Portland Multifamily Market Report
Urban Properties Confront Outsized Impact of Pandemic; Some Suburban Submarkets Benefit
Shifting needs increase apartment demand in suburbs. During the pandemic, many renters left apartments in Portland’s dense urban neighborhoods for more spacious units that could accommodate online and outdoor activities. Job losses motivated others to seek less-costly units farther from the metro core. Suburban apartments benefited from these changes. During 2020, vacancy in the majority of the metro’s suburban submarkets declined at least 50 basis points to below 4.5 percent, allowing for rent growth. Vancouver, Washington, was a destination of many renters. In this submarket, vacancy posted an annual 170-basis-point drop to the metro low of 2.4 percent, while rent registered the largest surge of 5.8 percent.