Report: Portland Rent Growth Cools to 1.9% in 2019
The software and data firm Yardi Matrix reports that rent growth for the Portland multifamily market will cool to an estimated 1.9% in 2019. The company says rents are remaining flat due to the delivery of more than 5,000 units in 2018.
“The metro added 27,500 positions in 2018, a 2.4% year-over-year employment growth rate. The construction boom taking place in the metro is supported by the office sector, which has more than 2.4 million square feet of space under construction,” the Yardi Matrix report says.
“With more than 9,320 units underway and some 6,900 units expected to be delivered this year, there are major concerns about oversupply, but a strong occupancy rate is indicating that there is a rapid absorption of new deliveries and demand for housing outpaces supply. The high occupancy rate and steady rent growth are drawing investors to the metro.
“With demand high, we expect rents to rise 1.9% in 2019,” the report says.