U.S. Census: Portland Metro Vacancy Rates Fall to 3.2% Q2 2020

Greater Seattle maintained its position as the 7th lowest rental vacancy rate among the top 75 U.S. metro areas with a vacancy rate of 2.1%, down from 3.9% one year earlier.

Portland also remained in the top third with a vacancy rate estimated at 3.5%, a drop from 5.2% in the first quarter and down from 4.1% a year earlier.

U.S. Rental Vacancies Tighten
The average national rental vacancy rate for Q2 2020 was 5.7 percent for multifamily dwellings of five or more units — down from 6.8% a year earlier, despite continuous delivery of multifamily units throughout the national market.

Year-over-year vacancy rates in the Western U.S. decreased from 4.8% in Q2 2019 to 4.1% 3.8% in 2020.

Click to enlarge

U.S. Homeownership Rate Falls
After falling to a 26-year low in 2016, the homeownership rate has rebounded and stands at 67.9%, driven largely by dropping interest rates on home mortgages. Homeownership in the West has increased by 3.3% in the past year to 62.6%.

Click to enlarge