edited in 2021
Ah… Portland, the City of Roses takes its moniker very seriously as the city has its own dedicated international rose garden, holds various competitions and festival annually to the benefits of its residents.
Beyond the city limits, the Portland Metropolitan Area or “Greater Portland” itself is actually comprised of the city of Portland, Hillsboro, Beaverton, Gresham and Vancouver (WA). It remains one of the strongest apartment rental markets in the nation and is considered an emerging market that’s growing very quickly. Its multifamily space boasts consistent Year over Year (YoY) rent growth and the area is holding strong as part of the top 10 strongest rental market in the nation.
STRONG DIVERSIFIED ECONOMY
Widely known for its bustling food scene, the metro is also home to Intel, Nike HQ, Adidas, UnderArmour and other fortune 500 companies. Companies of various industry have relocated to the area and set up satellite offices due to its favorable business laws and relative low-cost compared to other west coast metros (e.g: San Francisco, Seattle). These industries include manufacturing, high tech, health care amongst others which make up a strong diversified economy. As of 2021, coupled with the rising trend of virtual work that’s beginning to be widely adopted by tech companies, the area has also seen a major influx of people moving in.
"Portland has been significantly expanding its economy over the past decade, with job growth consistently outpacing the national average. The metro’s boom has been fueled by the expansion of the local technology industry, which includes one of the world’s most important companies Intel, but also has become an area that start-ups and internet companies establish satellite offices. This strong growth is likely to continue, but the area is also likely to see occasional contractions as underlying corrections happen in the potentially volatile industries." -Fannie Mae Report on Multifamily in Portland Metro
ATTRACTIVE FOR GEN Z AND MILLENIALS
The Portland metro area is alluring for students given that there are more than 36 private and public universities within 150 miles. The strong job market especially with major employers in close proximity (OHSU, Intel, Nike, etc.) attract students to come and settle in the area as they become young professionals. More than 34% of Portland residents have bachelor degree or higher, well above the national average of 28%. In 2020, it was also ranked #2 fiscally fit city with the fastest rising income in a metro area. Its vibrant food scene (constantly ranked one of the highest in the nation for foodies and we agree!) is a magnet for the younger population. On top of that, the Portland metro area boasts incredible nature scene suited for outdoor activities all year round. It is nestled in between the beach and the mountains that residents can get to within 1-2 hour drive depending on where they are. Being in a Portland metro area also gives you the best options of both worlds in that there is no sales tax in the state of Oregon (Portland, Hillsboro, Beaverton, Gresham) and no income tax in the state of Washington (Vancouver, WA). These factors also make it very attractive for young couples to settle and grow their families in the area.
While interest rates were low, high demand and shortage of house listings on the market makes the Portland metro area a seller’s market. This would keep homeownership down.
Given around 48% of residents in Portland live in a rental property, the average resident find it more affordable to rent vs buy. Portland metro area is a strong emerging market that we are excited to grow our roots in!
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