Sold! 90 Units in Portland, OR

Congratulations to the HFO team and brokers Greg Frick and Lee Fehrenbacher on the sale of 90-unit Stonecreek Apartments in Portland, OR. 

Average Wait Time for Affordable Portland Apartments: Five Years

The average wait time for one of Portland's subsidized, affordable housing units is five years, according to data commissioned by Mayor Ted Wheeler’s office.

The data, produced by Home Forward, used the 35,758 households currently on waitlists for 5,373 units that are owned, managed, or subsidized by Home Forward to calculate the average wait time. Willamette Week reports this likely captures anywhere from a quarter to a third of the city’s total deeply affordable units.

The report finds that one-third of the applicants currently on the Home Forward building waitlists are Black, another third is white, and of the 1,621 current applicants on the waitlist, 1,400 are categorized as “extremely low income.”

“Spiking increases in untreated mental illness and drug addictions make these years-long housing wait times deadlier than ever. We need more affordable housing and we need to connect more houseless to health services while they wait,” said Mayor Wheeler in a press release published last week.

Chart created using data retrieved on October 25, 2022 from Portland.gov/Wheeler

Read more at WWeek.com.

Multifamily Marketwatch Interview: Alexis Eykel , Landlord Engagement Specialist with the Tacoma Housing Authority

Landlord engagement specialist Alexis Eykel along with program ambassador Mark Melsness of Spinnaker Management discuss the City of Tacoma's support for landlords housing low-income tenants. Tenants have an ongoing case manager and the housing provider receives guaranteed rental income. Tacoma Housing Authority is one of 39 housing authorities in the United States that are part of "moving to work," which provides substantial additional assistance. 

Check out this episode!

Multifamily NW Apartment Report | Fall 2022

Multifamily NW released its Fall 2022 Apartment Market Report this morning at the Apartment Report breakfast.

The Portland/Vancouver rental vacancy rate remained flat below 4%, and rent growth is up 0.5% since Spring 2022.

Submarket vacancies were reported as follows:

Published every spring and fall, Multifamily NW's Apartment Report includes rent and vacancy data collected from the Portland/Vancouver, Salem, Eugene/Springfield, and Bend/Redmond areas. Spring editions also contain yearly operational expense figures and a sampling of Portland apartment construction data. The data is collected and presented using Multifamily NW resources with information obtained directly from property managers, owners, and on-site managers. 

Learn more about the report at MultifamilyNW.org.

Multifamily Sector Seeing a "Modest Slowdown"

According to Moody’s Analytics, multifamily net absorption came in at about 21,000 units nationally in the third quarter, “notably low” compared to the 84,040 units absorbed in the first half of the year.

Vacancy increased in 15 of the 79 primary U.S. markets tracked by Moody's, 10 more than in the second quarter. 

"While still historically robust, rent growth looked tame compared to the skyrocketing growth established a year ago. The likely culprit: affordability issues are finally squeezing some household budgets," wrote Moody's economists in a Q3 2022 Preliminary Trend Announcement this month. 

 

from CRE.MoodysAnalytics.com
Source: Moody's Analytics CRE

 Read the full report at CRE.MoodysAnalytics.com

Multifamily Marketwatch: Washington Podcast - Lending Rate Update, Q3 Surprises, Puget Sound Trends

Featured this week: a national market outlook, lender update with Gantry, Inc., and construction and market trends from around the state. 

Check out this episode!

HFO-TV: Executive Director Andrea Bell on OHCS' Legislative Agenda & Historically Large Proposed Budget

On our most recent episode of HFO-TV, Oregon Housing and Community Services (OHCS) Executive Director Andrea Bell discusses the agency's 2023 legislative agenda, including the "audacious and appropriate" proposed budget that is the largest request in OHCS history. 

"We have to invest in resources, invest in a course of action to meet the scale of the crisis," Director Bell tells HFO founding partner Greg Frick. 

Check out previous episodes of HFO-TV on YouTube or HFORE.com/aspx.

The Interview: Ryan Macinster, Director of Government Affairs, Washington Multifamily Housing Association

Meet Washington Multifamily Housing Association's new Director of Government Affairs, Ryan Macinster. Ryan is the organization's lead lobbyist in Olympia and various municipalities throughout the state.

Check out this episode!

Multi-Housing News: How the Latest Interest Rate Hike Impacts Multifamily

Multi-Housing News interviewed industry executives and market experts about how the highest interest rate increase in decades will impact multifamily. 

Their predictions include: 

• Cash-flowing multifamily and industrial assets won’t be as severely impacted.
• Demand for multifamily and single-family rentals is expected to strengthen along with rents.
• Lenders have tightened their underwriting standards resulting in lower loan-to-values, and lenders and borrowers are going to continue to be more cautious going forward. 
• Investors are going to be seeking higher returns on debt and equity and the cost of capital will go up.
• Cap rates will likely widen over the next 12 to 18 months to reflect what’s happening in the capital markets.

Read more at MultiHousingNews.com.

Sold! 56 Units in Sherwood, OR

 

Congratulations to the HFO team and brokers Rob Marton, Cody Hagerman, Greg Frick, and Tyler Johnson on the sale of 56-unit Murdock Apartments in Sherwood, OR.