This is a narration of our weekly Multifamily Market Report.
The apartment market is slowing down in a number of metros nationwide, with most markets falling into one of two buckets of underperformance. Metros in the southeast and southwest are experiencing some of the most new construction since the 1980’s resulting in immense new supply pressure, despite some of the strongest demand drivers in the nation. On the other hand, a few west coast markets are seeing property fundamentals decline as the result of reduced demand, even though new supply has not been a major issue. Portland falls into the latter category, with limited demand and moderate supply.
Job growth has remained steady and the employment market is tight, however outmigration from the Portland MSA as well as some social and regulatory challenges has put a damper on performance. Leading apartment metrics are down in Portland and are indicating a challenging period ahead for the multifamily industry.
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