Portland Rent Rising By 9 Percent Annually, According to New Report
Saturday, October 17, 2015
Multifamily NW, a rental industry trade association, said that rent prices have gone up 7 percent in the past six months in their biannual Apartment Report, issued this week.
That indicates that rent prices may actually be climbing at a 14 percent rate annualy, according to the report.
The city’s vacancy rate is below three percent and the average unit in Portland remains vacant for just more than a month.
Mark Barry, founder of Barry and Associates, spoke at the Multnomah Athletic Club to promote the report. He said the Portland real estate climate “continues to remain a landlord’s market.”
Barry also said that 2015 may be the most proposers year yet for those in the real estate industry, including landlords, property managers and real estate brokers.
Downtown Portland boasts themes expensive rate in the city, with the average apartment costing $2.15 per square foot. It costs $1.92 per square foot to rent in Northwest Portland, and more than $1.50 to rent on the inner east side.
Barry said the Portland area has already surpassed last year’s sales record of $1.6 billion in just 9 months, and is on track to make about $2.1 billion in sales of 250 properties.
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