Multifamily Marketwatch

Seattle's apartment pipeline is drying up as construction permits plunge and housing costs drive record out-migration from Washington. In this episode, HFO's Michael Pierce breaks down the latest permitting data, rent trends, and policy debates every multifamily owner, investor, and developer needs to know.

Permitting across the Portland metro is plummeting, but Oregon's lawmakers are responding with bold new reforms to accelerate housing development. In this episode, HFO's Michael Pierce explores the latest permit trends, housing bills, and investment opportunities multifamily owners, developers, and investors need to track across Oregon's shifting real estate landscape.

Dive into the evolving world of property management with Michael Havlik, academic director of Portland State University's Real Estate Center. Havlik reveals how innovative undergraduate programs are bridging the gap between education and real-world property management, offering students unique insights into technology, ethics, and career opportunities. Learn about the critical skills needed to succeed in this dynamic field, from technical expertise to people skills, and how internships are shaping future industry leaders. Together with HFO Partner Greg Frick, they explore the exciting developments in real estate education and the promising future of property management from an insider's perspective.

In this episode, consultant Jennifer Shuch of Leland Consulting Group shares insights into the challenges facing housing production, including economic hurdles, zoning restrictions, and the critical need for more flexible urban planning strategies. She discusses emerging solutions like public-private partnerships and state-level initiatives aimed at increasing affordable housing supply. Tune in to hear an expert's perspective on the complex landscape of urban housing development and the creative approaches cities are taking to address the housing crisis.

This episode reviews the most impactful housing legislation passed in Washington State's intense 2025 session, including new rent control measures, changes to eviction procedures, and reforms to promote housing development. The following are among the laws signaling significant changes ahead for both renters and property owners across the state.

In this episode, we break down high, medium, and low priority bills that could impact renters, property owners, and the multifamily housing market, from changes to permitting and rent assistance to new rules for tax exemptions and rent control. Don't miss this essential overview for anyone invested in Oregon's rental housing landscape.

This episode covers the April 2025 Multifamily NW Apartment Report with a tone of cautious optimism and a focus on digestible insights for a commuting audience.

This episode is all about reasons to feel confident in Portland's multifamily future! While some headlines are still catching up to what's really happening on the ground, here at HFO we are seeing a market that is quietly strengthening and setting up for long-term opportunity.

HFO partner Greg Frick interviews Ezra Hammer, an attorney specializing in land use and real estate with Jordan Ramis law firm. Their discussion explores the critical housing challenges facing Portland and the state of Oregon. Hammer discusses the region's significant housing shortage, with approximately 45,000 missing housing units and low development rates, highlighting systemic issues like infrastructure funding, overly localized community engagement, and restrictive urban growth boundaries. He advocates for radical policy changes, including state-level infrastructure funding reforms, reducing neighborhood-level development obstacles, and expanding urban boundaries to facilitate housing production. The conversation emphasizes the urgent need to address housing affordability, with over 50% of renters currently being housing-burdened, and calls for a holistic approach to urban development that prioritizes broader community needs over hyper-local interests.

HFO's Greg Frick and Charlie Kokernak of Gantry, Inc. discuss the Q1 2025 Oregon and SW Washington multifamily market lending landscape. Despite political uncertainties, the market is finding stability. There's a significant pent-up demand for equity, driven by reasons like default and depreciation. Underwriting standards remain consistent, and rates have dropped, but uncertainty remains. Insurance costs are a growing concern, particularly for older properties. Lenders are competitive, offering tight spreads and flexible terms. Deal flow is expected to increase, and pricing stability is anticipated.

Dive into this week's Multifamily Marketwatch! Washington Governor Bob Ferguson tackles housing affordability challenges with zoning reforms and rent stabilization efforts. Seattle's ambitious 20-year housing plan faces roadblocks that could delay new developments. Meanwhile, Portland's vibrant market sees growth with key projects like Sellwood Bluff and Reed's Crossing as rising insurance costs are putting multifamily property owners under pressure. Tune in for the latest market insights in Washington and Oregon! 

