Portland Apartment Market Fundamentals Expected to Remain Solid

“Thankfully — despite some challenges at the local and national levels — Portland’s affordability on a regional basis remains attractive to investors,” writes Jordan Carter, executive vice president for Kidder Mathews, in a recent RE Business Online column. “If the Great Recession indicated how the Portland multifamily market might weather an upcoming storm, there are plenty of reasons to remain optimistic.”

At 4.53%, the company’s vacancy rate is well below the national average of 4.98% reported by CoStar, according to Carter. Year-over-year rent growth of 8.5%, which CoStar predicts will remain around 5% for the next couple of years, has pushed average apartment rent to $1,600 per month, and the competitive single-family home market continues to drive prospective home buyers out of the market.

By year-end, Carter writes, though the volume of sales will be dramatically down from the historic levels of 2021, demand for well-located properties in Portland is expected to remain consistent, especially for  those with a value-add component.  

Read the full column at REBusinessOnline.com.