Vacancy rates for Portland and Vancouver apartments likely won’t recover until 2011.
Portland and Vancouver apartments will continue to see their vacancy rates rise this year, with no recovery until 2011 according to apartment brokers and appraisers.
While a bad housing market usually drives up demand for apartments, the poor job market is also forcing many young people to move out.
Mark D. Barry, an appraiser who publishes the Barry Apartment Report, expects the overall vacancy rate will rise to 7 percent or 7.5 percent by the end of 2010. That’s up from about 6 percent in fall 2009.
“While there are noticeable signs of an improved economy, commercial real estate is usually slow to recover,” Barry wrote in his report, a well-known industry barometer of the Portland-area apartment market, for winter 2010. “I expect the first half of 2010 to be rocky, with some limited signs of recovery of jobs in the second half of the year, but no visible recovery until 2011.”
Read the full story at OregonLive.com.
{biztweet}Portland apartment market vacancy{/biztweet}
