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An annual report by investor advisory agency Marcus & Millichap on multifamily housing says vacancies in Portland this year will continue to plummet, rent will rise moderately, and more people will shift to renting as prices of single-family homes rise.
“Housing shortages across the metro have resulted in single-family home prices surging to over six times the median household income, above the same ratio for the nation as a whole,” the Jan. 18 report reads.
Construction of new multifamily buildings has slowed, meaning vacancy rates will once again fall.
Developers are expected to increase available rental units by just 2% in 2022, according to the report—and vacancy is supposed to drop down to 2.8% by the end of the year. Rent is forecasted to rise just shy of 4%, a drop from last year.
And the number of people moving to Portland from out of state remains steady, the forecast reports.
This article was published with support from the Jackson Foundation, whose mission is: “To promote the welfare of the public of the City of Portland or the State of Oregon, or both.”