The headwinds are picking up in Portland – more home sales and more new apartment supply. But those factors haven’t done much to weaken Portland’s strong apartment fundamentals.
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Portland ranked among the nation’s best-performing apartment markets as of 3rd quarter, making a bit of a comeback on the rent growth front after the metro experienced a letdown last quarter.
A year ago, Portland ranked among the nation’s rent growth leaders. But as of 2012’s 2nd quarter, Portland fell below the U.S. average – and the slowdown traces to units built since 2000.
Apartment revenues in Portland backed up a bit during Q4 2011, but those shifts still leave the metro in great shape in the big picture.
One quarter ago, Portland ranked among the U.S. leaders for rent growth. The market is still doing well, but it’s falling behind the pace seen elsewhere in the Pacific Northwest.
The Pacific Northwest metros are dominating the national leaderboards in just about every key category at the midpoint of 2011.
Portland is Exhibit A in how 2010 was a far better year for the U.S. apartment sector than was 2009.
MPF Research reveals its top 10 picks for revenue growth in 2011 among the nation’s major markets.
Occupancy has surged back to pre-recession levels in Portland thanks to returning apartment demand and strong lease-up in newly built properties, particularly in the urban core.