Forecasting Future Rental Demand in Portland

The Portland Tribune reports that Josh Lehner of the Oregon Office of Economic Analysis is forecasting that we are currently at “peak renter.” He expects that as millennials enter their mid- to late-thirties, homeownership rates will increase. Since the recession, however, far fewer single family homes have been built both locally and nationally. The resulting shortage of owner-occupied housing units has been driving up prices, making many homes unaffordable for first time buyers. Portland’s population is also expected to increase by 35,000 people each year, which will continue to drive apartment demand for the foreseeable future. Read more.