Multifamily Housing In Portland Remained Stable In June But Will It Continue?
Thanks to recent data from Yardi, we know that the April, May, and June leasing season was strong in Portland as tenants leased more 1,200 vacant rental units across the PDX area while metro occupancy decreased by 17 basis points between March and June.
This is good news considering that most analysts had dire predictions for the PDX rental market during the early days of the Pandemic.
Some of the factors that helped the PDX rental market include the $600 per week unemployment boost by the Federal Government, State Unemployment, the economic stimulus payment from the CARES Act, and the Eviction Moratorium.
It’s also important to note that Portland is one of the most “tech-friendly” cities in the United States so it’s possible that when some renters lost their jobs due to business closures because of the Pandemic, others naturally transitioned to working from home.
PDX Multifamily Metro Rents Declined Between March And June
While multifamily housing remained stable in the PDX area, metro rents decreased by -0.45 percent from March-June 2020. This was no surprise considering that annual rents have been down, especially for the Class A Sector, since mid-2017.
Portland Oregon’s city center has been especially hard hit by rent declines in recent months due to COVID-19 and civil unrest. Class A rents in the metro area have declined by close to 10 percent while the Pearl District has seen a decline in rents of only 4 percent.
What To Expect In The Coming Month’s
Although the $600 per week Federal Unemployment Boost recently expired, along with the Federal eviction moratorium, some economic analysts feel that the underlying market fundamentals in the PDX rental market remain strong, like Seattle’s rental market.
We may see some tenants transitioning from Class A multifamily properties, to Class B and Class C rentals but the multifamily rental market is predicted to remain strong for the remainder of 2020 and into 2021.
Contact Rent Portland Homes – Professionals
To learn more about what’s happening with Portland’s Multifamily Market, or to speak with us about our property management services, contact us today by calling (503) 447-7735 or connect with us online by clicking here.