[Note: An earlier REIS report summarized HERE says that Portland had the largest quarterly .7% decline in metro market rents, bucking a national trend that saw rent increases during the quarter].
1. Downtown Portland apartment vacancies twice as high regional average: Apartment vacancies in downtown swelled to 14.1 percent in the first quarter of 2010, more than twice the regional average of 6.9 percent, according to the first quarter report from real estate firm Marcus & Millichap. The downtown market, from South Waterfront to the Pearl District, has seen a glut of new luxury apartments. In a post earlier this morning, appraiser Mark Barry said there will more than 3,100 luxury rental units built downtown between mid 2008 to late 2010. That doesn’t account for the shadow inventory of rented condos. Outside of the downtown market, Marcus & Millichap forecasts that job growth will spur people who are now doubling up to move into apartments. Vacancy, the firm says, will peak by late-2010. Rents will continue to slide and concessions to renters will rise through 2010. More affordable apartments for 20-somethings in close-in eastside neighborhoods will outperform the market this year, the firm says. And east Vancouver near SEH America’s new campus will be a growth market in the next few years.Originally created and posted on the Oregon Housing Blog.