The market is working, according to City Observatory's take on data finding declining rents in the city of Portland.
Joe Cortright writes:
According to Apartment List.com, rents for one bedroom apartments in Portland have declined 3 percent in the past year. It’s a solid vindication of the standard predictions of economic theory: adding more supply (building more apartments) helps drive down prices.
Cortright argues that a rush for building permits filed before the city approved a new inclusionary zoning ordinance a few years produced a glut of new construction and then new units.
Landlords are notoriously loathe to cut advertised rents, but in addition to tolerating longer vacancy periods, there’s evidence that there’s considerable discounting going on in the local marketplace, with landlords offering one- or two-months free rent, waiving fees and deposits and even offering pre-loaded debit cards.
While construction continues at a rapid pace, rents could continue to drop. Cortright's concerns about the inclusionary zoning ordinance still apply, but the ordinance's effect will be felt in the market in a few years, after the current glut of pre-ordinance units are built and rented. Permits for new apartments, have "slowed to a trickle," since the ordinance took effect, according to Cortright.
FULL STORY: Portland rents are going down
Rents Dip in Some Expensive Cities
A building boom in cities like Seattle has slowed rising rents, but experts don't see this as a lasting trend.
Rising Rents, Stagnant Economy
Since the 1970s, many American cities have played host to rising rents and stagnant incomes. Richard Florida writes about how the "great rent squeeze" might be choking the country's economic prospects.
Portland Renter Protection Rules Backfire in Raised Rents
Rents continue to rise in Portland, and new rules have precipitated even more raised rents for populations that can least afford the new costs.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Congressman Proposes Bill to Rename DC Metro “Trump Train”
The Make Autorail Great Again Act would withhold federal funding to the system until the Washington Metropolitan Area Transit Authority (WMATA), rebrands as the Washington Metropolitan Authority for Greater Access (WMAGA).
The Simple Legislative Tool Transforming Vacant Downtowns
In California, Michigan and Georgia, an easy win is bringing dollars — and delight — back to city centers.
Albuquerque’s Microtransit: A Planner’s Answer to Food Access Gaps
New microtransit vans in Albuquerque aim to close food access gaps by linking low-income areas to grocery stores, cutting travel times by 30 percent and offering planners a scalable model for equity-focused transit.
This City Will Pay You to Meet Your Neighbors
A North Kansas City grant program offers up to $400 for residents to throw neighborhood block parties.
Commentary: Our Silence Will Not Protect Us
Keeping our heads down and our language inoffensive is not the right response to the times we’re in. Solidarity and courage is.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Smith Gee Studio
City of Charlotte
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
US High Speed Rail Association
City of Camden Redevelopment Agency
Municipality of Princeton (NJ)