In the face of a severe housing shortage, Portland’s rental market shows alarmingly low growth, prompting concerns from residents and experts alike.
According to filings with Portland’s mandatory rental registry, the city recorded 139,397 apartments and homes for rent in 2021.
The following year saw a minuscule increase of just six units, and by 2023, the total had risen to 139,666 units—only 269 more rental properties than two years prior.
This sluggish growth is particularly perplexing given the significant construction activity occurring in the city.
Economist Mike Wilkerson noted that approximately 3,000 new apartments and multifamily units were added to the market each year during this stretch, based on building permits issued prior to 2020.
Despite the new construction, city housing officials have offered little explanation for the stagnation in the rental registry.
Portland Housing Director Helmi Hisserich declined requests for an interview to discuss potential reasons for the minimal increase, while Housing Bureau spokesman Gabriel Mathews defended the registry’s accuracy but did not address the underlying issues, instead emphasizing a focus on affordable units over market-rate housing.
Critics argue that this narrow focus is misguided.
Addressing the housing crisis requires a holistic approach that includes the increase of market-rate units, as more housing options can stimulate competition among landlords and potentially drive down rental prices, as seen in cities like Austin and Minneapolis.
Perhaps even more concerning is the apparent indifference from city officials regarding inquiries about the rental registry’s lackluster numbers.
If Portland leaders are genuinely committed to resolving the long-standing housing “emergency,” which has persisted for nearly a decade, they must actively investigate the data and its implications.
Questions regarding the reliability of the rental registry arise, especially given that the reported numbers for 2021, 2022, and 2023 have changed considerably since the city released its State of Housing report just two months earlier.
Despite claiming a 97% compliance rate, which counts landlords who pay rental registration fees, it is unclear if the city captures a comprehensive view of the total rental inventory.
City spokeswoman Carrie Belding noted that the compliance figure is based on previous filings, highlighting that units may be unreported by landlords who fail to self-report.
If the registry is, in fact, accurate, then the question becomes: Why has the total rental inventory not significantly increased alongside the influx of new units in recent years?
Could lagging tax filings be a contributing factor?
Are new units being converted into vacation rentals?
Might landlords be selling previously available homes or condos?
Furthermore, Portland officials should examine whether local policies, including limits on tenant screening and the controversial relocation payment requirement for landlords, play a role in the rental market downturn.
Landlord organizations have voiced concerns that the complexities of compliance with new regulations are driving smaller landlords out of the market, as they lack the time or resources to navigate the extensive legal requirements.
It’s crucial for Portland to not only implement new policies but also thoughtfully assess their impacts.
Despite the comprehensive renters’ protections passed by the Portland City Council in 2019, there has been a notable lack of analysis regarding these measures, despite the expectation for annual reports from the Housing Bureau.
Currently, the Housing Bureau is only beginning to explore a Request for Proposals to analyze the policies’ effects.
In contrast, Eugene’s City Council, which recently adopted its own renters’ protections, has already initiated a study to understand how new requirements might be influencing the local rental market.
This study is expected to be presented to the Eugene City Council by early 2026, showcasing a proactive approach to the issue.
Seattle, which has also implemented a rental registry, requested an audit following a decline in rental units in 2022.
This audit revealed several factors impacting the decrease, including increased city requirements for landlords.
As for Portland’s market, theories abound regarding the stagnation.
Wilkerson suggests that many single-family homes that were previously rentals may have been sold, effectively removing them from the rental registry.
Data from previous years indicates that approximately 1,300 single-family homes transitioned from the rental market to being sold annually from 2017 to 2020.
Reduced compliance with the rental registry could also be a reason behind the minimal growth in rental properties.
However, without more thorough analysis and investigation from city officials, the underlying issues behind this stagnant rental market may remain a mystery.
For Portland leaders to effectively address housing concerns, they must demonstrate a genuine interest in uncovering the truth and implementing tangible solutions.
image source from：oregonlive
