Portland Apartment Growth Might Slow Soon, But Not By Much
The Portland apartment market has enjoyed strong occupancy and rent growth for some years, and conditions are still right for further growth — jobs and people are coming to town. But the rate of growth is going to slow down from that very robust level, according to speakers at our Multifamily, Affordable Housing & The Future of the Eastside event Jan. 26.
Hoyt Street Living partner and president Tiffany Sweitzer told us the demand for apartments will be sustained over the next few years. "We may see a slight slowdown in leasing, with concessions being offered, but people are still moving to Portland due to its livability factor and the relatively cheaper rents compared to surrounding cities."
Regarding the future of Central Eastside, CENTRL Office co-founder Jeff Arthur told us the biggest differentiator is that now you can live there, compared to the past, when there were few housing options/apartments. "There are great office options, restaurants and bars, and the housing is a great addition. What will drive further change towards an 18-hour neighborhood is a grocery store and even more critical mass of housing."
Urban Development principal Eric Cress told us "over the long term, we believe Portland will continue to be a very good market for investment, with demand driven by strong employment and per-capita income growth."
Over the next few years, Cress said, the market will likely see headwinds in the luxury apartment segment, due to the large supply coming online and demographic trends, as Millennials transition into single-family homes.
Find out more about the Portland apartment market at our Multifamily, Affordable Housing & The Future of the Eastside event Thursday at the Benson Hotel, beginning at 7:30 a.m. with a tasty breakfast and schmoozing.