Rent Survey Data Spring/Summer 2021 - Apartment Investors Journal - Norris & Stevens
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Apartment
Investors Journal
A Publication of Norris & Stevens, Inc.
Spring/Summer 2021
Rent Survey Data
Creating Value in
Investment Real Estate
INVESTMENT REAL ESTATE SERVICES
900 SW 5th Ave, 17th Floor • Portland, OR 97204
503.223.3171 | NORRIS-STEVENS.COM
503.223.3171 • norris-stevens.com
Information contained herein has been obtained from others and considered to be reliable; however,
INVESTMENT REAL ESTATE SERVICES a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.
Apartment
Investors Journal
Apartment Investors Journal
A Publication of Norris & Stevens, Inc. Spring/Summer 2021
APARTMENT MARKET UPDATE
Oregon economists predict strength in 2021 after
a tough year with the pandemic
ECONOMY
For most major metro areas in the United States, dealing with
the pandemic has been more than enough when trying to
keep their economic landscape intact. Portland’s economy is
bouncing back from the severe strain caused by the COVID-19
pandemic. The local unemployment rate peaked at nearly 15%
in April 2020, but had recovered to around 6% by the end of
2020. However, the economic shock from the pandemic has still
caused considerable disruption to the labor and commercial Used with permission from Reis.com
property markets. Demand for commercial space has fallen most
heavily in the office and retail sectors, with social distancing
protocols impacting revenue, leasing decisions, and space
requirements. APARTMENT MARKET
Portland’s apartment sector is weathering the economic storm
In March of 2021, the state of Oregon economic department caused by COVID-19 relatively well. Record-high job losses ate
published an article that detailed a strong economic response away at apartment demand in the early months of the pandemic,
for this year. “As the pandemic continues to wane, pent-up but leasing intensified in the first quarter of 2021 as the local
demand will be unleashed, fueling growth in the months ahead. economy found its footing. In contrast to many Western U.S.
The shift in spending out of physical goods and back into labor- metros, vacancies declined slightly in Portland in 2020, and rent
intensive, in-person consumer services will raise employment levels have fully recovered to eclipse pre-pandemic levels.
significantly. While the labor market remains in a deep hole
today, a bit more than half of these lost jobs will be regained in Portland is coming off a massive construction wave that boosted
2021.” The prediction is that Oregon’s economy will return to full apartment inventory by about 28% over the past decade,
employment by early 2023. including a 3.5% increase over the past year. The region’s
503.223.3171 | NORRIS-STEVENS.COM
Information contained herein has been obtained from others and considered to be reliable; however,
INVESTMENT REAL ESTATE SERVICES a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.
Apartment
Investors Journal
Apartment Investors Journal
A Publication of Norris & Stevens, Inc. Spring/Summer 2021
affordability and high quality of
life are driving robust in-migration,
which underpins apartment demand.
Some newly remote workers are
leaving pricey coastal cities for less
dense, less expensive options, and
Portland seems to be reaping the
benefits of that trend. After years of
steady growth, average apartment
rents only rose by about 0.5% in
2020. Given the scale of economic
disruption, that can be considered
a strong performance. Nationally,
rents were essentially stagnant last
year. In Seattle, they fell by 3%, and
in San Francisco, by more than 12%.
Used with permission from Reis.com
OUTLOOK
Norris & Stevens monitors all
apartment building permits in the HOW PORTLAND METRO RENTAL PRICES CHANGED
major submarkets of Oregon and SW BETWEEN Q4 2020 AND Q1 2021
Washington. Market data shows that
between now and year’s end, 2,489 Location Quarterly Rent Annual Rent Average
units of competitive apartment stock Change Change Asking Rent
will be introduced to the metro, Hillsboro 4.45% 5.00% $1,530
and analysts estimate that net total
absorption will be positive 2,673 Wilsonville 3.85% 5.10% $1,496
units. Consequently, the vacancy Aloha 3.75% 3.20% $1,440
rate will continue to drift downward Lake Oswego 2.86% 6.20% $1,667
to finish the year at 6.1%. During
2022 and 2023, developers are Southwest Portland 2.45% 2.40% $1,502
expected to deliver a total of 3,519 Vancouver 2.22% 5.30% $1,384
units. Net new household formations Troutdale/Gresham 2.15% 4.40% $1,308
at the metro level during 2022 and
Beaverton 1.95% 3.80% $1,329
2023 are projected to average 2.2%
annually, enough to facilitate an Sherwood/Tualatin 1.88% 6.00% $1,447
absorption rate averaging 2,150 Clark County 1.42% 7.80% $1,314
units per year. The market vacancy
Northwest Portland 1.31% -4.50% $1,453
rate will finish 2022 at 5.6% and will
fall 0.2 percentage points to 5.4% by Tigard 1.31% 3.90% $1,355
year end 2023. Northeast Portland 1.21% 0.00% $1,512
Courtesy of CoStar
East Portland 0.67% 1.90% $1,106
Southeast Portland 0.65% -2.20% $1,319
Clackamas County 0.62% 5.00% $1,295
Downtown Portland 0.61% -5.80% $1,684
North Portland 0.40% 0.50% $1,388
Oregon City 0.27% 1.70% $1,296
Used with permission from Reis.com
503.223.3171 | NORRIS-STEVENS.COM
Information contained herein has been obtained from others and considered to be reliable; however,
INVESTMENT REAL ESTATE SERVICES a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.
