Multifamily market improves

Portland’s apartment and condominium rental rates improved for the first time in two years, according to real estate statistics.

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Portland’s apartment and condominium market may be the first real estate sector to turn around.

The multifamily vacancy rate dropped almost an entire percentage point from last year’s rate, according to statistics compiled by NAI Norris, Beggs & Simpson.

It’s the first time in two years that rental rates have risen. But before anyone will consider the uptick a full recovery, local brokers say there needs to be more job growth and some new projects in the pipeline.

“These are great indicators that things are moving in the right direction, but seeing those numbers grow – or at least sustain through the fall and winter – will be the truly telling sign,” said Robert Black, associate vice president of NAI Norris, Beggs & Simpson.

Read more at the Daily Journal of Commerce.

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