges at the local and national levels — Portland’s affordability on a regional basis remains attractive to investors," writes Jordan Carter, executive vice president for Kidder Mathews, in a recent RE Business Online column. "If the Great Recession indicated how the Portland multifamily market might weather an upcoming storm, there are plenty of reasons to remain optimistic."
At 4.53%, the company's vacancy rate is well below the national average of 4.98% reported by CoStar, according to Carter. Year-over-year rent growth of 8.5%, which CoStar predicts will remain around 5% for the next couple of years, has pushed average apartment rent to $1,600 per month, and the competitive single-family home market continues to drive prospective home buyers out of the market.
By year-end, Carter writes, though the volume of sales will be dramatically down from the historic levels of 2021, demand for well-located properties in Portland is expected to remain consistent, especially for those with a value-add component.
Read the full column at REBusinessOnline.com.
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