Portland Apartment Occupancy Slows Its Slide

PORTLAND-On a downward trend since the third quarter of 2000, occupancy in the Portland apartment market may be showing signs of stabilization, according to a mid-year survey by the multifamily data firm RealFacts.

Occupancy rates here have fallen for seven consecutive quarters and now stand at 92.3%. The good news is the drop this past quarter was the smallest since the the second quarter of 2001 (when occupancy was 96.3%), and rates increased by the same amount to balance out the rise in vacancy.

The average rent at the 299 complexes (63,973 units) surveyed was $745 at the end of the second quarter compared to $740 a year ago. The highest average rents, $1,123, can be found in West Linn. The lowest average rent, $475, is in Springfield. Portland averages $792.