Multifamily NW Report: Portland Metro Average Vacancy 3.09%

MultifamilyNW released its Spring 2015 Apartment Report this morning.

Current year-over-year vacancy and rents by area:
[Click on the image to enlarge.]

Notes:

• West Vancouver boasts the lowest vacancy rate of 1.5 percent. 
• Downtown has the highest vacancy of 5 percent, recently increasing as the result of new construction in the urban core.
• Rental incentives appear to be a thing of the past with the exception of new product move-in specials.
• Operating expenses have increased for all property types by 7.8 percent from a year earlier from $4,348 to $4,687 per unit.