U.S. Census: Portland Rental Vacancy Rate Climbs to 3.9% – Nation’s 8th Lowest

The U.S. Census Bureau reports that the rental vacancy rate for the Portland-Vancouver- Hillsboro metro area was 3.9 percent for the first quarter of 2017. Census data indicates an increase in Greater Portland’s vacancy rate from 3.1% in Q4 — but down significantly from the 6.6% vacancy rate reported for the first quarter of 2016.

Seattle Vacancies Nation’s 3rd Lowest
Census estimated Seattle-Tacoma-Bellevue’s vacancy rate at 1.9% vacancy rate, making it the nation’s third lowest. Metro areas with lower vacancies than Seattle were Sacramento (1.2%) and Cape Coral-Fort Myers, Flordia (1.8%).

After Seattle (#3) the remaining lowest vacancy rates were:

Allentown-Bethlehem-EAston, PA-NJ (3.0%)
Charlotte-Concord-Gastonia, NC-SC (3.1%)
Los Angeles-Long Beach-Anaheim, CA (3.6% (TIE)
San Diego-Carlsbad, CA (3.6% – TIE)
Salt Lake City, UT (3.8%)
Grand Rapids-Wyoming, MI (3.9% – TIE)
Portland-Vancouver-Hillsboro, OR-WA (3.9% – TIE)

Average National Rental Vacancy Rate
The average national rental vacancy rate for Q1 2017 was 7.0 percent for multifamily dwellings of five or more units — the same as one year earlier. Vacancy rates remained lowest in the western U.S. where it declined from 5.1 to 4.7%.

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U.S. Homeownership Rate Continues to Fall
U.S. Homeownership rates have fallen from a recent high of 65.1% at the end of 2013 to an estimated 63.6% in Q1 2017. Homeownership rates in the Western U.S. has been on the upswing since reaching a 26-year low during 2016. The current homeownership rate in the west crept up 0.3% over the past year.

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