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503.223.3171 | NORRIS-STEVENS.COMInformation contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.INVESTMENT REAL ESTATE SERVICESINVESTMENT REAL ESTATE SERVICES900 SW 5th Ave, 17th Floor • Portland, OR 97204503.223.3171 • norris-stevens.com Fall/Winter 2021Rent Survey DataApartmentInvestors JournalA Publication of Norris & Stevens, Inc.Creating Value in Investment Real Estate
ApartmentInvestors JournalA Publication of Norris & Stevens, Inc.503.223.3171 | NORRIS-STEVENS.COMInformation contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.INVESTMENT REAL ESTATE SERVICESApartment Investors JournalFall/Winter 2021ECONOMYAfter the severe strain caused by the COVID-19 pandemic, Portland’s economy is beginning to bounce back. The local unemployment rate peaked at nearly 15% in April 2020, but recovered to around 5.6% by the end of June 2021. Despite this, the economic shock from the pandemic has still caused considerable disruption to the labor and commercial property markets. Demand for commercial space has fallen most heavily in the oice and retail sectors, with initial social distancing protocols impacting revenue, leasing decisions, and space requirements. While the falling unemployment rate is a sign that the employment picture may be turning a corner, some of the jobs lost during this recession may not return. In particular, the pandemic wielded an out-sized impact on the leisure/hospitality and retail trade sectors, which collectively employed 20% of Portland’s non-farm workforce prior to the pandemic. The good news is that Oregon recently lifted most COVID-19 related business restrictions, allowing operations to resume at full capacity for places such as restaurants. This should drive demand for more in-person activities, as vaccine distribution continues and people feel safer venturing out. The end result should be a very slow, but steady increase in demand for retail and oce space.While the emergence of the Omicron variant of the coronavirus is concerning, the preliminary data suggests it may not produce symptoms that are as severe as its Delta variant counterpart. This would be welcome news, as shutdowns associated with coronavirus spread and severe cases took a major toll on businesses throughout 2020 and 2021.PORTLAND METRO APARTMENT MARKETBringing more business and demand to the heavily battered urban cores will be essential for Portland’s rising apartment prole, as the market continues to show strength heading into 2022.Portland is coming off a massive construction wave that boosted apartment inventory by about 31.9% over the past decade, including a 10.7% increase over the past three years. More recently however, construction starts in the region have cooled dramatically. This is having an out-sized impact on plummeting vacancy rates and rising rents. Average apartment rents rose by 9.1% over the past year, compared with the three-year average of 3.8%. Suburban communities have led the way in this category, as tenants flock to less dense neighborhoods in search of more space and aordability. The region’s high quality of life is driving Oregon’s apartment market remains strong heading into 2022MARKET REPORT
ApartmentInvestors JournalA Publication of Norris & Stevens, Inc.503.223.3171 | NORRIS-STEVENS.COMInformation contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.INVESTMENT REAL ESTATE SERVICESApartment Investors JournalFall/Winter 2021PORTLAND METRO SUBMARKET RENTSVACANCY RATE BY BEDROOMS - PORTLANDMarket Asking Rent Annual Rent GrowthAloha $1,596 13.6%Beaverton $1,449 10.2%Central Northeast $1,295 6.5%Clackamas County $1,390 7.3%Clark County $1,411 8.7%Columbia County $1,241 5.1%Damascus $1,490 10.6%Downtown Portland $1,807 8.3%East Portland $1,146 3.3%Hillsboro $1,731 