Fall 2024 Apartment Report from Multifamily NW
The Fall 2024 Apartment Report is now available! Multifamily NW, the largest association of housing providers and rental housing professionals in Oregon, publishes the biannual Apartment Report every Spring and Fall — offering the latest insights into the current status of the rental market in various regions of the state. Scroll down for Report access.
The Fall 2024 Report shows the Portland Metro area vacancy rate down 168 basis points to 4.49%. Portland Metro area rents continue to remain relatively flat, averaging $2.04 per square foot, compared to Spring’s $2.06. A year ago, in Fall 2023 the Portland Metro average rent was equal to today's at $2.04.
The Portland/Vancouver Metro Area report includes data from over 507 properties representing over 38,000 rental units. This marks a 12% decrease in the number of properties and a 20% decrease in the number of units compared to the Spring 2024 Report. Several factors have contributed to this significant drop in property participation, but we anticipate these numbers will begin to rise in 2025.
The Fall 2024 Apartment Report content shows rental housing construction has slowed statewide, with only 4,250 units currently under construction. Further declines are expected through 2026. This lack of new supply should reduce vacancy rates in the coming years.
The Report debuted on Thursday, April 17th at the Apartment Report Luncheon at the Oregon Convention Center. The Speakers Panel included an update on multifamily sales, rising operational costs, an overview of Portland’s new governance model and its ranked choice voting, the status of the multifamily insurance market and Multnomah County Commission District 2 candidate Sam Adams laid out his vision for the County. Panelists' presentations are linked below.
Amy Ruiz – City of Portland Charter Changes
Chris Page – Insurance Challenges for Multifamily Properties
Jessica Greenlee – Overview of Recent Rise in Statewide Multifamily Operations
Robert Black – Broker’s Perspective on Multifamily Property Sales
MEMBERS – Download your complimentary copy of the Fall 2024 Apartment Report
NON-MEMBERS – Click here to purchase your copy of the Fall 2024 Apartment Report