Apartment
Investors Journal
Apartment Investors Journal
A Publication of Norris & Stevens, Inc. Spring/Summer 2021
Q1Q1 2021
2021 SalesCOMPS
SALES Comps - 20-400 UNITS, PORTLAND
Oregon METRO
Multi-family
- 20-200 Units, Portland Metro
Newsletter | First Quarter 2021
1 10080 SW 5th St - Springbrook Apartments
City, State/County Beaverton, OR 97005/Washington Building Type Class C Multi-Family Apartments
Sale Date 02/08/2021 Year Built/Age —
Sale Price $3,300,000 RBA 24,508 SF
Price per SF $134.65 # of Units 24
Price per Unit $132,000 Parcel Number R0108163
Pro Forma Cap — GRM/GIM —
Actual Cap Rate — Sale Conditions —
2 1312 SW 10th Ave - St. James
City, State/County Portland, OR 97201/Multnomah Building Type Class B Multi-Family Apartments
Sale Date 01/20/2021 Year Built/Age Built 1994 Age: 27
Sale Price — RBA 93,440 SF
Price per SF — # of Units 122
Price per Unit — Parcel Number R246486, R246487
Pro Forma Cap — GRM/GIM —
Actual Cap Rate — Sale Conditions —
3 3101-3111 SW 13th Ave - Forrest View Apartments
City, State/County Portland, OR 97239/Multnomah Building Type Class C Multi-Family Apartments
Sale Date 01/18/2021 Year Built/Age Built 1961 Age: 60
Sale Price $4,000,000 RBA 15,800 SF
Price per SF $253.16 # of Units 25
Price per Unit $160,000 Parcel Number R247310
Pro Forma Cap — GRM/GIM —
Actual Cap Rate — Sale Conditions —
4 5741 SE 17th Ave
City, State/County Portland, OR 97202/Multnomah Building Type Class C Multi-Family Apartments
Sale Date 01/14/2021 Year Built/Age Built 1949 Age: 72
Sale Price $4,800,000 RBA 18,250 SF
Price per SF $263.01 # of Units 24
Price per Unit $200,000 Parcel Number R227811, R227836
Pro Forma Cap — GRM/GIM —
Actual Cap Rate — Sale Conditions 1031 Exchange
5 3021-3099 SE 20th Ave - Barrington Terrace
City, State/County Portland, OR 97202/Multnomah Building Type Class C Multi-Family Apartments
Sale Date 03/13/2021 Year Built/Age Built 1973 Age: 48
Sale Price $5,825,000 RBA 36,400 SF
Price per SF $160.03 # of Units 39
Price per Unit $149,359 Parcel Number R287632
Pro Forma Cap — GRM/GIM —
Actual Cap Rate — Sale Conditions —
Courtesy of CoStar
503.223.3171 | NORRIS-STEVENS.COM
503.223.3171 | NORRIS-STEVENS.COM
Information contained herein has been obtained from others and considered to be reliable; however,
INVESTMENT REAL ESTATE SERVICES a prospective purchaser or lessee is expected to verify
Information contained herein has been obtained from all information
others to his/her own
and considered to besatisfaction.
reliable; however,
INVESTMENT REAL ESTATE SERVICES a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.
Apartment
Investors Journal
Apartment Investors Journal
A Publication of Norris & Stevens, Inc. Spring/Summer 2021
Q1Q1 2021
2021 SalesCOMPS
SALES Comps - 20-400 UNITS, PORTLAND
Oregon METRO
Multi-family
- 20-200 Units, Portland Metro
Newsletter | First Quarter 2021
6 6719-6731 SE 82nd Ave - Northridge Plaza Apartments
City, State/County Portland, OR 97266/Multnomah Building Type Class B Multi-Family Apartments
Sale Date 03/12/2021 Year Built/Age Built 1999 Age: 22
Sale Price $2,400,000 RBA 20,160 SF
Price per SF $119.05 # of Units 20
Price per Unit $120,000 Parcel Number R336284, R336344
Pro Forma Cap — GRM/GIM 10.19/-
Actual Cap Rate 2.72% Sale Conditions 1031 Exchange
7 2500 SE 157th Ave - Eaton Village Apartments
City, State/County Portland, OR 97236/Multnomah Building Type Class C Multi-Family Apartments
Sale Date 02/01/2021 Year Built/Age Built 1973 Age: 48
Sale Price $6,250,000 RBA 36,440 SF
Price per SF $171.51 # of Units 48
Price per Unit $130,208 Parcel Number R334681
Pro Forma Cap — GRM/GIM —
Actual Cap Rate 5.36% Sale Conditions —
8 14360 E Burnside St - Kensington Terrace
City, State/County Portland, OR 97233/Multnomah Building Type Class C Multi-Family Apartments
Sale Date 01/07/2021 Year Built/Age Built 1991 Age: 30
Sale Price $4,477,500 RBA 31,920 SF
Price per SF $140.27 # of Units 30
Price per Unit $149,250 Parcel Number R109652
Pro Forma Cap — GRM/GIM —
Actual Cap Rate — Sale Conditions —
9 2295 SE Courtney Rd - Christine Court Apartments
City, State/County Milwaukie, OR 97222/Clackamas Building Type Class B Multi-Family Apartments
Sale Date 03/30/2021 Year Built/Age Built 1972 Age: 49
Sale Price $5,100,000 RBA 27,705 SF
Price per SF $184.08 # of Units 30
Price per Unit — Parcel Number 00171968
Pro Forma Cap — GRM/GIM —
Actual Cap Rate 5.71% Sale Conditions —
10 410 NE Dekum St - Asher22
City, State/County Portland, OR 97211/Multnomah Building Type Class B Multi-Family Apartments
Sale Date 01/29/2021 Year Built/Age Built 2018 Age: 3
Sale Price $3,568,500 RBA 14,000 SF
Price per SF $254.89 # of Units 22
Price per Unit $162,205 Parcel Number R311756
Pro Forma Cap — GRM/GIM —
Actual Cap Rate 5.63% Sale Conditions —
Courtesy of CoStar
503.223.3171 | NORRIS-STEVENS.COM
503.223.3171 | NORRIS-STEVENS.COM
Information contained herein has been obtained from others and considered to be reliable; however,
INVESTMENT REAL ESTATE SERVICES a prospective purchaser or lessee is expected to verify
Information contained herein has been obtained fromall information
others to his/her own
and considered satisfaction.