17.2%in-migration gures, which has underpinned apartment demand.As of the rst quarter of 2022, average rent levels in Portland have reached $1,520 per month, reecting year-over-year growth of 9.1%. By comparison, the national index posted average growth of 11.1% over the same period. Over the past ten years, Portland has averaged rent growth of 4.0% per year, which puts the rapid increase of late into perspective.Portland’s outlying suburban communities continue to post the strongest rent growth. As renter preferences shifted and the importance of a central location diminished during the worst of the pandemic, tenants found suburban apartments more appealing. That’s still boosting demand in these areas and allowing landlords to push rents at a rapid pace. The Hillsboro, Wilsonville and Aloha submarkets have all seen trailing four-quarter rent growth of well over 10%.Apartment demand remains strong into the rst quarter of 2022. Overall vacancies have trended downward since mid-2020 and have dipped well below the frictional 5% mark, factoring in approximately 4,300 units that are under construction. Current construction activity is reective of a near decade low.The pandemic kept some investors on the sideline in 2020, and total volume expectedly fell to around $1.8 billion. Despite that, 2021 sales volume raced to a record high, boosted by several nine-gure deals. Trailing four-quarter volume equates to $3.7 billion, compared with the ten-year average of $1.9 billion per year. The market sale price swelled to $270,000 per unit, in comparison to the national index of $240,000 per unit.Courtesy of CoStar14%6%8%10%12%4%2%0%2016 2017 2018 2019 2020Studio1 Bed 2 Bed3 BedVacancy Rate2021$220,000$240,000$260,000$280,000$300,000$320,000$340,000$200,000$180,000$160,000$0.60$0.80$1.00$1.20$1.40$1.60$1.80$0.40$0.20$0.002016 2017 2018 2019 2020Sales Volume Portland Price/Unit United States Price/UnitMarket Sale Price Per UnitSales Volume in Billions2021SALES VOLUME & MARKET SALE PRICE/UNIT - PORTLAND
ApartmentInvestors JournalA Publication of Norris & Stevens, Inc.503.223.3171 | NORRIS-STEVENS.COMInformation contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.INVESTMENT REAL ESTATE SERVICESApartment Investors JournalFall/Winter 2021SALEM METRO APARTMENT MARKETThe strength of Salem’s apartment sector has helped the metro weather the lingering eects of the pandemic, with Oregon’s capital city exhibiting a noticeably tight and growing apartment market over the years. Boasting exceptionally low vacancies, Salem is consistently below both the Portland rate and the national rate. The current local vacancy rate of 2.3% is well below the current national index of 4.5%. Continued demand for apartments has fueled strong rent growth, and cumulative rent gains over the past ten years of 58.2% outpace the national performance of 40.0%. At the end of the fourth quarter of 2021, rent growth in Salem was 6.1% year-over-year, with local gains benefiting from consistently tight vacancies.With developers seeking to capitalize on Salem’s strong fundamentals, the metro has seen a significant amount of new supply in the past decade. New communities frequently exhibit rapid lease-up and subsequent stabilization. All of this aside, institutional investment seldom targets the Salem region, preferring instead to target Oregon’s largest city, Portland. The largest transactions in Salem often involve local individual investors.The average price per unit has continued to rise, reaching $160,000 as 2021 came to a close, and cap rates have gradually declined from over 7% to around 5.3% over the last decade.In October 2021, the South Block apartment complex sold for $55 million, setting a new pricing record for the Salem metro area. The 5-story asset was completed in 2015 and leased-up