PORTLAND – Portland continues to be one of the nation's hottest apartment rental markets.
Vacancy rates are some of the lowest among major cities, just around 3 percent, and that's why rents continue to rise.
Twice a year Multifamily Northwest, an apartment industry association, surveys its members for a status report on how the rental market is doing in Oregon.
They said rents are up, as they have been for the past few years. A migration of new people, coupled with a limited housing supply are the main reasons for the increases.
The average vacancy stayed on the market for just 36 days. In the inner eastside it can be just eight days.
In the last year rents have jumped an average of 6.8 percent for newer apartments and four or five percent for older units.
“People like Portland,” said Deborah Imse, Executive Director of Multifamily Northwest. “ They like to come here. They like to live and work here and the quality of life is considerably better than in other parts of the country. “
The average rent in Portland for a two bedroom, two bathroom apartment is just under $900.
Developers have had to play catch up since the great recession when construction on just about all apartment buildings stopped. This year, so far, 6,300 new apartments have come on line.
Multifamily Northwest projected the tight market will continue for a few years. They said it will take another 2,300 apartments added each year to keep up with the region’s growth.