Low vacancy rates in Portland mean higher rents
PORTLAND – The Portland area has some of the lowest vacancy rates in the country.
Demand is up and supply is static, which can only mean higher rental rates.
A new report out by the Metro Multi-Family Housing Association puts vacancy rates here at just 4.5 percent.
That’s is a far cry from a few years ago when landlords were offering free rents and other incentive to fill units.
Continued high unemployment at ten percent and foreclosures are some of the reason rentals now at a premium for low-income families.
“I think people can expect to find higher rents and they’re going to kind of beat each other to get to those rentals,” Wilma Bryant with Canyon Property Management, LLC said. “And a lot of people are advertising and you’ve got to hop on it.”
For landlords it also means making up for lost time, to recoup maintenance costs lost during the recession.
Developers are looking to build more units, but that will take another year to year-and-a-half before more apartments are available.
Oregon now ranks as the 29th most expensive state for renters.
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