Breaking — MultifamilyNW Reports Portland Metro Vacancies Increase Slightly to 3.52%

MultifamilyNW just announced at its bi-annual Apartment Report breakfast this morning that apartment vacancies in the Portland/Vancouver metro area currently stands at 3.52%. Clackamas area has the lowest vacancy at 1.6% and represents an area with very little new construction activity. The only other area under 2% is East Vancouver.

Rents:
Overall rents in the Metro area have increased 13% year-over-year but new supply has caused rent increases to slow to 5.3% since the last report six months ago.

Expenses
The report indicates that average operating expenses for all unit types have increased 6.3% year-over-year as landlords continue to see significant increases in property taxes and water/sewer expenses.

Transaction Activity
Transaction activity slowed 25% in the first quarter of 2016 and the median price per unit during the first quarter was $92,422 with an average Cap rate of 6.14%.

Watch this space for additional details.