Portland Ranked in Top Three – Greatest Improvement in Effective Rent Q3 2009

The real estate research firm REIS reported that the national vacancy rate reached 7.8% in the 3rd quarter 2009.  We noted earlier that the Portland metro vacancy rate of 5.1% is the third lowest in the nation.

REIS reports that vacancy rates decreased in 26 of the top 79 markets that it tracks and increased in 42 markets.  Nationally, effective rents fell 0.3 from Q2 to Q3 but Portland tied for #3 with Atlanta, Georgia for improvements in effective rent.

Greatest Improvement in Effective Rent

1. Long Island, NY & Colorado Springs, CO (tie) +1.6%
2. Pittsburgh, PA – +1.4%
3. Atlanta, GA & Portland, Ore (tie) +0.9%

Greatest Declines in Effective Rent Q3

1. Tacoma, WA – down 1.9%
2. San Jose, CA – down 1.6%
3. Orange County, CA – down 1.4%
4. Richmond, VA – down 1.3%
5. Ventura County – down 1.2%