Skip to content

Pacific Northwest Real Estate Investment Market Report: August 2020

Single-family homes in high demand due to COVID-19. Following the Great Recession, the single-family rental (SFR) market experienced solid growth. In fact, the SFR market expanded by more than 3.8 million households between 2006 and 2016. Now, with COVID-19 a part of everyday life, this trend has continued as Americans rethink the kinds of lifestyles they want. With social distancing and stay at home orders in place, densely populated areas are losing their appeal to many, creating an uptick in interest for single-family homes.

Why renters prefer single-family homes

Market Activity

Seattle, WA
Market Overview

Some key takeaways from Q2 in the Seattle market: Class A rents in the Downtown Seattle and the Eastside submarkets continued their climbs quarter-over-quarter; absorption downtown and across the region stayed positive; and vacancy climbed across the area, though class A space remained tight or further tightened. Class B and C spaces experienced the brunt of the pandemic.

1,212
Homes Sold
$740,000
Avg. Home Price
$2,122
Median Rent
U.S Census Bureau: second quarter 2020
2.9%
Rental Vacancy Rate
0.5%
Homeowner Vacancy Rate
10.3%
State Unemployment Rate
Metro Area Unemployment
Bellingham, WA
10.5%
Bremerton-Silverdale, WA
8.3%
Kennewick-Richland, WA
9.1%
Lewiston, ID-WA
5.4%
Longview, WA
10.0%
Mount Vernon-Anacortes, WA
11.3%
Olympia-Tumwater, WA
9.0%
Portland-Hillsboro, OR-WA
11.4%
Seattle-Tacoma-Bellevue, WA
9.7%
Spokane-Spokane Valley, WA
9.8%
Walla Walla, WA
6.6%
Wenatchee, WA
9.1%
Yakima, WA
10.1%

Market Activity

Portland, OR
Market Overview

Recent data has shown how Portland’s economy has been impacted by COVID-19. Employment looks dismal, but construction on single-family homes has thus far remained steady. According to Colliers International, Oregon saw a 429% increase in unemployment claims year-over-year. Construction of single-family rentals are currently providing the most optimistic data for the city’s economic recovery.

1,359
Homes Sold
$472.000
Avg. Home Price
$1,546
Median Rent
U.S Census Bureau: second quarter 2020
4.5%
Rental Vacancy Rate
1.0%
Homeowner Vacancy Rate
10.4%
State Unemployment Rate
Metro Area Unemployment
Albany, OR
10.9%
Bend-Redmond, OR
11.9%
Corvallis, OR
8.4%
Eugene, OR
11.3%
Grants Pass, OR
11.2%
Medford, OR
11.5%
Portland-Hillsboro, OR-WA
11.4%
Salem, OR
10.0%

Market Activity

Boise, ID
Market Overview

While stay-at-home orders were in place, both nationally and locally, the industrial sector seemed to be the preferred asset class. That said, the Idaho office market remains strong with asking rates in both Ada and Canyon counties increasing slightly over the prior quarter. As for home sales, Canyon County prices have been trending steadily upward. New construction was surging at the beginning of the year and appears to have resumed at a strong pace.

627
Homes Sold
$358,000
Avg. Home Price
$1,138
Median Rent
U.S Census Bureau: second quarter 2020
4.0%
Rental Vacancy Rate
0.8%
Homeowner Vacancy Rate
5.0%
State Unemployment Rate
Metro Area Unemployment
Boise City, ID
5.7%
Coeur d'Alene, ID
6.8%
Idaho Falls, ID
3.6%
Lewiston, ID-WA
5.4%
Logan, UT-ID
3.5%
Pocatello, ID
4.9%
Twin Falls, ID
4.8%
Copyright © 2020 Broadmark Realty Capital, Inc., All rights reserved. All loans are made through BRMK Lending, LLC (NMLS #1919876) and BRMK Management, Corp. (NMLS #1919862). Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com. Data shown in this email is an average over the last month unless otherwise marked.

Market Report Newsletter Signup

Signup to receive market reports by email
  • This field is for validation purposes and should be left unchanged.