to be reliable; however,
INVESTMENT REAL ESTATE SERVICES a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.
Apartment
Investors Journal
Apartment Investors Journal
A Publication of Norris & Stevens, Inc. Spring/Summer 2021
Q1Q1 2021
2021 SalesCOMPS
SALES Comps - 20-400 UNITS, PORTLAND
Oregon METRO
Multi-family
- 20-200 Units, Portland Metro
Newsletter | First Quarter 2021
11 13643 SW Electric St - Courtyards at Cedar Hills
City, State/County Beaverton, OR 97005/Washington Building Type Class C Multi-Family Apartments
Sale Date 03/24/2021 Year Built/Age Built 1969 Renov 2016 Age: 52
Sale Price $32,150,000 RBA 133,418 SF
Price per SF $240.97 # of Units 146
Price per Unit $221,724 Parcel Number R0126465
Pro Forma Cap — GRM/GIM —
Actual Cap Rate 4.30% Sale Conditions —
12 8015 SW Hall Blvd - Glen Ridge Apartments
City, State/County Beaverton, OR 97008/Washington Building Type Class B Multi-Family Apartments
Sale Date 02/18/2021 Year Built/Age Built 1997 Age: 24
Sale Price $5,550,000 RBA 40,344 SF
Price per SF $137.57 # of Units 39
Price per Unit $142,308 Parcel Number R0240297
Pro Forma Cap — GRM/GIM —
Actual Cap Rate — Sale Conditions —
13 910 N Harbour Dr - Harbour Court Apartments
City, State/County Portland, OR 97217/Multnomah Building Type Class B Multi-Family Apartments
Sale Date 02/26/2021 Year Built/Age Built 1999 Age: 22
Sale Price $21,100,000 RBA 160,180 SF
Price per SF $137.73 # of Units 99
Price per Unit $213,131 Parcel Number R664936
Pro Forma Cap — GRM/GIM —
Actual Cap Rate — Sale Conditions —
14 6015 N Interstate Ave - ArLo Apartments
City, State/County Portland, OR 97217/Multnomah Building Type Class A Multi-Family Apartments
Sale Date 01/28/2021 Year Built/Age Built 2019 Age: 1
Sale Price $49,500,000 RBA 129,772 SF
Price per SF $381.44 # of Units 175
Price per Unit $282,857 Parcel Number R315594
Pro Forma Cap — GRM/GIM —
Actual Cap Rate — Sale Conditions —
15 8820 N Ivanhoe St - Cathedral Park Apartments
City, State/County Portland, OR 97203/Multnomah Building Type Class C Multi-Family Apartments
Sale Date 02/24/2021 Year Built/Age Built 1968 Age: 53
Sale Price $756,491 RBA 15,240 SF
Price per SF — # of Units 20
Price per Unit — Parcel Number R191972
Pro Forma Cap — GRM/GIM —
Actual Cap Rate — Sale Conditions Partial Interest Transfer (35.00%)
Courtesy of CoStar
503.223.3171 | NORRIS-STEVENS.COM
503.223.3171 | NORRIS-STEVENS.COM
Information contained herein has been obtained from others and considered to be reliable; however,
INVESTMENT REAL ESTATE SERVICES a prospective purchaser or lessee is expected to verify
Information contained herein has been obtained from all information
others to his/her to
and considered ownbesatisfaction.
reliable; however,
INVESTMENT REAL ESTATE SERVICES a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.
Apartment
Investors Journal
Apartment Investors Journal
A Publication of Norris & Stevens, Inc. Spring/Summer 2021
Q1Q1 2021
2021 SalesCOMPS
SALES Comps - 20-400 UNITS, PORTLAND
Oregon METRO
Multi-family
- 20-200 Units, Portland Metro
Newsletter | First Quarter 2021
16 4111 NE M L King Blvd - FortyOne11
City, State/County Portland, OR 97211/Multnomah Building Type Class A Multi-Family Apartments
Sale Date 03/16/2021 Year Built/Age Built 2019 Age: 2
Sale Price $27,400,000 RBA 112,000 SF
Price per SF $244.64 # of Units 112
Price per Unit $244,643 Parcel Number R102901
Pro Forma Cap — GRM/GIM —
Actual Cap Rate — Sale Conditions —
17 1450 N Prescott St - The Prescott
City, State/County Portland, OR 97217/Multnomah Building Type Class A Multi-Family Apartments
Sale Date 01/28/2021 Year Built/Age Built 2013 Age: 7
Sale Price $43,250,000 RBA 141,852 SF
Price per SF $304.90 # of Units 174
Price per Unit $279,032 Parcel Number R175912
Pro Forma Cap — GRM/GIM —
Actual Cap Rate — Sale Conditions —
18 423-449 SE Washington St - Washington Street Station
City, State/County Hillsboro, OR 97123/Washington Building Type Class B Multi-Family Apartments
Sale Date 02/16/2021 Year Built/Age Built 2012 Age: 9
Sale Price $4,200,000 RBA 18,674 SF
Price per SF $224.91 # of Units 25
Price per Unit $210,000 Parcel Number R2185669
Pro Forma Cap — GRM/GIM —
Actual Cap Rate 6.06% Sale Conditions —
Courtesy of CoStar
503.223.3171 | NORRIS-STEVENS.COM
503.223.3171 | NORRIS-STEVENS.COM
Information contained herein has been obtained from others and considered to be reliable; however,
INVESTMENT REAL ESTATE SERVICES a prospective purchaser or lessee is expected to verify
Information contained herein has been obtained fromall information
others to his/her own
and considered satisfaction.