Explore the latest legislative updates impacting multifamily housing investments in Oregon and Washington! In this episode, we cover Oregon's new mandates like air conditioning requirements (SB 54), changes to rent cap exemptions (SB 722), and Washington's push for innovative housing solutions such as commercial conversions and zoning reforms. Learn how these policies affect supply, affordability, and investment opportunities in the region. Stay informed to adapt your strategies in 2025 and beyond!

In this episode of HFO Multifamily Marketwatch, Greg Frick interviews Wayne Achen, Project Coordinator at Pacific Exteriors NW. They explore common exterior issues in multifamily buildings in the Pacific Northwest, emphasizing the significance of regular maintenance and early problem detection, such as water intrusion, failing windows, and improper deck installations. Wayne highlights that many issues arise from incorrect installations rather than product defects. The discussion touches on the typical lifespans of various components, the benefits of architectural roofing, building material availability, and the importance of preventative maintenance. Tune in to learn how to protect your investment and avoid costly repairs down the road!

In this episode of HFO Multifamily Marketwatch, we delve into the contentious debate surrounding the Portland Supportive Housing Services (SHS) tax, which funds homeless services and is set to expire in 2030. A proposed 20-year extension would lower the tax rate from 1% to 0.9%, yet concerns remain about the tax's high rate and its implications for attracting high-income residents. The discussion critiques the management of funds by Metro and its subcontracting with the City of Portland, alongside proposals for reallocating funds to cities and subsidized housing. The episode emphasizes the need for community engagement and accountability in addressing homelessness, suggesting alternative funding mechanisms like operating levies and property tax adjustments to enhance effectiveness in social welfare programs.

Innovative Legislative Measures and Technological Advances

Oregon's Housing Landscape and Legislative Priorities

In this episode, newly elected city councilor Olivia Clark shares her bold vision for tackling housing and development challenges. She discusses streamlining the permitting process, revising zoning regulations, and fostering a more collaborative environment at City Hall to support sustainable growth. Olivia highlights her approach to reducing administrative burdens, lowering operational costs, and working with key stakeholders to drive meaningful change in the community. Don't miss this insightful conversation about shaping the future of our city.

In this episode, we sit down with Portland City Council member Eric Zimmerman to discuss the city's growing challenges and opportunities in multifamily housing; from tackling frustrating permitting delays to reducing regulatory burdens that weigh heavily on multifamily property owners, our guest shares candid insights into hurdles facing the housing market today. We also delve into the innovative incentives and tax breaks being proposed to encourage new development and support housing growth. Whether you're a property owner, developer, or someone simply curious about the future of housing in Portland, this conversation sheds light on potential policies shaping the city's housing landscape.

This week's episode dives into the legislative discussions shaping housing policy in Oregon and Washington. From proposed caps on rent increases to measures promoting condo development and tenant protections—plus new requirements for air conditioning in multifamily properties—these debates could transform the housing landscape in the Pacific Northwest. Tune in for an inside look at what's on the table and how it might impact multifamily stakeholders.

After years of slight declines, Oregon's population increased in 2024 according to the latest estimates released by Portland State University. State economists released a new report showing a significant increase in expected revenues, and nearly two dozen leaders from Oregon, Washington and BC Canada recently met in Portland to strategize on future housing policy.

In this episode: Multifamily insurance is on the rise; some renters on the Oregon Health Plan are newly eligible for rent assistance; and the state's new Housing Accountability and Production Office is set to launch July 1. 

Up for Growth's latest Housing Underproduction report is out, highlighting key trends and regional insights into the U.S. housing shortage. HFO's Michael Pierce summarizes the latest data. 

