By Oregon Small Business Association,
According to the U.S. Census Bureau Census Bureau, fourth quarter 2018 rental vacancy rate for the Portland/ Vancouver/ Hillsboro metro area was 2.4%, a decrease of 0.2% from a year earlier. The Portland Metro area ties with New Haven-Milford for the third lowest rental vacancy rate. Last year, Portland had the fifth lowest rental vacancy rate. The national vacancy rate was 6.6%, down 0.3% from a year earlier.
From 2016 to 2018, building permits for 24,475 multifamily units were issued in Multnomah, Washington, Clackamas, and Clark Counties. During the same time, U.S census data shows the area’s population increased by almost 100,000, with about 82,000 of those moving here from outside Oregon. Net migration accounted for about 85% of the area’s population growth from 2016 to 2018. In 2017 and 2018, Oregon was the second most popular destination for people who moved into a new state, according to the 2017 and 2018 National Movers’ Studies.