to be reliable; however,
INVESTMENT REAL ESTATE SERVICES a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.
Apartment
Investors Journal
Apartment Investors Journal
A Publication of Norris & Stevens, Inc. Spring/Summer 2021
Q1 2021 Sales Comps
Q1 2021 SALES COMPS - 20-400 UNITS
Oregon Multi-family
WILLAMETTE VALLEY & CENTRAL
- 20-200 Units, Willamette Valley OREGON
Newsletter | First Quarter 2021
1 700 SE 5th Ave - The Township Apartment Homes
City, State/County Canby, OR 97013/Clackamas Building Type Class C Multi-Family Apartments
Sale Date 01/15/2021 Year Built/Age Built 1992 Renov 2018 Age: 29
Sale Price $19,700,000 RBA 92,172 SF
Price per SF $213.73 # of Units 92
Price per Unit $214,130 Parcel Number 01680318, 01680327, 01680336
Pro Forma Cap — GRM/GIM —
Actual Cap Rate — Sale Conditions —
2 927 SW 11th St - Greystone Apartments
City, State/County Redmond, OR 97756/Dechutes Building Type Class C Multi-Family Apartments
Sale Date 03/08/2021 Year Built/Age Built 1967 Age: 54
Sale Price $3,350,000 RBA 23,550 SF
Price per SF $142.25 # of Units 24
Price per Unit $139,583 Parcel Number 123949
Pro Forma Cap — GRM/GIM —
Actual Cap Rate — Sale Conditions —
3 1690-1785 Adkins St - The Clairmont
City, State/County Eugene, OR 97401/Lane Building Type Class B Multi-Family Apartments
Sale Date 02/19/2021 Year Built/Age Built 1980 Age: 41
Sale Price $14,500,000 RBA 95,757 SF
Price per SF $151.42 # of Units 113
0179976, 0180024, 0180032,
Price per Unit $129,464 Parcel Number
0180040, 0180057,0999381
Pro Forma Cap — GRM/GIM —
Actual Cap Rate 4.86% Sale Conditions 1031 Exchange
4 1053-1057 High St - High Street Terrace
City, State/County Eugene, OR 97401/Lane Building Type Class B Multi-Family Apartments
Sale Date 03/30/2021 Year Built/Age Built 1997 Age: 24
Sale Price — RBA 73,144 SF
Price per SF — # of Units 59
Price per Unit — Parcel Number 0263218, 0263259
Pro Forma Cap — GRM/GIM —
Actual Cap Rate — Sale Conditions —
5 3661 River Rd N - Village at Elliott Square
City, State/County Salem, OR 97303/Marion Building Type Class C Multi-Family Apartments
Sale Date 03/31/2021 Year Built/Age Built 2004 Age: 17
Sale Price $8,915,000 RBA 62,136 SF
Price per SF $143.48 # of Units 64
Price per Unit $139,297 Parcel Number R25646, R335243
Pro Forma Cap — GRM/GIM —
Actual Cap Rate 4.76% Sale Conditions 1031 Exchange
Courtesy of CoStar
503.223.3171 | NORRIS-STEVENS.COM
503.223.3171 | herein
Information contained NORRIS-STEVENS.COM
has been obtained from others and considered to be reliable; however,
INVESTMENT REAL ESTATE SERVICES a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.
Information contained herein has been obtained from others and considered to be reliable; however,
INVESTMENT REAL ESTATE SERVICES a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.
Apartment Investors Journal
For more information about: Please contact:
Apartment Brokerage NORRIS & STEVENS
Property Management 900 SW 5th Ave, 17th Floor
Portland, OR 97204
Development 503.223.3171
New Development Lease-Up www.norris-stevens.com
www.twitter.com/norrisstevens www.facebook.com/norrisandstevens
Since our founding in 1966, Norris & Stevens has grown to be one of the largest locally-owned commercial real estate and
property management firms serving Portland, Oregon and southwest Washington. We have accomplished this by providing
beginning-to-end real estate market expertise, solutions, and an unparalleled belief in client satisfaction.
Norris & Stevens offers the market knowledge and experience to assist any company or individual faced with a real
estate challenge or property management assistance. We offer the following services: Property Management, Commercial
& Multifamily Real Estate Sales & Leasing, Corporate Relocation, Investments, and Development. So please contact our
commercial real estate and property management office in Portland today.
Content used with permission from Reis.com and CoStar. Information contained herein has been obtained from others and
considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own
satisfaction.
503.223.3171 | NORRIS-STEVENS.COM
Information contained herein has been obtained from others and considered to be reliable; however,
INVESTMENT REAL ESTATE SERVICES a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.