In this episode of Multifamily Marketwatch Podcast, senior researcher and host Mike Pierce offers an update on some major infrastructure and job growth projects ahead in Portland and Oregon. HFO's podcasts are sponsored by: Pacific Exteriors NW, apartment siding contractors specializing in multifamily, apartments, condos, residential, hotels, resorts, and commercial buildings, and Gantry Inc., the country's largest independent mortgage banking firm focused exclusively on commercial real estate. About HFO Investment Real Estate HFO Investment Real Estate is a Pacific Northwest-based real estate brokerage specializing in the acquisition and disposition of multifamily assets on behalf of a wide range of clients, from individual owners to institutional and private equity firms. Learn more about HFO at HFORE.com. 

In this episode of HFO Investment Real Estate's Multifamily Marketwatch Podcast, senior researcher and host Mike Pierce discusses the promising outlook for multifamily investors in Oregon and Washington for 2025 and 2026, covering projected economic growth, population trends, and the resilience of the multifamily market amid economic uncertainties. Listen now to learn about anticipated rent increases, the impact of declining housing permits, and proactive strategies for property owners.  HFO's podcasts are sponsored by: Pacific Exteriors NW, apartment siding contractors specializing in multifamily, apartments, condos, residential, hotels, resorts, and commercial buildings, and Gantry Inc., the country's largest independent mortgage banking firm focused exclusively on commercial real estate. About HFO Investment Real Estate HFO Investment Real Estate is a Pacific Northwest-based real estate brokerage specializing in facilitating the acquisition and disposition of multifamily assets on behalf of a wide range of clients, from individual owners to institutional and private equity firms. Learn more about HFO and our exclusive multifamily listings at HFORE.com. 

Enjoy the audio from our latest episode of HFO-TV, our web news program for multifamily investors. Check out the video from the episode on our website at HFORE.com/Videos.aspx or follow us on YouTube @HFOInvestmentRealEstate.  On this episode of HFO-TV, John Gillem, CoStar's Director of Market Analytics for Oregon and Idaho, joins HFO co-founder Greg Frick on HFO TV to discuss multifamily market trends in Portland and the Pacific Northwest. John and Greg delve into population growth, apartment demand, and the slowdown in new project pipelines. Check out the full video to hear why Greg and John agree the Portland apartment market is headed for an upswing in the second half of 2024.  HFO's publications are sponsored by: Pacific Exteriors NW, apartment siding contractors specializing in multifamily, apartments, condos, residential, hotels, resorts, and commercial buildings, and Gantry Inc., the country's largest independent mortgage banking firm focused exclusively on commercial real estate. About HFO Investment Real Estate HFO Investment Real Estate is a Pacific Northwest-based real estate brokerage specializing in facilitating the acquisition and disposition of multifamily assets on behalf of a wide range of clients, from individual owners to institutional and private equity firms. Learn more about HFO and our exclusive multifamily listings at HFORE.com. 

In this episode of HFO Investment Real Estate's Multifamily Marketwatch Podcast, senior researcher and host Mike Pierce discusses the rising demand for electric vehicle (EV) charging stations at multifamily properties, focusing on the proactive measures taken by Washington, Oregon, and particularly Portland, to integrate sustainability and ensure equitable access to EV infrastructure. Learn more about the importance of compliance with regulations, the benefits for property owners, and the willingness of renters to pay premiums for EV amenities. HFO's podcasts are sponsored by: Pacific Exteriors NW, apartment siding contractors specializing in multifamily, apartments, condos, residential, hotels, resorts, and commercial buildings, and Gantry Inc., the country's largest independent mortgage banking firm focused exclusively on commercial real estate. About HFO Investment Real Estate HFO Investment Real Estate is a Pacific Northwest-based real estate brokerage specializing in facilitating the acquisition and disposition of multifamily assets on behalf of a wide range of clients, from individual owners to institutional and private equity firms. Learn more about HFO and our exclusive multifamily listings at HFORE.com. 