by Norris & Stevens management. It features laundry facilities, a clubhouse, business center, on-site retail and controlled access.EUGENE METRO APARTMENT MARKETHistorically, demand in Eugene has been bolstered by population growth, rising household incomes, and a consistent pool of student renters mostly from the University of Oregon. Though sizable new developments have regularly come on-line over the past decade, strong absorption has generally held vacancies in check. And lately, construction has noticeably tapered o, with no new developments currently in the pipeline. As of the fourth quarter of 2021, local rent growth performance of 8.8% year-over-year ranked near the top of all Oregon metros.With only occasional institutional activity, apartment sales volume in Eugene can vary signicantly from year to year. Most buyers are local, individual investors, and in the past decade, the majority of traded assets commanded prices below $2 million. Market cap rates uctuate but have been below 6% for ve consecutive years. Trailing four quarter sales volume is equal to $117 million, versus the ve-year average of $93.3 million per year. Courtesy of CoStarVACANCY RATE BY BEDROOMS - SALEMMARKET RENT PER UNIT & RENT GROWTH - EUGENESALES VOLUME & MARKET SALE PRICE/UNIT - SALEM14%6%8%10%12%4%2%0%2016 2017 2018 2019 2020Studio1 Bed 2 Bed3 BedVacancy Rate2021$1,200$1,400$1,600$1,800$1,000$8004%6%10%8%2%0%2016 2017 2018 2019 2020Market Rent Growth Y/Y Market Rent Per UnitRent Per UnitAnnual Rent Growth2021$140,000$160,000$180,000$200,000$220,000$260,000$240,000$280,000$120,000$100,000$80,000$60$80$100$140$120$160$180$200$40$20$0.002016 2017 2018 2019 2020Sales Volume Portland Price/Unit United States Price/UnitMarket Sale Price Per UnitSales Volume in Millions2021
503.223.3171 | NORRIS-STEVENS.COMInformation contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.INVESTMENT REAL ESTATE SERVICESApartment Investors JournalVACANCY RATE BY BEDROOMS - SALEMMARKET RENT PER UNIT & RENT GROWTH - EUGENESALES VOLUME & MARKET SALE PRICE/UNIT - SALEMFor more information about: Apartment Brokerage Property Management Development New Development Lease-UpPlease contact:NORRIS & STEVENS900 SW 5th Ave, 17th FloorPortland, OR 97204503.223.3171www.norris-stevens.comSince our founding in 1966, Norris & Stevens has grown to be one of the largest locally-owned commercial real estate and property management rms serving Portland, Oregon and southwest Washington. We have accomplished this by providing beginning-to-end real estate market expertise, solutions, and an unparalleled belief in client satisfaction.Norris & Stevens offers the market knowledge and experience to assist any company or individual faced with a real estate challenge or property management assistance. We offer the following services: Property Management, Commercial & Multi-family Real Estate Sales & Leasing, Corporate Relocation, Investments, and Development. Contact our commercial real estate and property management ofce in Portland today to put our knoweldge and experience to work for you.Content used with permission from CoStar. Information contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.www.twitter.com/norrisstevenswww.facebook.com/norrisandstevens
