A new survey of apartment houses in Portland has turned up a dramatic number – only 1 percent of the city's apartments are vacant.
It also is a somewhat controversial number.
Portland's vacancy report will be completed in early July, but Mark Adelson, Portland's director of housing and neighborhood services, reported the figure last week. A 1 percent rate means only 177 apartments of 17,700 are empty – a virtual No Vacancy sign.
"This is an extremely strong economic cycle," Adelson said.
While the shortage is obvious, a 1 percent vacancy rate is hard to accept for some – including Peter Wovkonish, a longtime Portland landlord.
Wovkonish tracks the numbers of classified ads and he casually surveys landlords at monthly meetings of the Greater Portland Housing Association. "At a typical meeting of 50 to 70 people, at least one third will have vacancies," he said.
Wovkonish believes the actual rate is closer to the 3.6 percent released as part of the 2000 U.S. census. That would translate into 638 vacant apartments in the city.
Either figure is below a healthy vacancy rate. For Wovkonish, a desirable rate is 5 percent. For Adelson, it's 7 percent.
An extremely low rate can strain tenants, lead to profiteering and increase homelessness. A high rate can strain property owners and lead to a decline in the overall quality of the city's housing.
Two differences may explain the discrepancy between the census and Portland's survey.
First, Portland conducted its survey this past April, a year later than the Census Bureau. Conditions have tightened in the meantime, Adelson said.
Second, Portland's survey was narrower, while the Census Bureau counted everything. Portland excluded all specialty housing, such as congregate care apartments for the elderly. It also excluded duplexes, or two-family homes.
The purpose of the survey was to focus on the core rental market, multifamily housing with three or more units, Adelson said.
Housing for elderly residents may well have more vacancies, however.
Portland's figure also is based on a sample. The city surveyed the owners of 64 properties, representing 1,772 units or about 10 percent of the total citywide.
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