{"id":7612,"date":"2024-03-06T09:26:00","date_gmt":"2024-03-06T09:26:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7612"},"modified":"2024-07-29T09:49:35","modified_gmt":"2024-07-29T09:49:35","slug":"portland-multifamily-market-report-february-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/portland-multifamily-market-report-february-2024\/","title":{"rendered":"Portland Multifamily Market Report \u2013 February 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/portland-multifamily-market-report\/\">Portland Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Rent Growth Slows, Deliveries Shrink<\/h2>\n<p>Rent movement in Portland was mostly negative in 2023, with the average asking rent down 0.7% on a trailing three-month basis through December, to $1,701. Meanwhile, <a href=\"\/blog\/national-multifamily-market-report\/\"><strong>the U.S. rate continued its decrease<\/strong><\/a>, as well, down 0.3%. The average occupancy rate in stabilized assets stood at 94.6% as of December, a 60-basis-point decrease year-over-year as of November. While the Lifestyle segment declined 70 basis points, to 94.1%, the Renter-by-Necessity segment saw a 50-basis-point decrease, to 95.2%.<\/p>\n<p><iframe id=\"datawrapper-chart-9w1I7\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Portland vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/9w1I7\/2\/\" 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>The metro added 25,000 net jobs in the 12 months ending in October, up 2.7% and 40 basis points above the U.S. rate. Portland registered its highest employment growth of 9.9% in the mining, logging and construction sector, which added 8,400 new jobs. The metro\u2019s unemployment rate stood at 3.4%, 30 basis points lower than the U.S. average, according to preliminary data from the Bureau of Labor Statistics. The leisure and hospitality sector could get a boost from the expansion of the Portland International Airport. The $2 billion project is scheduled for an initial opening this year.<\/p>\n<p><iframe id=\"datawrapper-chart-mW0uM\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Portland Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/mW0uM\/1\/\" height=\"423\" 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 had 14,198 units under construction as of December. Of these, 6,253 units broke ground in 2023, a 5.5% decrease compared to 2022\u2019s construction starts. Portland recorded $399 million in multifamily transactions by the end of the year. While this represented a 75% decrease, it aligned with the broader trend of slowing sales activity.<\/p>\n<p>Read the full Yardi Matrix Portland Multifamily Market Report: <a href=\"\/publications\/download\/file\/5076-MatrixMultifamilyPortlandReport-February2024\"><strong>February 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rent Growth Slows, Deliveries Shrink Rent movement in Portland was mostly negative in 2023, with the average asking rent down 0.7% on a trailing three-month basis through December, to $1,701. Meanwhile, the U.S. rate continued its decrease, as well, down 0.3%. The average occupancy rate in stabilized assets stood at 94.6% as of December, a [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7614,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[511,458],"class_list":["post-7612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2024","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 February 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Portland\u2019s rate movement stayed negative through December, down 0.7% on a T3 basis, and occupancy softened, 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