Apartment
Investors Journal
Apartment Investors Journal
A Publication of Norris & Stevens, Inc. Spring/Summer 2021
EXECUTIVE SUMMARY
VANCOUVER
WASHINGTON
20
RD
N PORTLAND
S
PAS
US
I-5
OREGON
ELI
NE PORTLAND
RN
COL
11 UMB
CO
IA BLV
ML KING BLVD
D
HW NE PORTLAND
10 Y2
6 CORNELL RD 16 17a I-84
B ORO SU
NS
HILLS ET 7 NW PORTLAND 15 ROCKWOOD
SHA
M
CO
RR SE PORTLAND GRE 5
6
IDO
R POWELL BLVD 17b 9 HWY 26
ALOHA TV HWY 18
SW PORTLAND
U KIE 1
BEAVERTON WA
HW Y 2
MIL I-205
HOGAN RD
17 13
2
CLACKAMAS
SCH
OLLS F
ERRY 19 LAKE OSWEGO
MC
TIGARD
12 8
GL
OU
14
GH
LIN
TUALATIN
I-205 WEST
SHERWOOD
LINN
OREGON CITY
22
21 4
I-5
3
WILSONVILLE
Numerical Key to Rent Survey Markets. Norris & Stevens also surveys additional markets not published in this newsletter.
Executive Summary
Norris & Stevens conducts regular rent and vacancy surveys in To differentiate between the aging apartment inventory and new
order to determine the range and depth of the rental market in construction, “Older” buildings are defined as having been built
Portland Metro Norris
and& the
Stevens conductsValley.
Willamette regularThe
rentcurrent
and vacancy
survey surveys in to
prior order to determine
2007. We feel thisthe range
better and depth
reflects marketof the
realities.
rental market in Portland Metro and the Willamette
covers 141,210 apartment units. The overall vacancy rate for the Valley. The current survey covers 141,210 apartment units. The
overall
Portland vacancy
Metro Arearate for theatPortland
is 1.05% the timeMetro Area
of this is 1.05%
survey. This atis the
a time
Norrisof&this survey.deems
Stevens This isthe
a decrease of .50%.We
results reliable. Rents
do not guarantee
shown are an average of thee stated asking rents, and do not reflect the i mpact of specials
decrease of 0.50%. Rents shown are an average of the stated their accuracy. All information should be verified priorand concessions on rental income.
to any real
Specials
asking rents,and
andconcessions are alsothe
do not reflect notimpact
factoredofinto the vacancy
specials and rates, therefore,
estate financialAs
transactions. occupancy may be significantly
we add properties to or drop properties
concessions
lower thanonphysical
rental occupancy.
income. Specials and concessions
Under-reporting of vacancies aremayfrom
be concealing
our survey,additional
any area turnover
may show issues.
minorLease-ups
data fluctuations.
also not factored into the vacancy rates, therefore, financial
are not included in vacancy rates. Only complexes over 20 units are included.
occupancy may To be significantly
differentiate lowerthe
between than physical
aging occupancy.
apartment inventoryCall andNorris & Stevens at “Older”
new construction, 503 223-3171 regarding
buildings otherassubmarkets
are defined
Under-reporting of vacancies may be concealing additional
having been built prior to 2007. We feel this better reflects market realities. surveyed in Oregon and Southwest Washington.
turnover issues. Lease-ups
Norris are not
& Stevens deemsincluded in vacancy
the results rates.
reliable. Only
We do not guarantee their accuracy. All information should be
complexes over 20 units are included.
verified prior to any real estate transactions. As we add properties to or drop properties from our survey, any area may
show minor data fluctuations. Call Norris & Stevens at 503 223-3171 regarding other submarkets surveyed in Oregon
and Southwest Washington.
Vacancy information may not be reprinted without prior written permission from Norris & Stevens
503.223.3171 | NORRIS-STEVENS.COM
Information contained herein has been obtained from others and considered to be reliable; however,
INVESTMENT REAL ESTATE SERVICES a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.Apartment
Investors Journal
Apartment Investors Journal
A Publication of Norris & Stevens, Inc. Spring/Summer 2021
SPRING/SUMMER 2021 RENT SURVEY DATA
Area Studio 1BD/1BA 2BD/1BA 2BD/2BA LUXE UNITS 3BD/1BA 3BD/2BA
Albany/Seasoned & Newer Av. Rent $400 $1049 $1150 $1259 $1350 $1750 $1485
(Vacancy Rate 0.3%) Av. Sq. Ft. 361 728 935 996 1071 981 1204
1 vacancy does not include lease-ups
Rent/Sq. Ft. 1.10 1.44 1.23 1.27 1.26 1.78 1.23
Bend/Seasoned & Newer Av. Rent $950 $1548 $2200 $1356 N/A $2300 $2175
(Vacancy Rate 0.2%*) Av. Sq. Ft. 249 679 932 990 N/A 1129 1182
22 vacancy does not include Rent/Sq. Ft.
lease-ups 3.82 2.28 2.36 1.37 N/A 2.03 1.84
Corvallis/Seasoned & Newer Av. Rent $756 $895 $1050 $1232 $1510 $1350 $1450
(Vacancy Rate 0.6%*) Av. Sq. Ft. 450 601 812 971 1060 1130 1061
2 vacancy does not include Rent/Sq.