ApartmentInvestors JournalA Publication of Norris & Stevens, Inc.503.223.3171 | NORRIS-STEVENS.COMInformation contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.INVESTMENT REAL ESTATE SERVICESApartment Investors JournalFall/Winter 2021 Norris & Stevens conducts regular rent and vacancy surveys in order to determine the range and depth of the rental market in Portland Metro and the Willamette Valley. The current survey covers 145,139 apartment units. The overall vacancy rate for the Portland Metro Area is 4.7% at the time of this survey. This is an decrease of 3%. Rents shown are an average of the e stated asking rents, and do not reflect the impact of specials and concessions on rental income. Specials and concessions are also not factored into the vacancy rates, therefore, financial occupancy may be significantly lower than physical occupancy. Under-reporting of vacancies may be concealing additional turnover issues. Lease-ups are not included in vacancy rates. Only complexes over 20 units are included. To dierentiate between the aging apartment inventory and new construction, “Older” buildings are defined as having been built prior to 2007. We feel this better reflects market realities. Norris & Stevens deems the results reliable. We do not guarantee their accuracy. All information should be verified prior to any real estate transactions. As we add properties to or drop properties from our survey, any area may show minor data fluctuations. Call Norris & Stevens at 503 223-3171 regarding other submarkets surveyed in Oregon and Southwest Washington. Numerical Key to Rent Survey Markets. Norris & Stevens also surveys additional markets not published in this newsletter.34215 SHERWOODTUALATINTIGARDWASHINGTON NE PORTLANDNE PORTLANDSE PORTLANDNW PORTLANDSW PORTLANDOREGON COLUMBIA BLVD ML KING BLVD SUNSET CORRIDORI-84 ROCKWOODGRESHAMCORNELIUS PASS RD HILLSBOROHWY 26 BEAVERTONCORNELL RD POWELL BLVD HWY 26 OREGON CITYN PORTLANDHOGAN RD I-5 ALOHA TV HWY MILWAUKIEI-205 HWY 217 SCHOLLS FERRY CLACKAMASLAKE OSWEGOI-5 I-205 MCGLOUGHLIN WESTLINNWILSONVILLEVANCOUVER 2114812191391861011715162017b17a22Executive SummaryVacancy information may not be reprinted without prior written permission from Norris & StevensNorris & Stevens conducts regular rent and vacancy surveys in order to determine the range and depth of the rental market in Portland Metro and the Willamette Valley. The current survey covers 145,139 apartment units. The overall vacancy rate for the Portland Metro Area is 4.7% at the time of this survey. This is an decrease of 3%. Rents shown are an average of the stated asking rents, and do not reect the impact of specials and concessions on rental income. Specials and concessions are also not factored into the vacancy rates, therefore, nancial occupancy may be signicantly lower than physical occupancy. Under-reporting of vacancies may be concealing additional turnover issues. Lease-ups are not included in vacancy rates. Only complexes over 20 units are included.To dierentiate between the aging apartment inventory and new construction, “Older” buildings are dened as having been built prior to 2007. We feel this better reects market realities. Norris & Stevens deems the results reliable. We do not guarantee their accuracy. All information should be veried prior to any real estate transactions. As we add properties to or drop properties from our survey, any area may show minor data uctuations. Call Norris & Stevens at 503-223-3171 regarding other sub-markets surveyed in Oregon and Southwest Washington.RENT SURVEY DATAEXECUTIVE SUMMARY
ApartmentInvestors JournalA Publication of Norris & Stevens, Inc.503.223.3171 | NORRIS-STEVENS.COMInformation contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.INVESTMENT REAL ESTATE SERVICESApartment Investors JournalFall/Winter 2021Gresham/Newer Av. Rent $1357 $1425 $1625 $2268 $1522 $1940 $2300(Vacancy Rate 4.2%) Av. Sq. Ft. 525 612 819 1099 1355 1395 1537 Rent/Sq. Ft. 2.58 2.33 1.98 2.06 1.12 $1.39 1.50Gresham/Pre-2009 Av. Rent $1200 $1534 $1620 $1910 $1584 $1071 $2057(Vacancy Rate 3.5%) Av. Sq. Ft. 559 672 828 1054 1274 1093 1019 Rent/Sq. Ft. 2..15 2.28 1.96 1.81 1.24 .98 2.11Salem Vicinity/Newer Av. Rent $988 $1072 $1168* $1525 $1679 N/A $2195(Vacancy Rate 3.8%) Av. Sq. Ft. 472 766 932 1198 1211 N/A 1589 * Rent/Sq. Ft. 2.11 1.40 1.27 1.27 1.39 N/A 1.39Salem