In this episode of HFO Investment Real Estate's Multifamily Marketwatch Podcast, senior researcher and host Mike Pierce shares the latest headlines impacting multifamily investors and developers, including the notable decline in multifamily housing starts and permit applications both nationally and in Oregon and Washington, and the key factors driving the trend, including high interest rates, shortages of materials and labor, and regulatory challenges. HFO's podcasts are sponsored by: Pacific Exteriors NW, apartment siding contractors specializing in multifamily, apartments, condos, residential, hotels, resorts, and commercial buildings, and Gantry Inc., the country's largest independent mortgage banking firm focused exclusively on commercial real estate. About HFO Investment Real Estate HFO Investment Real Estate is a Pacific Northwest-based real estate brokerage specializing in facilitating the acquisition and disposition of multifamily assets on behalf of a wide range of clients, from individual owners to institutional and private equity firms. Learn more about HFO and our exclusive multifamily listings at HFORE.com. 

In this episode of the HFO Multifamily Marketwatch, HFO Investment Real Estate's Senior Research Analyst Mike Pierce analyzes Portland's rental market, discussing the slowdown in construction, the shift towards luxury inventory, and the resurgence of concessions. Delve into the pandemic's impact on renter preferences, Oregon's rent increase cap, and the structural shift in the market, as well as Portland's forecasted growth in employment, housing demand, and construction.  HFO's podcasts are sponsored by: Pacific Exteriors NW, apartment siding contractors specializing in multifamily, apartments, condos, residential, hotels, resorts, and commercial buildings, and Gantry Inc., the country's largest independent mortgage banking firm focused exclusively on commercial real estate. 

In this episode of the HFO Multifamily Marketwatch, HFO Investment Real Estate's Senior Research Analyst Mike Pierce discusses the housing shortage in Oregon and the potential of office-to-apartment conversions as a solution. Mike delves into the impact of the COVID-19 pandemic on the commercial real estate market, with a significant increase in remote work leading to a high rate of office vacancies, and specific efforts in Portland to support office-to-rental conversions. HFO's podcasts are sponsored J.R. Johnson, specialists in multifamily restoration and repair, and by Gantry Inc., the country's largest independent mortgage banking firm focused exclusively on commercial real estate. 

On this week's episode of Multifamily Marketwatch, Senior Research Analyst Mike Pierce dives into the innovative approach nonprofits and religious organizations are taking in addressing the housing crisis. Inspired by California's initiatives, these groups are converting their properties into low-income housing, bypassing expensive local permitting and environmental review processes.   HFO's podcasts are sponsored J.R. Johnson, specialists in multifamily restoration and repair, and by Gantry Inc., the country's largest independent mortgage banking firm focused exclusively on commercial real estate. 

This week's topics include: 55 million vacant homes in the US; Governor Jay Inslee's eviction moratorium being upheld by the state Supreme Court, and Economist Matthew Gardner's predictions for Washington. 

On this week's episode of Multifamily Marketwatch, Senior Research Analyst Mike Pierce delves into the intricacies of the state's housing shortage to help understand the ripple effects this crisis has on renters and the rising tide of homelessness. But with challenges come opportunities. We dig into and share our expert insights on potential solutions, drawing from our extensive experience in the multifamily investment sector. Whether you're an established investor or exploring the multifamily realm, equip yourself with the knowledge and foresight to thrive in Oregon's evolving real estate market. HFO's podcasts are sponsored J.R. Johnson, specialists in multifamily restoration and repair, and by Gantry Inc., the country's largest independent mortgage banking firm focused exclusively on commercial real estate. 

HFO founding partner Greg Frick welcomes Brad Kraus, a landlord-tenant lawyer, to discuss the state of Washington's landlord-tenant laws. Brad discusses eviction actions, security deposit obligations, and the impact of the CARES Act issue on Washington eviction notification.

This week, Mike Pierce, the Senior Research Analyst at HFO, provides an overview of the apartment market in Portland and Vancouver, including the widening gap between urban and suburban rental markets during the pandemic.  HFO's podcasts are sponsored J.R. Johnson, specialists in multifamily restoration and repair, and by Gantry Inc., the country's largest independent mortgage banking firm focused exclusively on commercial real estate. 

