Report: Development Pipeline in Seattle & Portland Risks Short Term Oversupply; Long-Term Balance?
Yardi Matrix released a Supply and Demand Forecast by Metro area that indicates the following:
Note: The report’s methodology assumes the percentage of apartment renters will remain constant. This appears unlikely for the Pacific Northwest given the current and expected level of in-migration.
Metro | Apartment Supply 2-years | Apartment Demand 2 years | 2-year Supply Growth % | 2-year Demand Growth % |
Seattle | 23,197 | 9,695 | 10.0% | 4.4% |
Portland | 8,438 | 4,665 | 5.8% | 3.4% |
Metro | Apartment Supply 5 years | Apartment Demand 5 years | 5-year Supply Growth | 5-year Demand Growth |
Seattle | 33,041 | 22,024 | 14.3% | 10.0% |
Portland | 10,032 | 10,219 | 6.8% | 7.3% |
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