By Aaron Kirk Douglas
Vancouver’s median gross rent of $1,702 is higher than Portland’s $1,655, according to Mover Math’s analysis of 2020-2024 Census data reported by The Columbian.
Current CoStar figures (available to subscribers) show the gap has held: the Vancouver submarket asks $1,725 per month against $1,589 across Portland’s city submarkets. Vancouver got there while adding roughly 8,600 apartments since 2020, a 28% increase in inventory.
Camas, Washington posts the county’s strongest numbers. Its median gross rent of $2,090 edges Seattle’s $2,030 in the Census data, and CoStar shows Camas apartment communities built since 2017 averaging $1,918. Newer properties such as Casey Apartments and Kielo at Grass Valley lease above $2,200. Camas households earn about $141,000, which supports those rents. Vancouver’s median household income of $81,338 sits below Portland’s $91,000 and Seattle’s $123,860. Additionally, 48% of the city’s renters spend more than 30% of income on housing.
Why it matters
Vancouver absorbed one of the heaviest supply waves in the region without giving back rent.
This is a sign that demand on the Washington side of the river is deep and durable. For owners, that is pricing power that has already survived a stress test.
One caveat on the Seattle comparison: Census gross rent covers all rentals, including single-family homes, and in apartment-only data Camas still trails Seattle’s $2,111 average. The income gap is the piece to watch.
Developers should underwrite to local incomes rather than Portland or Seattle comparisons. This is especially true in Camas, where more than 1,100 units are under construction or in final planning and will test the depth at the top of the market.
About the author:
HFO Research (Aaron Kirk Douglas) from HFO Investment Real Estate’s Multifamily Marketwatch YouTube podcast, hosted by partner Greg Frick. Aaron Kirk Douglas is director of market intelligence for HFO Investment Real Estate In Portland. Have questions about what these trends mean for your property? Call HFO at (503) 241-5541.
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