PORTLAND, Ore. (KOIN) — With almost 8,500 new apartments expected by the end of the year, Portland ranks as one of the top 20 U.S. cities with new apartment construction.
RentCafe, a nationwide apartment search website, reports that about 420,000 apartments throughout the country could be built by the end of 2022. The U.S. hasn’t seen such a high volume of new apartments since 1972.
Portland, listed as No. 17 on the list, is expected to hit a five-year record in apartment construction. A total of 4,645 new apartments were built in the city in 2017, followed by a slow downturn in the years since.
However, the metro area’s construction rates are up by nearly 36% in comparison to 2021. The city of Portland leads the metro area with 1,600 units already being built in the first part of the year.
Vancouver and Beaverton also contributed to the Portland metro’s ranking, with 1,464 units and 747 units respectively. Meanwhile, Seattle made No. 7 on the list.
Check out the full RentCafe report here.