Oregon’s Multifamily market in 2020

Multifamily property

Although 2020 has been difficult for many businesses and property owners, it has also provided many opportunities for change. Here’s an update on market trends and critical legislation passed in 2020 to better inform your outreach to multifamily customers.

Overall, more Oregonians are struggling to pay rent, on average, with 13.4% of households failing to pay rent by the 8th of the month in September, an increase from the 11.1% reported in August. Oregon previously passed HB 4213, which granted tenants an “Emergency Period” for eviction protection between April 1, 2020 and September 30, 2020.

Originally set to expire on September 30, 2020, the “Emergency Period” has been extended through December 31, 2020 by Governor Kate Brown’s Executive Order 20-56, which applies to all counties other than Multnomah. Multnomah County passed Ordinance 1287 to extend the “Emergency Period” to January 8, 2021 with a variety of small tweaks.

Additionally, based on the latest CoStar report, new multifamily construction is slowing, with less units coming online in 2021 and vacancies are expected to rise in 2021 as the eviction protections expire.

Overall, the multifamily market is closing a tough year for property owners and investors, but plenty of opportunity remains as housing demand continues to rise and competitive housing options remain a top priority in 2021.

For more information, contact Nate Collins, trade ally coordinator, at 503.278.3075.