The Masters Apartments, a 144-unit garden-style property, was built in 1996.ALOHA, OR—An elevated level of supply is being delivered to the Portland apartment market with about 20,000 units delivered since 2012 alone, representing a 12% increase in inventory. Although there has been strong job and population growth resulting in a solid household formation rate, the cumulative effect of such rapid growth in stock is causing rents to slow substantially as existing units compete with new units for tenants, according to a winter multifamily metro outlook by Fannie Mae.
While Portland's job growth projection remains healthy and is likely to produce demand for about 6,000 new apartments in 2018, in the near-term new supply is expected to continue to outpace demand. Demographics are in Portland's favor with the population forecast to grow by 1.3% on average annually
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
