OREGON LIVE: Portland-area rents rose 13% annually, but new development slowed price growth.
Rents in the Portland area rose 13 percent over the past year – far above a national rate that is closer to 4 percent – according to a report released Tuesday by the rental industry trade association Multifamily NW. But a wave of new construction has slowed the price appreciation a little since the fall and caused the vacancy rate to tick upward.
“Despite all the new construction, it’s still a landlord’s market,” said Mark Barry, founder of Barry & Associates, which specializes in apartment appraisals. Barry helped present Multifamily NW’s biannual Apartment Report at the Multnomah Athletic Club Tuesday morning.
The vacancy rate is still very low – about 3.5 percent, the report found – but when the fall 2015 report was released in October, it stood at a record low, 2.9 percent.