lease-ups Ft. 1.68 1.50 1.29 1.27 1.42 $1.95 1.37
Eugene/[Springfield]/Newer Av. Rent $1055 [N/A] $1599 [N/A]$ 1250 [N/A] $1933 [N/A] $2008 [N/A] N/A [N/A] $2116 [N/A]
(Vacancy Rate 0.4% [N/A]) Av. Sq. Ft. 497 [N/A] 704 [N/A] 774 [N/A] 980 [1150] 1052 [N/A] N/A [N/A] 1200 [N/A]
3 4 vacancy does not
include lease-ups Rent/Sq. Ft. 2.12 [N/A] 2.27 [N/A] 1.61 [N/A] 1.97 [.77] 1.91 [N/A] N/A [N/A] 1.76 [N/A]
Eugene/[Springfield]/Pre-2009 Av. Rent $718 [$687]$858[$773]$1022[$914] $1198[$1163] $1470 [N/A] $978[$976] $1447[$1325]
(Vacancy Rate 0.2% [0.3%]) Av. Sq. Ft. 383 [424] 480 [617] 858 [822] 1017 [1045] 1145 [N/A] 945 [884] 1325 [1208]
3 4 Rent/Sq. Ft. 1.87 [1.62] 1.79 [1.25] 1.19 [1.11] 1.18 [1.11] 1.28 [N/A] 1.04 [1.10] 2.42 [1.08]
Salem Vicinity/Newer Av. Rent $988 $1072 $1168* $1525 $1679 N/A $2195
(Vacancy Rate 0.5%) Av. Sq. Ft. 472 766 932 1198 1211 N/A 1589
no lease-ups in vacancy rate
5 * includes Meridian high-rent 2x1s Rent/Sq. Ft. 2.11 1.40 1.27 1.27 1.39 N/A 1.39
Salem Vicinity/Pre-2009 Av. Rent $788 $794 $899 $1051 $1457 $1093 $1657
(Vacancy Rate 0.6%) Av. Sq. Ft. 432 685 866 994 1132 1060 1321
5 Rent/Sq. Ft. 1.58 1.16 1.04 1.06 1.29 1.03 1.25
Beaverton/Sunset Newer Av.Rent $1329 $1340 $1575 $1360 $2050 $1869 $2039
(VacancyRate0.5%) Av.Sq.Ft. 435 667 895 1018 1019 1355 1218
6 7 vacancy does not
include lease-ups Rent/Sq. Ft. 3.05 2.01 2.01 1.59 2.01 1.38 1.67
Beaverton/Sunset/Pre-2009 Av.Rent $1200 $1300 $1295 $1400 $1661 $1795 $1559
(VacancyRate0.2%) Av.Sq.Ft. 400 585 890 1092 1142 1000 1181
6 7 Rent/Sq.Ft. 3.00 2.22 1.37 1.28 1.45 1.69 1.32
Clackamas/Newer Av. Rent N/A $1230 $1370 $1493 $1799 N/A $1767
(Vacancy Rate 0.4%) Av. Sq. Ft. N/A 679 883 1046 1305 N/A 1335
8 Rent/Sq. Ft. N/A 1.81 1.55 1.43 1.38 N/A 1.32
Clackamas/Pre-2009 Av. Rent $1375 $995 $1400 $1550 $1855* $1391 $1700
(Vacancy Rate 0.3%) Av. Sq. Ft. 623 593 852 877 1413 1178 1022
8 * 6 units total Rent/Sq. Ft. 2.21 1.68 1.64 1.77 1.31 1.18 1.66
Gresham/Newer* Av. Rent N/A $1145 N/A $1340 $1522 $1940 $2300
(Vacancy Rate 0.2%) Av. Sq. Ft. N/A 768 N/A N/A 1355 1395 1537
9 * one community only Rent/Sq. Ft. N/A 1.49 N/A N/A 1.12 $1.39 1.50
Gresham/Pre-2009 Av. Rent $875 $1015 $1123 $1475 $1584 $1071 $1888
(Vacancy Rate 0.5%) Av. Sq. Ft. 500 683 880 906 1274 1093 1126
9 * one community only Rent/Sq. Ft. 1.75 1.49 1.27 1.63 1.24 .98 1.68
*1BD/1-1.5BA *2BD/1.5BA *3BD/2-3.5BA
Vacancy information may not be reprinted without prior written permission from Norris & Stevens
503.223.3171 | NORRIS-STEVENS.COM
Information contained herein has been obtained from others and considered to be reliable; however,
INVESTMENT REAL ESTATE SERVICES a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.Apartment
Investors Journal
Apartment Investors Journal
A Publication of Norris & Stevens, Inc. Spring/Summer 2021
SPRING/SUMMER 2021 RENT SURVEY DATA
Area Studio 1BD/1BA 2BD/1BA 2BD/2BA LUXE UNITS 3BD/1BA 3BD/2BA
Hillsboro/Tanasbourne New Av. Rent $1810 $2068 $1891 $2990 $1741 $2018* $2915
(Vacancy Rate 0.1%) Av. Sq. Ft. 577 1105 865 1246 1125 1355 1156
10 11 Rent/Sq. Ft. 3.14 1.87 2.19 2.40 1.55 1.50 2.52
Hillsboro/Tanasbourne /Pre-2009Av. Rent $1254 $1428 $1575 $1695 $2463 $2322 $1875
(Vacancy Rate 03%) Av. Sq. Ft. 369 739 966 1049 1179 1151 1294
10 1011 10 Rent/Sq. Ft. 3.40 , 1.93 1.63 1.62 2.409 2.01 1.45
Lake Oswego & W Linn New* Av. Rent $1497 $1398 $1504 $1611 $4332 N/A $4982
(Vacancy Rate N/A) Av. Sq. Ft. 783 *853 *1060 1259 1603 N/A *1830
12 * one community only Rent/Sq. Ft. 1.91 1.62 1.42 1.28 2.70 N/A 2.72
Lake Oswego & W Linn Av. Rent $997 $1481 $1638 $1821 $3550 $2122* $2427
Pre-2009
(Vacancy Rate 0.4%) Av. Sq. Ft. 423 748 973 1105 1319 1084 1326
12 *29 units total Rent/Sq. Ft. 2.36 1.98 1.68 1.65 2.69 1.96 1.83
Milwaukie/Gladstone New* Av. Rent N/A N/A N/A N/A N/A N/A N/A
Milwaukie / Gladstone/Pre-2009Av. Rent $821 $1087 $1473 $1460 $1893 $1340 $1314
(Vacancy Rate 0.6%) Av. Sq. Ft. 460 705 857 972 1327 1065 1085
13 Rent/Sq. Ft. 1.78 1.54 1.72 1.50 1.43 1.06 1.23
Oregon City/New Pre-2009 Av. Rent $1221 $1375 $1327 $1777 N/A N/A $1908
