Skip to content

Real Estate Investment Market Report for Washington, Oregon, and Idaho: April 2021

multifamily investment financing

Investing in multifamily properties is a great option for those looking to get into real estate investing and feel comfortable with the responsibility and time commitment. Done right, they can be a great source of passive income. However, it’s important to have an in-depth understanding of how to find properties that will provide worthwhile returns on your investment, and subsequently acquire them. Crunching the numbers instead of being influenced by extraneous factors will quickly give you a comprehensive insight into an overall project.

Learn about the benefits and the challenges

Market Activity

Seattle, WA
Market Overview

At the end of the first quarter of 2021, Seattle’s metro area lost 139,000 jobs year-over-year, increasing the unemployment rate by 200 basis points (2 percent). However, these numbers have been improving over the last six months. The Central Business District’s office market had two new projects in the first quarter: the 722,000 square-foot Rainer Square (preleased to Amazon, and both Bank of America and Goldman Sachs have partially subleased the space); and the 135,000 square-foot Boren Office Lofts (which is completely vacant). Of the 2 million square feet under construction, roughly 84 percent is available (1.8 million square feet).

1,234
Homes Sold
$750,000
Avg. Home Price
$1,995
Median Rent
Vacancy Rates Graph
Source: U.S Census Bureau
3.8%
Rental Vacancy Rate
0.9%
Homeowner Vacancy Rate
5.4%
State Unemployment Rate
Metro Area Unemployment
Bellingham, WA
6.7%
Bremerton-Silverdale, WA
5.8%
Kennewick-Richland, WA
6.2%
Lewiston, ID-WA
4.0%
Longview, WA
7.0%
Mount Vernon-Anacortes, WA
7.0%
Olympia-Tumwater, WA
5.9%
Vancouver-Hillsboro, OR-WA                
6.3%
Seattle-Tacoma-Bellevue, WA
5.9%
Spokane-Spokane Valley, WA
6.5%
Walla Walla, WA
5.2%
Wenatchee, WA
5.9%
Yakima, WA
7.2%

Market Activity

Portland, OR
Market Overview

Portland ended the first quarter of 2021 with an unemployment rate of 6.1 percent, slightly higher than the national average of 6.0 percent. As expected, the hospitality and leisure sector is feeling most of the impact. Meanwhile, the office market is coming around and the industrial sector is expanding. Nike and Intel recently completed substantial construction projects for their headquarter expansions. Additionally, home prices are up in the area and rents are stable.

1,158
Homes Sold
$515,000
Avg. Home Price
$1,695
Median Rent
Vacancy Rates Graph
Source: U.S Census Bureau
4.9%
Rental Vacancy Rate
0.2%
Homeowner Vacancy Rate
6.0%
State Unemployment Rate
Metro Area Unemployment
Albany, OR
6.8%
Bend-Redmond, OR
6.9%
Corvallis, OR
4.9%
Eugene, OR
6.8%
Grants Pass, OR
7.5%
Medford, OR
6.7%
Vancouver-Hillsboro, OR-WA               
6.3%
Salem, OR
6.1%

Market Activity

Boise, ID
Market Overview

Boise saw a dramatic increase in leasing activity during the first quarter of 2021 as a result of many tenants seeking space downtown. However, tenants are wary of locking in leases as they consider their long-term office needs. Leasing rates have remained stable, with landlords offering improvement allowances and pushing for longer terms, from an average of five years to seven to help cover improvement costs.

366
Homes Sold
$450,000
Avg. Home Price
$1,395
Median Rent
Vacancy Rates Graph
Source: U.S Census Bureau
4.2%
Rental Vacancy Rate
0.6%
Homeowner Vacancy Rate
3.2%
State Unemployment Rate
Metro Area Unemployment
Boise City, ID
3.8%
Coeur d'Alene, ID
5.0%
Idaho Falls, ID
3.3%
Lewiston, ID-WA
4.0%
Logan, UT-ID
2.1%
Pocatello, ID
3.8%
Twin Falls, ID
3.9%
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com. 

Market Report Newsletter Signup

Signup to receive market reports by email
  • This field is for validation purposes and should be left unchanged.