Rent Rates Retracting in Portland Metro Service Area

All Bedroom Types (Overall)

Based on recent headlines and data it appears rental supply is increasing and will continue to as the sales market slows. Our Portland Metro Service Area has experienced rent rate declines slightly during the last 3 month period of Sept-Nov 2022. As Airbnb rental vacancies increase many are expected to filter into the long term rental market. We are watching rent declines and inventory increases closely.  We will react to pricing declines, inventory increases and days on market trends should it become necessary in order to minimize vacancy days.

During the month of November 2022, we have experienced a drop in vacancy inquiries. November is historically a slower inquiry period, however this is abnormally slow. At the time of this article this decrease in inquires has not resulted in an increase in days on market. Our marketing strategy continues to produce results with our days on market resulting in tenant placement significantly less than 30 days on market.

Research Material:

Apartment List: Rents fall in 89 of 100 largest cities

Wall Street Journal: The  drop in rental demand was the worst of any third quarter (normally prime leasing season) in more than 30 years

Real Page: Real Page reported apartment rents fell .6% in October from September which was the third-largest drop it recorded since 2010