(Vacancy Rate 0.6%) Av. Sq. Ft. 485 652 882 977 N/A N/A 1634
14 306 units/one community Rent/Sq. Ft. 2.51 2.11 1.50 1.82 N/A N/A 1.17
Oregon City/Pre-2009 Av. Rent $895* $1150 $1403 $870 N/A $1295 $1700
(Vacancy Rate 0.5%) Av. Sq. Ft. 450 612 891 938 N/A 1005 1153
14 * 4 units only Rent/Sq. Ft. 1.99 1.62 1.12 1.08 N/A 1.29 1.47
PDX Downtown/Newer Av. Rent $1157 $1423 $2031 $3267 $1918 N/A $3999
(Vacancy Rate 0.1%*) Av. Sq. Ft. 458 601 865 1094 1166 N/A 1474
15 *not including lease-ups Rent/Sq. Ft. 2.53 2.37 2.35 2.99 1.65 N/A 2.71
PDXDowntown/Older/[Vintage] Av.Rent $1255[$835] $1496 [$1085]$1325 [$1275] $2174[$2649]$3116[N/A] [N/A] [N/A] $2728 [N/A]
(VacancyRate0.5% [0.6%]) Av.Sq.Ft. 490 [395] 683 [545] 895 [892] 1080 [1077] 1224 [N/A] [N/A][1561 [N/A]
15 1016 10
*not including lease-ups Rent/Sq. Ft. 2.56 [2.11] 2.19 [1.99] 1.48 [1.43] 2.01 [2.46]2.55[N/A][ N/A] [N/A] 1.75 [N/A]
PDX Inner Eastside/Newer Av. Rent $1295 $1400 $1900 $2251 $2926 N/A $3200
(Vacancy Rate 0.5%*) Av. Sq. Ft. 411 490 772 1008 1132 N/A 1235
17a Rent/Sq. Ft 3.15 2.86 2.46 2.23 2.58 N/A 2.59
PDX Inner Eastside/Pre-2009 Av. Rent $1173 $1223 $1195 $1425 $1892 $1361 $1604
(Vacancy Rate 0.3%) Av. Sq. Ft. 423 502 905 1033 1113 1051 1205
17a * three buildings only Rent/Sq. Ft. 2.77 2.44 1.32 1.38 1.70 1.30 1.33
PDX Outer Eastside/Newer Av. Rent $1349* $1542* N/A* $1424* N/A* N/A* N/A*
(Vacancy Rate 0.3%) Av. Sq. Ft. 480 636 N/A 944 N/A N/A N/A
18
17b Rent/Sq. Ft. 2.81 2.42 N/A 1.51 N/A N/A N/A
PDX Outer Eastside/Pre-2009Av. Rent $900 $1095 $905 $1200 $1600* $1300 $1200
(Vacancy Rate 0.2%) Av. Sq. Ft. 595 636 980 1080 1100 1159 1200
17
18b * 24 units only Rent/Sq. Ft. 1.51 1.56 0.92 1.11 1.45 1.21 1.00
19 Vacancy information may not be reprinted without prior written permission from Norris & Stevens
503.223.3171 | NORRIS-STEVENS.COM
Information contained herein has been obtained from others and considered to be reliable; however,
INVESTMENT REAL ESTATE SERVICES a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.Apartment
Investors Journal
Apartment Investors Journal
A Publication of Norris & Stevens, Inc. Spring/Summer 2021
SPRING/SUMMER 2021 RENT SURVEY DATA
Area Studio 1BD/1BA 2BD/1BA 2BD/2BA LUXE UNITS 3BD/1BA 3BD/2BA
PDX Westside/Newer Av. Rent $1298 $1402 $2373 $2581 $4913 N/A $4300
(Vacancy Rate 0.3%) Av. Sq. Ft. 445 575 789 943 1499 N/A 1348
*not including lease-ups Rent/Sq. Ft. 2.92 2.42 3.01 2.74 3.28 N/A 3.19
PDX Westside/Pre-2009 Av. Rent $1100 $1195 $1295 $1559 $2387 $1401 $1592
(Vacancy Rate 0.4%) Av. Sq. Ft. 750 550 926 1035 1285 1054 1287
Rent/Sq. Ft. 1.47 2.17 1.40 1.51 1.86 1.33 1.91
Tigard-Tualatin/Newer Av. Rent $1156 $10701 $1712 $1809 $2483 N/A $1874
(Vacancy Rate 0.4%) Av. Sq. Ft. 594 619 811 1177 1697 N/A 1124
*not including lease-ups Rent/Sq. Ft. 1.59 1.98 2.11 1.54 1.46 N/A 1.66
Tigard-Tualatin /Pre-2009 Av. Rent $918 $945 $1012 $1705 $1564 $1550 $1850
(Vacancy Rate 0.3%) Av. Sq. Ft. 423 666 800 1607 1102 918 1600
19 Rent/Sq. Ft. 1.96 1.42 1.27 1.04 1.42 1.69 1.17
Vancouver/Newer Av. Rent $1760 $1366 $1297 $1711 $1610 $1400 $1500
(Vacancy Rate 0.6%) Av. Sq. Ft. 544 825 889 971 1150 1165 1190
20no lease-ups in vacancy rate Rent/Sq. Ft. 3.24 1.66 1.46 1.76 1.40 1.20 1.26
Vancouver/Pre-2008 Av. Rent $925 $995 $1298 $1529 $1570 $1200 $1885
(Vacancy Rate 0.2%) Av. Sq. Ft. 473 671 830 1115 1175 1000 1438
20 Rent/Sq. Ft. 1.96 1.48 1.57 1.37 1.34 1.20 1.31
Wilsonville/Newer Av. Rent N/A $1287 $1494 $1639 $3211* $2092* $2072
(Vacancy Rate 0.5%) Av. Sq. Ft. N/A 819 1023 1023 1295 1290 1.45
21 * one building only Rent/Sq. Ft. N/A 1.57 1.46 1.60 2.48 1.62 1.38
Wilsonville/Pre-2008 Av. Rent $1295* $2280 $1555 $1440 $1780* $931* $1978
(Vacancy Rate 0.3%) Av. Sq. Ft. 672 620 978 942 1279 970 1114
21 * one building only Rent/Sq. Ft. 1.93 3.68 1.59 1.53 2.48 .96 1.78
Vacancy information may not be reprinted without prior written permission from Norris & Stevens
503.223.3171 | NORRIS-STEVENS.COM
Information contained herein has been obtained from others and considered to be reliable; however,