Vicinity/Pre-2009 Av. Rent $788 $794 $899 $1795 $1457 $1093 $1995(Vacancy Rate 2.9%) Av. Sq. Ft. 432 685 866 1157 1132 1060 1301 Rent/Sq. Ft. 1.58 1.16 1.04 1.55 1.29 1.03 1.53Beaverton/Sunset Newer Av. Rent $1329 $1340 $1575 $1360 $2050 $1869 $2039(Vacancy Rate 4.8%) Av. Sq. Ft. 435 667 895 1018 1019 1355 1218 Rent/Sq. Ft. 3.05 2.01 2.01 1.59 2.01 1.38 1.67 Beaverton/Sunset/Pre-2009 Av. Rent $1200 $1300 $1295 $1400 $1661 $1795 $1559 (Vacancy Rate 3.1%) Av. Sq. Ft. 400 585 890 1092 1142 1000 1181Rent/Sq. Ft. 3.00 2.22 1.37 1.28 1.45 1.69 1.32Clackamas/Newer Av. Rent $995 $1510 $1370 $1493 $1799 N/A $1767(Vacancy Rate 4.4%) Av. Sq. Ft. 378 691 883 1046 1305 N/A 1335 Rent/Sq. Ft. 2.63 2.19 1.55 1.43 1.38 N/A 1.32Clackamas/Pre-2009 Av. Rent $1375 $1468 $1701 $1550 $1855 $1391 $2095(Vacancy Rate 3.6%) Av. Sq. Ft. 623 764 869 877 1413 1178 1268 Rent/Sq. Ft. 2.21 1.92 1.96 1.77 1.31 1.18 1.65Eugene/[Springeld]/Newer Av. Rent $1055 [N/A] $1599 [N/A] $2008 [N/A] N/A [N/A] $2116 [N/A](Vacancy Rate 3.2% [2.9%]) Av. Sq. Ft. 497 [N/A] 704 [N/A] 774 [N/A] 980 [1028] 1052 [N/A] N/A [N/A] 1200 [N/A] Rent/Sq. Ft. 2.12 [N/A] 2.27 [N/A] 1.61 [N/A] 1.97 [.1.95] 1.91 [N/A] N/A [N/A] 1.76 [N/A]Eugene/[Springeld]/Pre-2009 Av. Rent $978 [$976] [$1325](Vacancy Rate 2.9% [2.3%]) Av. Sq. Ft. 383 [384] 480 [665] 858 [950] 1017 [1045] 1145 [N/A] 945 [884] 1325 [1208] Rent/Sq. Ft. 1.87 [1.94 1.79 [2.10 1.19 [1.62] 1.18 [1.11] 1.28 [N/A] 1.04 [1.10] 2.42 [1.08]343467675588vacancy does not include lease-upsvacancy does not include lease-upsno lease-ups in vacancy rateAlbany/Seasoned & Newer Av. Rent $400 $1049 $1150 $1259 $1350 $1750 $1485(Vacancy Rate 3.3%) Av. Sq. Ft. 361 728 935 996 1071 981 1204 Rent/Sq. Ft. 1.10 1.44 1.23 1.27 1.26 1.78 1.23 Bend/Seasoned & Newer Av. Rent $950 $1548 $2200 $1356 $3175 $2300 $2175(Vacancy Rate 3.2%) Av. Sq. Ft. 249 679 932 990 1371 1129 1182 Rent/Sq. Ft. 3.82 2.28 2.36 1.37 2.32 2.03 1.84Corvallis/Seasoned & Newer Av. Rent $756 $1320 $1517 $1808 $2298 $1650 $2100(Vacancy Rate 3.6%) Av. Sq. Ft. 450 480 720 924 860 860 1147 Rent/Sq. Ft. 1.68 2.75 2.11 1.96 $1.92 1.92 1.8312vacancy does not include lease-upsvacancy does not include lease-ups9vacancy does not include lease-upsArea Studio 1BD/1BA 2BD/1BA 2BD/2BA LUXE UNITS 3BD/1BA 3BD/2BA922Vacancy information may not be reprinted without prior written permission from Norris & StevensRENT SURVEY DATA$1250 [N/A]$718 [$745] $858 [$733] $1022 [$1539]$1599 [$1163]$1466 [N/A] $1447 [$1119]$1933 [$2002]
ApartmentInvestors JournalA Publication of Norris & Stevens, Inc.503.223.3171 | NORRIS-STEVENS.COMInformation contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.INVESTMENT REAL ESTATE SERVICESApartment Investors JournalFall/Winter 2021Vacancy information may not be reprinted without prior written permission from Norris & StevensArea Studio 1BD/1BA 2BD/1BA 2BD/2BA LUXE UNITS 3BD/1BA 3BD/2BAMilwaukie/Gladstone New Av. Rent N/A N/A N/A N/A N/A N/A N/AMilwaukie / Gladstone/Pre-2009Av. Rent $821 $1420 $1545 $1460 $1893 $1340 $1314(Vacancy Rate 3.6%) Av. Sq. Ft. 460 695 1014 972 1327 1065 1085 Rent/Sq. Ft. 1.78 2.04 1.52 1.50 1.43 1.06 1.23Oregon City/New Av. Rent $1221 $1375 $1327 $2030 N/A N/A $2411(Vacancy Rate 2.6%) Av. Sq. Ft. 485 652 882 1098 N/A N/A 1548 306 units/one community Rent/Sq. Ft. 2.51 2.11 1.50 1.85 N/A N/A 1.56Oregon City/Pre-2009 Av. Rent $895 $1150 $1403 $870 N/A $1295 $1700(Vacancy Rate 2.5%) Av. Sq. Ft. 450 612 891 938 N/A 1005 1153 Rent/Sq. Ft. 1.99 1.62 1.12 1.08 N/A 1.29 1.47PDX Downtown/Newer Av. Rent $1157 $1423 $2031 $3267 $1918 N/A $3999(Vacancy Rate 4.1% Av. Sq. Ft. 458 601 865 1094 1166 N/A 1474 *not including lease-ups Rent/Sq. Ft. 2.53 2.37 2.35 2.99 1.65 N/A 2.71PDX Downtown/Older /[Vintage ] Av. Rent (Vacancy Rate 4.5% [4.6%]) Av. Sq. Ft. 490 [395] 895 [892] Rent/Sq. Ft. 