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Pacific Northwest Real Estate Investment Market Report: July 2020

How to attract Generation Z renters. Each generation has its own quirks. Gen Z is no different and appears to be more practical than others. While we’ve seen that some generations are happy to rent forever, Generation Z sees it as a stepping stone. In fact, 97 percent of them want to buy a home someday. Now, most of them won’t leave their parents’ home and immediately buy a house. This means you still have a chance to reach them. With this in mind, let’s cover how multifamily operators can reach Gen Z where they are spending most of their time – online.

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Market Activity

Seattle, WA
Market Overview

The Seattle-area job market remains strong, and is projected to see more than 2.2 percent economic growth and 2.6 percent job growth in the next year. Home sales have slowed down over the last few months, reflecting the residential real estate declines that were largely expected due to the impact of COVID-19.  According to Norada Real Estate Investments, King County’s average home prices increased by 4 percent from a year ago, from $625,000 to $650,000. Home values in Snohomish and Pierce Counties were also up.

1,007
Homes Sold
$743,000
Avg. Home Price
$2,109
Median Rent
U.S Census Bureau: second quarter 2020
2.9%
Rental Vacancy Rate
0.5%
Homeowner Vacancy Rate
9.8%
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%
Vancouver-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

The Portland region saw a dramatic drop across all asset types and multifamily products in Q2. The region only had 26 sales, nearly half of Q2 2019’s figure. Yet, the average deal size increased by 6 percent, indicating that higher value sales were less impacted than lower value sales. Even being down by 0.7 percent, rents appear to have remained stable. Experts believe this is likely the result of higher concession values used to get people in the door for units  delivered during COVID-19.

1,018
Homes Sold
$470,000
Avg. Home Price
$1,544
Median Rent
U.S Census Bureau: second quarter 2020
4.5%
Rental Vacancy Rate
1.0%
Homeowner Vacancy Rate
11.2%
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%
Vancouver-Hillsboro, OR-WA 
11.4%
Salem, OR
10.0%

Market Activity

Boise, ID
Market Overview

It seems the housing demand for the Boise region quickly recovered in May, and was hot in June with record low mortgage rates. Pending contracts for the Boise metro area jumped by 17.5 percent in May and another 11 percent in June. However, available homes dropped by 24 percent in June creating a shortage of homes. Boise had 498 existing home sales in June with an average of 16 days on the market.

522
Homes Sold
$352,000
Avg. Home Price
$1,109
Median Rent
U.S Census Bureau: second quarter 2020
4.0%
Rental Vacancy Rate
0.8%
Homeowner Vacancy Rate
5.6%
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%
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com. 

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