Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Portland Among Top-Ranked U.S. Cities for Apartment Construction
The lack of housing in the United States is finally getting some attention, as multifamily construction in the last two years is at a 50-year high, with nationwide apartment deliveries expected to reach 420,000 in 2022. In the Pacific Northwest, Portland, OR ranks 17th in the country, with nearly 8,500 new apartments anticipated by the end of the year.
The data, based on a new report from RentCafe, indicates that despite continued supply issues and labor shortages, the unceasing demand for apartments is driving construction. Portland is expected to hit a five-year record in new units, and the metro area’s construction rates are up nearly 36% compared to 2021.
Another Pacific Northwest city, Seattle ranks 7th in the country, with over 15,000 apartments expected to be delivered in 2022, more than Los Angeles, Chicago or San Francisco. New York is #1 nationally, with over 28,000 new rental apartments anticipated by the end of the year.
- ◦Development
