U.S. Census Bureau: Portland and Seattle Q1 Year-Over-Year Vacancies Improve

Both Seattle and Portland have rental vacancy rates lower than Q1 of 2022 and below the national average of 6.47%

Of the top 75 metro areas, Portland-Vancouver-Hillsboro’s vacancy rate was 5.6%, down from 6.1% in 2021. Seattle-Tacoma-Bellevue tied for 11th lowest among the top U.S. metro areas, with a 3.3% vacancy rate, down from 5.7% a year earlier. 

U.S. Rental Vacancies Up
The average national rental vacancy rate for Q1 2023 was 6.47 percent for multifamily dwellings of five or more units, up from 5.8% a year earlier. Year-over-year vacancy rates in the Western U.S. decreased from 4.3% in Q1 2022 to 4.5% in 2023.

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U.S. Homeownership Rates
After falling to a 26-year low in 2016, the national homeownership rate now stands at 66%. Homeownership in the West has increased in the past year from 60.2% to 61.9%.

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