2.56 [2.11] 1.48 [1.43] PDX Inner Eastside/Newer Av. Rent $1295 $1400 $1900 $2251 $2926 N/A $3200(Vacancy Rate 4.5% Av. Sq. Ft. 411 490 772 1008 1132 N/A 1235 Rent/Sq. Ft 3.15 2.86 2.46 2.23 2.58 N/A 2.59 PDX Inner Eastside/Pre-2009 Av. Rent $1173 $1223 $1195 $1425 $1892 $1361 $1604(Vacancy Rate 3.1%) Av. Sq. Ft. 423 502 905 1033 1113 1051 1205 Rent/Sq. Ft. 2.77 2.44 1.32 1.38 1.70 1.30 1.33PDX Outer Eastside/Newer Av. Rent $1349 $1542 $2831 $2213 $4606 N/A $4370(Vacancy Rate 3.3%) Av. Sq. Ft. 480 636 1126 1019 1198 N/A 1261 Rent/Sq. Ft. 2.81 2.42 2.51 2.17 3.84 N/A $3.47 PDX Outer Eastside/Pre-2009Av. Rent $1795 $1577 $1844 $2091 $1600 $1300 $1780(Vacancy Rate 3.7%) Av. Sq. Ft. 900 799 964 861 1100 1159 1200 Rent/Sq. Ft. 1.99 1.97 1.91 2..43 1.45 1.21 1.48 *not including lease-ups15 1016 101314141517a17a17b17b181819Lake Oswego & W Linn Av. Rent $997 $1481 $1800 $1885 $3550 $2122 $2427(Vacancy Rate 2.4%) Av. Sq. Ft. 423 748 1026 924 1319 1084 1326 Rent/Sq. Ft. 2.36 1.98 1.75 2.04 2.69 1.96 1.8312Pre-2009Hillsboro/Tanasbourne /Pre-2009 Av. Rent $1254 $1428 $1575 $1695 $2463 $2322 $1875(Vacancy Rate 3.3%) Av. Sq. Ft. 369 739 966 1049 1179 1151 1294 Rent/Sq. Ft. 3.40 1.93 1.63 1.62 2.409 2.01 1.45 10 1011 1012Lake Oswego & W Linn New Av. Rent $1649 $2185 $1504 $3809 $4332 N/A $4941(Vacancy Rate 2.9%) Av. Sq. Ft. 507 794 1060 1181 1603 N/A 1527 Rent/Sq. Ft. 3.25 2.75 1.42 323 2.70 N/A 3.24Hillsboro/Tanasbourne New Av. Rent $1810 $2068 $1891 $2990 $1741 $2018* $2915(Vacancy Rate 3.1%) Av. Sq. Ft. 577 1105 865 1246 1125 1355 1156 Rent/Sq. Ft. 3.14 1.87 2.19 2.40 1.55 1.50 2.5210 1112$1255 [$835] $1496 [$1085] $2174 [$2649]$3116 [N/A]$2728 [N/A][N/A] [N/A]$1325 [$1275]683 [545] 1080 [1077]1224 [N/A]1561 [N/A][N/A] [N/A]2.19 [1.99] 2.01 [2.46]2.55 [N/A]1.75 [N/A][N/A] [N/A]RENT SURVEY DATA
ApartmentInvestors JournalA Publication of Norris & Stevens, Inc.503.223.3171 | NORRIS-STEVENS.COMInformation contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.INVESTMENT REAL ESTATE SERVICESApartment Investors JournalFall/Winter 2021Vacancy information may not be reprinted without prior written permission from Norris & Stevens Area Studio 1BD/1BA 2BD/1BA 2BD/2BA LUXE UNITS 3BD/1BA 3BD/2BAWilsonville/Newer Av. Rent N/A $1287 $1494 $1639 $3211 $2092 $2072(Vacancy Rate 3.6%) Av. Sq. Ft. N/A 819 1023 1023 1295 1290 1.45 * one building only Rent/Sq. Ft. N/A 1.57 1.46 1.60 2.48 1.62 1.38 Wilsonville/Pre-2008 Av. Rent $1295 $2280 $1672 $1865 $1780 $1725 $2282(Vacancy Rate 3.3%) Av. Sq. Ft. 672 620 881 1045 1279 1270 1216 Rent/Sq. Ft. 1.93 3.68 1.90 1.78 2.48 1.36 1.88Vancouver/Newer Av. Rent $1760 $1850 $1297 $2020 $1610 $1400 $1500 (Vacancy Rate 4.6%) Av. Sq. Ft. 544 684 889 821 1150 1165 1190 no lease-ups in vacancy rate Rent/Sq. Ft. 3.24 2.70 1.46 2.46 1.40 1.20 1.26 Vancouver/Pre-2008 Av. Rent $925 $1585 $1578 $1687 $8072 $1200 $2108 (Vacancy Rate 4.2%) Av. Sq. Ft. 473 692 868 932 1707 1000 1108 Rent/Sq. Ft. 1.96 2.29 1.82 1.81 4.73 1.20 1.9020202121 Tigard-Tualatin /Pre-2009 Av. Rent $918 $1571 $1012 $1965 $1564 $1550 $2501(Vacancy Rate 3.7%) Av. Sq. Ft. 423 700 800 915 1102 918 1150 Rent/Sq. Ft. 1.96 2.24 1.27 2.15 1.42 1.69 2.1719Tigard-Tualatin/Newer Av. Rent $1071 $1156 $1712 $1809 $2483 N/A $1874(Vacancy Rate 3.9%) Av. Sq. Ft. 594 619 811 1177 1697 N/A 1124 *not including lease-ups Rent/Sq. Ft. 1.80 1.87 2.11 1.54 1.46 N/A 1.66PDX Westside/Pre-2009 Av. Rent $1100 $1195 $1295 $1559 $2387 $1401 $1592(Vacancy Rate 4.6%) Av. Sq. Ft. 750 550 926 1035 1285 1054 1287 Rent/Sq. Ft. 1.47 2.17 1.40 1.51 1.86 1.33 1.91PDX Westside/Newer Av. Rent $1298 $1402 $2373 $2581 $4913 N/A $4300(Vacancy Rate 4.5%) Av. Sq. Ft. 445 575 789 943 1499 N/A 1348 *not including lease-ups Rent/Sq. Ft. 2.92 2.42 3.01 2.74 3.28 N/A 3.19RENT SURVEY DATA