INVESTMENT REAL ESTATE SERVICES a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.Apartment
Investors Journal
Apartment Investors Journal
A Publication of Norris & Stevens, Inc. Spring/Summer 2021
THE N&S MULTI-FAMILY INVESTMENT TEAM
Reaping the maximum David Keys, CPM®, CCIM® Timothy S. Mitchell
Chairman & Managing Director President
return from your David has over 40 years in the As President of Norris &
investment takes real estate industry, including Stevens, Inc., Tim leads the
managing apartments, offices, firm’s commercial sales, leasing,
TEAMWORK condominiums, and single- and marketing activities, as
family properties. Currently well as being a lead member
Norris & Stevens’ seven Apartment he supervises the activities of of the Executive Committee.
nine area property managers Tim has spent the majority
Brokers have over 150 years of and a total portfolio of over 150 of his professional career in
investment experience selling properties and 8,400 apartments. commercial real estate, with over
apartment properties from 25 to 400 Licensed Principal Broker in 34 years of industry success.
Oregon and Washington. Licensed broker in Oregon.
units. Our analytical process is the
same – thorough – no matter the davidk@norris-stevens.com timm@norris-stevens.com
size of your investment. As leaders
in creating investment strategies for Cameron Mercer David C. Chatfield
apartment investors, Norris & Stevens Senior Multi-family Senior Multi-family
Investment Broker Investment Broker
gives our clients a competitive edge,
Director Of Apartment Holds a BS in Real Estate Finance,
whatever the market. Business Development with a minor in Real Estate
Over 10 years experience as Development from Portland
By integrating our Brokerage a broker and asset manager State University. Additionally, he
and Management Departments, for multifamily investments. trained with one of the nation’s
Previous experience working largest real estate investment
we are able to provide investors
with large banks on residential brokerages. Licensed broker in
in multifamily properties a foreclosures. BS in Regional Oregon and Washington.
comprehensive perspective and Development, with a minor in davidc@norris-stevens.com
keep you better informed about Business Administration from the
University of Arizona. Licensed
your investment options by broker in Oregon.
constantly monitoring market
cameronm@norris-stevens.com
trends and sales values for Oregon
and Washington.
Charles Conrow, CPM® Todd VanDomelen
In light of current conditions and Senior Multi-family Vice President
Investment Broker Multi-family & Commercial
changing trends, we encourage
Over 30 years of real estate 30 years of commercial real
investors to frequently evaluate experience, including estate experience. BS in Business
their portfolio. Our full service commercial and multifamily Administration (specializing
approach to coordinating sales, leasing and property in finance/real estate) from
management. Attended Portland State University.
purchases, sales, refinancing, University of Colorado in Licensed broker in Oregon and
development, renovation and Business Administration. Washington.
management creates value in your Licensed broker in Oregon and
toddv@norris-stevens.com
Washington.
real estate investment.
charlesc@norris-stevens.com
For property management
solutions, call ( 503) 223-3171 Chase Brand
Multi-family Investment Broker
To make an appointment for a Asset Manager
broker analysis of your property, or 17 years’ experience in
to receive information about our apartment brokerage. 18 years
services or our market newsletter, of experience in development
and construction of residential
contact us in Portland at and multifamily properties. BA in
(503) 223-3171. Geology from Colorado College.
Licensed broker in Oregon. © 2021 Apartment Investors Journal
chaseb@norris-stevens.com Norris & Stevens, Inc.
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Information contained herein has been obtained from others and considered to be reliable; however,
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