Apartmentlist.com just released their COVID survey, this quarterly renter migration report discusses the “Covid effect” on apartment tenancy.
Here are the highlights for Portland:
37.0% of those looking for a place to live in Portland are searching from outside the metro, compared to 36.4% at this time last year.
19.6% of apartment hunters currently living in Portland are looking to move elsewhere, compared to 21.9% last year.
Renters looking to move to the Portland metro from elsewhere are most likely to be searching from New York, NY, while Seattle, WA is is the most most popular destination among renters looking to move away from Portland.
My takeaway: COVID certainly is having an effect on renter migration, the rest of the county appears to be mimicking the market trend in the pacific northwest over the past few years: the secondary markets are heating up where rents are cheaper. This is similar to Oregon, where apartment investors have searched for deals in the secondary markets outside of Portland.