Oregon’s steadily growing economy and promising future continues to attract investors, especially in the multifamily housing market.
According to Multifamily NW’s fall 2018 “Apartment Report,” rent increases have averaged four percent since spring 2018. Real estate market reviews in the Portland Metro area from Kidder Mathews and Colliers International show a decline in vacancy rates since 2016. These trends suggest a viable market for investors, but it may not be as promising for future developers.
In 2018, apartment permitting decreased for the first time since 2008, as a result of rising construction costs and zoning regulations. Although new multifamily property development will continue in order to meet the needs of Oregon’s growing population, developers will face increasing challenges in the coming years.
With these increasing challenges for developers and a steady demand for multifamily housing, retrofits may prove to be more worthwhile for investors in the future.
Stay ahead of the curve by making energy efficient improvements to your properties while taking advantage of Energy Trust of Oregon’s incentives. Whether you’re retro-commissioning a high-rise in the Portland Metro area or weatherizing a duplex in Central Oregon, we can help.
For more information contact Nate Collins, trade ally coordinator, at 503.278.3075.