Portland rental market continues to raise rents. News channel 8 reports that new people and limited supply are the chief reason for vacancy rates of about 3%.
The average vacancy is on the market for just 36 days in the inner east side it can be just 8 days.
In the last year, rental rates have jumped on average 6.8% for newer units and 4.5% for older units. The average rate in Portland for a 2 bedroom 2 bath is just under $900 per month, with developers playing catch-up.
This year 6300 new apartments have come on line, it will take adding 2300 apartments per year to keep up with the projected growth.