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Pacific Northwest Real Estate Investment Market Report: March 2020

Impact of Gen Z on the Multifamily Housing Industry. Watch out, there’s a new generation defining the future of the multifamily industry. While millennials make up 56 percent of the rental market, Gen Z comprises 74 million people, making it equal in size to millenials and baby boomers. Even though they may be young, they have money to spend. They contribute $44 billion to the U.S. economy and it’s only a matter of time before they head into the rental market.

Learn more about Gen Z's Impact

Market Activity

Seattle, WA
Market Overview

The market is expected to maintain a diverse investor profile, with institutional, cross-border and REITs focused on developing mid- and high-rise properties near the downtown area. The Eastside should receive investors attention as well with Amazon’s recent expansion plans for Bellevue.

734
Homes Sold
$664,000
Avg. Home Price
$2,139
Median Rent
Vacancy Rates Graph
U.S Census Bureau: fourth quarter 2019
3.9%
Rental Vacancy Rate
1.4%
Homeowner Vacancy Rate
3.8%
State Unemployment Rate
Metro Area Unemployment
Bellingham, WA
5.5%
Bremerton-Silverdale, WA
4.4%
Kennewick-Richland, WA
6.3%
Lewiston, ID-WA
3.8%
Longview, WA
5.9%
Mount Vernon-Anacortes, WA
6.2%
Olympia-Tumwater, WA
4.8%
Portland-Hillsboro, OR-WA
3.4%
Seattle-Tacoma-Bellevue, WA
3.3%
Spokane-Spokane Valley, WA
5.8%
Walla Walla, WA
5.3%
Wenatchee, WA
6.3%
Yakima, WA
8.4%

Market Activity

Portland, OR
Market Overview

Transaction activity rebounded last fall and that momentum is anticipated to carry into 2020. Investors remain focused on the demand for multifamily absorption. With the new supply coming online in Portland, these locations remain highly sought after by investors looking to capitalize on live/work/play markets and the renter profile that comes along with these opportunities.

797
Homes Sold
$423,000
Avg. Home Price
$1,538
Median Rent
Vacancy Rates Graph
U.S Census Bureau: fourth quarter 2019
3.4%
Rental Vacancy Rate
1.0%
Homeowner Vacancy Rate
3.3%
State Unemployment Rate
Metro Area Unemployment
Albany, OR
4.3%
Bend-Redmond, OR
4.2%
Corvallis, OR
2.6%
Eugene, OR
3.9%
Grants Pass, OR
5.3%
Medford, OR
4.4%
Portland-Vancouver, OR-WA
3.4%
Salem, OR
4.1%

Market Activity

Boise, ID
Market Overview

The median price of a home sold in Canyon County, is up 16.74 percent or near $30,000 from last year. In addition, inventory fell to a new low and increasing competitiveness among buyers. Canyon County currently has 1.34 months of inventory available. Meanwhile in Ada County, the number of home for sale decreased to 1,090. This brought the the supply down to 1.14 months.

294
Homes Sold
$355,000
Avg. Home Price
$1,179
Median Rent
Vacancy Rates Graph
U.S Census Bureau: fourth quarter 2019
4.4%
Rental Vacancy Rate
1.1%
Homeowner Vacancy Rate
2.7%
State Unemployment Rate
Metro Area Unemployment
Boise City, ID
3.2%
Coeur d'Alene, ID
4.7%
Idaho Falls, ID
3.0%
Lewiston, ID-WA
3.8%
Logan, UT-ID
2.3%
Pocatello, ID
3.4%
Twin Falls, ID
3.5%
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com

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