{"id":6124,"date":"2023-07-19T04:19:39","date_gmt":"2023-07-19T04:19:39","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6124"},"modified":"2023-09-12T15:44:24","modified_gmt":"2023-09-12T15:44:24","slug":"portland-multifamily-market-report-june-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/portland-multifamily-market-report-june-2023\/","title":{"rendered":"Portland Multifamily Market Report \u2013 June 2023"},"content":{"rendered":"<h2>Portland Shows Steady Improvement<\/h2>\n<p>Portland\u2019s <a href=\"https:\/\/www.yardimatrix.com\/blog\/portland-multifamily-market-report-february-2023\/\"><strong>multifamily sector showed resilience<\/strong><\/a>, with several metrics at or around national levels. After a few months of negative rent movement, rates across the metro remained flat, at $1,759, on a trailing three-month basis. Meanwhile, the national average inched up 0.2%, to $1,709. Occupancy in stabilized assets dropped to 95.0%, on par with the U.S. rate.<\/p>\n<p><iframe id=\"datawrapper-chart-TPIRL\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Portland vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/TPIRL\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Unemployment was at 3.6% as of March, according to preliminary data from the Bureau of Labor Statistics. While this figure was just 10 basis points above the U.S. figure, it outperformed the state by 80 basis points. Portland\u2019s employment market grew by 3.7% year-over-year as of February, recording economic growth slightly above the national level. The metro added 35,100 jobs, with leisure and hospitality leading gains. On a positive note for the sector, Portland\u2019s first luxury hotel is expected to open this summer. The Ritz-Carlton Portland will also be the Pacific Northwest\u2019s first facility under the brand.<\/p>\n<p><iframe id=\"datawrapper-chart-v17E8\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Portland Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/v17E8\/1\/\" height=\"583\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Portland multifamily developers focused on Lifestyle projects, as roughly two-thirds of developments under construction are slated to add to the segment\u2019s inventory. Overall, as of April the metro had 11,949 units underway, with an additional 32,900 units in the planning and permitting stages. Meanwhile, two of the three sales completed in 2023 involved RBN properties, as sales slowed down significantly due to the severely increased cost of capital.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4064-MatrixMultifamilyPortlandReport-June2023\" target=\"_blank\" rel=\"noopener\"><strong>Matrix Multifamily Portland Report-June 2023<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Portland Shows Steady Improvement Portland\u2019s multifamily sector showed resilience, with several metrics at or around national levels. After a few months of negative rent movement, rates across the metro remained flat, at $1,759, on a trailing three-month basis. Meanwhile, the national average inched up 0.2%, to $1,709. Occupancy in stabilized assets dropped to 95.0%, on [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[475,458],"class_list":["post-6124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2023","tag-portland"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Portland Multifamily Market Report \u2013 June 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"After four months of decline, Portland\u2019s T3 rents flattened in April. YoY rents rose 3.5% to $1,759, according to Yardi Matrix data.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/portland-multifamily-market-report-june-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Portland Multifamily Market Report \u2013 June 2023\" \/>\n<meta property=\"og:description\" content=\"After four months of decline, Portland\u2019s T3 rents flattened in April. 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