Portland area apartment construction is way down — but only from an unsustainable high. There are currently 4800 apartments under construction across the metro area, down from close to 12,000 in early 2020. As Dr. Mike Wilkerson told The Oregonian, “Although it’s down by more than half, when I look at the data I see a stabilization.” The building boom of the twenty-teens saw rents stagnate (and developers balk) as open units appeared everywhere. The current dip, while nerve-racking amidst the area’s housing crisis, leaves Portland at a reasonable, longer-term-average level of apartment construction. Dr. Wilkerson calls this the beginning of a new cycle, with rising rents, low vacancy, and 4-5,000 new apartments being built each year.
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