{"id":6996,"date":"2023-11-20T06:22:00","date_gmt":"2023-11-20T06:22:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6996"},"modified":"2024-03-06T06:37:53","modified_gmt":"2024-03-06T06:37:53","slug":"october-2023-portland-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/october-2023-portland-multifamily-market-report\/","title":{"rendered":"Portland Multifamily Market Report \u2013 October 2023"},"content":{"rendered":"<h2>Rental Market Treads Water<\/h2>\n<p>Portland rent movement remained in negative territory entering the second half of the year, down 0.1% on a trailing three-month basis through August. Meanwhile, performance at the national level held up better, with rent growth at 0.2%. Portland rates also dropped year-over-year, at -1.5%, while the national average was up 1.5%. Meanwhile, occupancy in stabilized assets fell 90 basis points in the 12 months ending in July, to 94.9%, <a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report\/\"><strong>close to the 95.0% U.S. figure<\/strong><\/a>.<\/p>\n<p><iframe id=\"datawrapper-chart-XFTil\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Pittsburgh vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/XFTil\/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>Portland unemployment reached 3.6% in July, just 10 basis points above the national average, according to Bureau of Labor Statistics data. Employment expanded 3.1%, or 45,500 jobs, in the 12 months ending in June. With 10,700 jobs added, the leisure and hospitality sector led gains. At the other end of the spectrum, manufacturing and trade, transportation and utilities were the only two sectors to lose positions, for a total of 1,900 jobs. Recently, to strengthen the local economy and also mitigate climate change, the Portland Clean Energy Community Benefits Fund outlined its five-year, $750 million investment plan.<\/p>\n<p><iframe id=\"datawrapper-chart-5YDjR\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Pittsburgh Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/5YDjR\/1\/\" height=\"417\" 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>Developers delivered 1,949 units in the first eight months of the year. Meanwhile, softening transaction activity, felt nationwide, also touched Portland, with sales through August totaling just $194 million. That was a far cry from the $1.6 billion recorded in the metro in 2022.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4642-MatrixMultifamilyPortlandReport-October2023\"><strong>October 2023 report<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rental Market Treads Water Portland rent movement remained in negative territory entering the second half of the year, down 0.1% on a trailing three-month basis through August. Meanwhile, performance at the national level held up better, with rent growth at 0.2%. Portland rates also dropped year-over-year, at -1.5%, while the national average was up 1.5%. [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6629,"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-6996","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 October 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Portland\u2019s rent movement remained negative for the second consecutive month, down 0.1% on a T3 basis as of August, Yardi Matrix data shows.\" \/>\n<meta name=\"robots\" content=\"index, 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