Overall rent rates increased marginally since our Fall report, up only 1% to an average of $1.88 psf. Only four areas reported decreases (all less than 3%), with 16 areas reporting minor increases. This is somewhat surprising, given the prior predictions of rapidly increasing rates. There were some exceptions; Inner and Central NE Portland saw a 16% jump in rents which can be attributed to approximately 400 newer units being surveyed this time. Tigard/Tualatin, Clackamas and Outer SE Portland areas all reported increases in excess of 7%.
RENT RATES
STEADY AS SHE GOES
Craig McConachie, C&R Real Estate Services, Company, Apartment Report Committee
It almost is starting to feel normal again. After what we have experienced in the multifamily industry over the past two plus years, I’m nervous to even think that. Our masks are off, and we are once again recognizing our friends and co-workers.
Moratoriums have ended, vacancies are stable, and rents are slowly rising. Last year, astute investors realized the end was in sight and sales volume hit record highs. Construction has slowed considerably, helping push vacancies lower and rents higher. The urban areas still face challenges with homelessness, lack of population growth, and jobs moving to the suburbs and remote working.
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