Portland has built many new apartments in the city's core, and that seems to be slowing down rent growth in the area.
"A flood of gleaming new apartments is coming online at once. That's prompted the managers of those buildings to float move-in specials to entice prospective tenants, leaving competitors in more established neighborhoods to follow suit." Elliot Njus reports in the Oregonian.
This marks a big change for a city that has seen rents rise consistently for years. "That increased competition is finally -- albeit gently -- putting the brakes on the explosive rent growth that has pushed up costs nearly 60 percent since 2010, according to the real estate data firm Axiometrics," Njus writes. Still, this is not a citywide trend. Rents in lower end and suburban markets in the region have yet to come down.
FULL STORY: New apartment construction has finally slowed rent growth -- at least, at the high end
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UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
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