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Relief for renters in Portland

  • ​After 2 years of double digit rental growth, some relief for renters has arrived. Year-over-year average rental rate growth slowed to 2.7 percent at the end of July with average multifamily rents now $1,350 per unit.
  • While rental rate growth might be easing, the same is not true for vacancy rates. Portland’s rental market is still heavily under-supplied and competition for available units is high. Multifamily vacancy has not been higher than 4.6 percent since 2009 and is currently just 4.5 percent.
  • With vacancy at near historic lows and rental rates at record highs, development of multifamily units has ramped up significantly over the past 4 years, with 2017 likely to deliver more units than any other year on record.
  • How much new construction of multifamily units is Portland likely to see over the next 2 years? Take a look at next week’s snapshot to find out.​

Source: JLL Research​

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