Portland Multifamily Report – Summer 2020
- Sep 24, 2020
Thanks to its highly qualified workforce and a healthy influx of residents priced out of more expensive West Coast markets, Portland’s multifamily sector started 2020 on the right foot. However, fallout from the coronavirus outbreak has significantly dampened growth. As of July, rents were down 0.1 percent on a trailing three-month basis to $1,420, just below the national average of $1,460. And as a result of Oregon’s eviction moratorium being extended through September, the occupancy rate only dropped 110 basis points year-over-year through June to 94.6 percent, 20 basis points above the national average.
The metro’s employment shrank by almost 150,000 positions in the 12 months ending in May, for a 12 percent decrease. By the beginning of August, some 650,000 Oregonians had filed unemployment claims. Even so, tens of thousands of residents are still waiting for their claims to be paid. At the end of July, the Oregon Employment Department announced people could get paid sooner, under a new state program.
Some 4,800 of the total 8,843 units that were underway in July are slated to come online as early as year-end. However, while construction activity was allowed to continue during the state’ stay-at-home order, delays in completions are likely.