ApartmentInvestors JournalA Publication of Norris & Stevens, Inc.503.223.3171 | NORRIS-STEVENS.COMInformation contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.INVESTMENT REAL ESTATE SERVICESApartment Investors JournalFall/Winter 2021© 2022 Apartment Investors JournalNorris & Stevens, Inc.THE N&S MULTI-FAMILY INVESTMENT TEAMReaping the maximum return from your investment takes TEAMWORKNorris & Stevens’ seven Apartment Brokers have over 150 years of investment experience selling apartment properties from 25 to 400 units. Our analytical process is the same – thorough – no matter the size of your investment. As leaders in creating investment strategies for apartment investors, Norris & Stevens gives our clients a competitive edge, whatever the market.By integrating our Brokerage and Management Departments, we are able to provide investors in multi-family properties a comprehensive perspective and keep you better informed about your investment options by constantly monitoring market trends and sales values for Oregon and Washington.In light of current conditions and changing trends, we encourage investors to frequently evaluate their portfolio. Our full service approach to coordinating purchases, sales, refinancing, development, renovation and management creates value in your real estate investment.For property management solutions, call ( 503) 223-3171To make an appointment for a broker analysis of your property, or to receive information about our services or our market newsletter, contact us in Portland at (503) 223-3171.David Keys, CPM®, CCIM®Chairman & Managing DirectorDavid has over 40 years in the real estate industry, including managing apartments, oces, condominiums, and single-family properties. Currently he supervises the activities of nine area property managers and a total portfolio of over 150 properties and 8,400 apartments. Licensed Principal Broker in Oregon and Washington.davidk@norris-stevens.comCameron MercerSenior Multi-family Investment BrokerOver 10 years experience as a broker and asset manager for multifamily investments. Previous experience working with large banks on residential foreclosures. BS in Regional Development, with a minor in Business Administration from the University of Arizona. Licensed broker in Oregon.cameronm@norris-stevens.comChase BrandMulti-family Investment BrokerAsset Manager17 years’ experience in apartment brokerage. 18 years of experience in development and construction of residential and multifamily properties. BA in Geology from Colorado College. Licensed broker in Oregon.chaseb@norris-stevens.comTimothy S. MitchellPresidentAs President of Norris & Stevens, Inc., Tim leads the rm’s commercial sales, leasing, and marketing activities, as well as being a lead member of the Executive Committee. Tim has spent the majority of his professional career in commercial real estate, with over 34 years of industry success. Licensed broker in Oregon.timm@norris-stevens.comDavid C. ChatfieldSenior Multi-family Investment BrokerHolds a BS in Real Estate Finance, with a minor in Real Estate Development from Portland State University. Additionally, he trained with one of the nation’s largest real estate investment brokerages. Licensed broker in Oregon and Washington.davidc@norris-stevens.comTodd VanDomelenVice President Multi-family & Commercial30 years of commercial real estate experience. BS in Business Administration (specializing in finance/real estate) from Portland State University. Licensed broker in Oregon and Washington.toddv@norris-stevens.comCharles Conrow, CPM®Senior Multi-family Investment BrokerOver 30 years of real estate experience, including commercial and multifamily sales, leasing and property management. Attended University of Colorado in Business Administration. Licensed broker in Oregon and Washington.charlesc@norris-stevens.com