HFO Director of Client Services Aaron Kirk Douglas welcomes Carl Whitaker, director of research and analysis at RealPage, Inc., to discuss the market Washington state multifamily market. Aaron and Carl delve into the impact of tech sector employment and AI hires on Seattle's rental market, the strong performance of suburban submarkets, increasing occupancy--despite slowed rent growth-- and the strength of the Spokane market.

In this episode, HFO Senior Research Analyst Mike Pierce discusses the challenges faced by downtown office building owners and landlords due to higher vacancies. The episode explores the idea of converting these vacant spaces into residential or mixed-use properties, and the value in keeping downtown office spaces as-is and encouraging professional services and businesses to lease them while repurposing older suburban office buildings for housing. We also explore the different investment behaviors of institutional and private investors in the real estate market, as well as the impact of pandemic-related migration on Multnomah County's income and tax revenue.

In the latest HFO-TV episode, Aaron Kirk Douglas interviews market analyst Carl Whitaker from RealPage Inc. Whitaker shares insights into Portland's real estate market, noting a less pronounced seasonal rent swing and lower retention rates than other West Coast cities. Looking forward to 2023 and 2024, he predicts a slowing rent growth and potential challenges in the tech-driven economy, particularly in chip manufacturing. The episode also touches on the performance of smaller markets, such as Salem, Eugene, and Corvallis, highlighting their steady growth influenced by state-funded schools.

In this episode, Greg Frick, partner at HFO Investment Real Estate, welcomes Quinn Posner, founder and lawyer at Northwest Landlord Solutions, to discuss legislative changes in landlord-tenant law in Clark County and Washington. They cover the impact of COVID-19 on the industry, changes in eviction processes, rental assistance programs, the lack of state preemption leading to different rules in different areas, and the need for landlords to stay updated on the constant changes in landlord-tenant laws to avoid legal troubles.

In this episode: Washington State rent growth trends, the question of whether Seattle's new energy codes are leading to a drop in permit applications, and renters rights groups rattling city councils in Seattle and Tacoma.

This Week: •    Housing production slows in West Coast cities; What's happening in PDX? •    Bend vacancy rate may be on the rise •    Update on the Q2 Multifamily Market HFO's podcasts are sponsored J.R. Johnson, specialists in multifamily restoration and repair, and by Gantry Inc., the country's largest independent mortgage banking firm focused exclusively on commercial real estate. 

In this podcast episode, we cover significant developments affecting the multifamily housing sector in Washington State: (1) The Federal Housing Administration's raising the threshold for large multifamily loans, potentially expanding property eligibility for standard underwriting. (2) Despite concerns about a hard landing, demand for apartments remained strong, and the state is making a historic investment in affordable housing projects. (3) Although still alive, Seattle's proposed rent control bill faces challenges. PLUS! We also cover the affluent renter demographic in Seattle and slowing apartment production. Stay tuned next month for expert insights on state eviction processes and security deposits.

This Week:  Oregon Senate Bill 611: New restrictions on rent increases Multifamily forecast for the rest of 2023 Portland apartment construction surges, but the rebound may be brief HFO's podcasts are sponsored J.R. Johnson, specialists in multifamily restoration and repair, and by Gantry Inc., the country's largest independent mortgage banking firm focused exclusively on commercial real estate. 

This week: Eviction moratoria continue expiring, relieving distraught landlords; national rental rates remain flat, and The Urbanist asks: How many new homes could be created with denser housing limits near transit? The answer may surprise you.

This week: The Runaway Cost of Portland's Affordable Housing, Multi-Family insurance costs rising, and Should you allow Airbnb rentals at your property?

Among this week's stories: Seattle City Council member Alex Pederson proposes adding $5-8k per unit in housing impact fees, estimating the fees will raise $200-$760 million in the next 10 years for infrastructure.   

Reports on CMBS loan delinquencies, rising national insurance rates, and the latest land sale demonstrating that developers are bullish on Bellevue.