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2016-02-20 13:48:37
Just 2.4% of Portland Apartments Are Vacant

PORTLAND, Ore. – Thanks to the Internet anyone who follows Portland Oregon Property Management like we do knows that the rental market in Portland was one of the busiest markets in the nation due to a high demand for rental properties and tight inventory but how competitive was the rental market when compared to other cities nationwide?

 

Just 2.4% of Portland Apartments Are Vacant

Another interesting fact about the apartmentlist.com statistics is that as of January 2016 just 2.4% of apartments in Portland were considered to be available while Los Angeles, Austin Texas, San Francisco and Seattle also saw some of the lowest vacancy rates nationwide.

Besides having more people relocating to Portland in the last 12 months, as Portland Oregon Property Management professionals we know that other reasons why rents have gone up so fast in the last year include: lack of building lots for single family homes and multi-family properties, fewer single family homes available for rent and more senior citizens are now renting in Portland instead of buying.

Low inventory and high prices are driving the real estate market in all of Portland, according to Jan Caplener one of the owners of Portland’s Reality Trust. 

“Right now, Portland especially, is the hottest you can have. There are way more sellers than buyers,” Caplener said. “Portland businesses are bringing a lot of people from other states. We are out of building lots for larger parcels and multifamily dwellings.”

The rise of the rental and apartment market is contributing to the decline of available homes as well. Arthur Nelson, an associate dean for Architecture and Planning for the University of Arizona, is an expert in real estate analysis.  He said Portland has seen an increasing demand for upscale apartments from professionals and senior citizens who prefer renting to buying.

Unsurprisingly, the West also has a tight grip on the statewide vacancy rate. While Vermont has the lowest rate, with just 2.9 percent of rentals in the state currently available, Oregon is not far behind. It ranks second on the list, with a vacancy rate of 3.5. Washington was third on the list, with a vacancy rate of 3.8.

Source – golocalpdx.com

 
Blog Archive
2016-07-27 16:11:50
Portland home values grew fastest in U.S

2016-04-13 15:55:43
Sell your house in Portland the market is high

2016-02-20 13:48:37
Just 2.4% of Portland Apartments Are Vacant

2015-10-11 16:15:14
Fall In Love with Historic Portland Oregon by Visi

2015-09-26 13:39:59
Are Cash Buyers Still Buying Homes In Portland

2015-01-15 11:46:19
Foreclosures decline nationally and in Portland

2013-09-16 11:00:25
Portland housing market cools in August

2013-09-14 20:13:47
Portland Residential Real Estate Market Highlights


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