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Vancouver
PREPARED BY
Abby Mindt
Brokerage Coordinator
Multi-Family Submarket Report
Portland - OR
MULTI-FAMILY SUBMARKET REPORT
Submarket Key Statistics 1
Vacancy 2
Rent 5
Construction 7
Sales 11
Sales Past 12 Months 13
Supply & Demand Trends 15
Vacancy & Rent 17
Sale Trends 19
Deliveries & Under Construction 21
Vancouver Multi-Family
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OverviewVancouver Multi-Family
1,436 1,592 4.7% 6.5%12 Mo. Delivered Units 12 Mo. Absorption Units Vacancy Rate 12 Mo. Asking Rent Growth
Vancouver consistently exhibits robust fundamentals andhas attracted increased attention from developers andinvestors in recent years. In light of increasingregulations in Portland and in Oregon, Vancouver'sprofile could rise further among multifamily stakeholders.
More apartments are under construction in Vancouverthan anywhere else in the metro. The supply wave hasbeen ongoing over the past decade, with submarketinventory increasing by almost 30% during that time. Butdespite the construction surge, demand is high andvacancies are low. New development activity will surgeeven higher when Gramor Development adds thousands
of units on the waterfront over the next few years.
Vancouver's rent growth has outperformed the overallPortland metro for the past six years, and year-over-year submarket gains are significantly stronger thanPortland's performance amid the coronavirus pandemic.Investors are pouring into the area as a result, with morethan $400 million in deals recorded in both 2019 and2020. Trading slowed in the early months of thepandemic but the largest sale in submarket historycapped a recorded setting fourth quarter when more than$275 million in deals closed.
KEY INDICATORS
Asking RentVacancy RateUnitsCurrent Quarter Effective RentAbsorption
UnitsDelivered Units
Under ConstrUnits
$1,6235.7%10,9144 & 5 Star $1,608 307 295 981
$1,3854.9%13,9003 Star $1,378 92 0 316
$1,0752.5%6,3041 & 2 Star $1,071 10 0 0
$1,4284.7%31,118Submarket $1,418 409 295 1,297
ForecastAverage
HistoricalAverage
12 MonthAnnual Trends Peak When Trough When
4.6%5.6%-0.7%Vacancy Change (YOY) 8.1% 2003 Q1 4.1% 2006 Q4
7664831,592Absorption Units 1,435 2020 Q4 (338) 2002 Q1
7375091,436Delivered Units 1,515 2019 Q3 0 2012 Q1
400Demolished Units 36 2000 Q4 0 2021 Q1
3.9%2.7%6.5%Asking Rent Growth (YOY) 9.7% 2015 Q3 -3.2% 2003 Q3
3.9%2.7%6.5%Effective Rent Growth (YOY) 9.8% 2015 Q3 -3.2% 2003 Q3
N/A$136.2M$0Sales Volume $455M 2019 Q3 $23.7M 2010 Q3
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VacancyVancouver Multi-Family
Vancouver's affordability relative to the city of Portlandoffers a measure of protection against escalatingvacancies due to lingering effects of the coronaviruspandemic. Submarket vacancies tend to be volatile dueto the heavy delivery pipeline–more than 1,000 unitsopened here in 2020 after over 1,300 units delivered in2019–but generally speaking, strong demand has heldvacancies below metro levels. As of second quarter2021, there are an additional 1,300 units currently underconstruction. Vancouver's large population and thecontinued strength of local demand, with about half of allhouseholds renting, have served to reign in supply-induced vacancy increases.
Continued development is anticipated. As part of a $1.5billion project, Gramor Development plans to deliver3,300 apartment and condo units along the waterfrontover the next several years. Population growth aside, thislevel of construction activity is unprecedented for thesubmarket and will test fundamentals.
Across the river, investors and developers contend withan increasingly burdensome regulatory environment thatstakeholders in Vancouver don't have to navigate. Theygrapple with capped rent growth, inclusionary zoning,compliance with the Urban Growth Boundary, and
sizable relocation payments for displaced tenants, amongother regulations. For example, in January 2019, theexecutive director of Prosper Portland cited inclusionaryzoning as contributing to the failure of the proposed 33-acre South Waterfront development. Meanwhile,construction at Vancouver's Waterfront developmentcontinues apace with few regulatory obstacles.
For City of Vancouver residents, the median annualhousehold income is about $59,000, and about 28% ofresidents have a four-year college degree. Localincomes may put a ceiling on future rent increases.Vancouver employers include Banfield Pet Hospital,headquartered locally, and PeaceHealth, with around4,400 workers metro wide. Other notable Vancouveremployers include DiscoverOrg and Washington StateUniversity-Vancouver, with about 3,600 enrolledstudents. Frito Lay also has a large presence inVancouver, with 650,000 SF of industrial space.
Vancouver residents benefit from Washington's lack of astate income tax and have proved willing to travel toOregon for tax-free shopping. However, regularcommuters to Portland face daunting traffic or a 50-minute Amtrak ride. The mean travel time to work for allVancouver residents is 25 minutes.
ABSORPTION, NET DELIVERIES & VACANCY
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VacancyVancouver Multi-Family
OVERALL & STABILIZED VACANCY
VACANCY RATE
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VacancyVancouver Multi-Family
VACANCY BY BEDROOM
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RentVancouver Multi-Family
Year-over-year rent growth in Vancouver is outpacingthe Portland metro's overall performance. Year-over-year growth stands at 6.4% compared to gains of 5.1%in the wider Portland metro. Even before the pandemicVancouver consistently saw some of the strongest rentgains across Portland.
In February 2019, Oregon passed a statewide lawcapping annual rent growth at 7% plus inflation forapartments at least 15 years old. With regard to olderapartments, Vancouver's peak for annual rent growth inthe past decade—about 12%, in 2015—was higher thanthe comparable peak of all Oregon metros with at least4,000 units. Oregon's rent cap legislation may serve to
divert investor and developer attention to Vancouver.
The submarket's most expensive apartments are typicallyfound in Downtown Vancouver, though newly deliveringunits in the Waterfront development are also on thepricey side. At the 63-unit Rediviva at the Waterfront,average rents are around $2,800/month, over 100%above the submarket average.
Vancouver rents are a bargain in comparison to much ofwhat leases south of the Columbia River. However, thegap between the Portland metro's average rent and theVancouver rate has narrowed, as the submarketdependably exhibits strong rent growth.
DAILY ASKING RENT PER SF
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RentVancouver Multi-Family
MARKET RENT PER UNIT & RENT GROWTH
MARKET RENT PER UNIT BY BEDROOM
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ConstructionVancouver Multi-Family
Inclusionary zoning requirements in the City of Portlandmay serve to heighten Vancouver's attraction todevelopers. There are around 1,300 units underconstruction, more than any other Portland submarket,with significant additional development on the horizon.
Submarket inventory has increased by about one-thirdover the past decade. Developers of even the largest,most recently constructed buildings tend to be locallyheadquartered. As Portland's Urban Growth Boundarylimits urban sprawl, Vancouver isn't nearly as denselypopulated as its neighbor across the Columbia River.
Nearly 80% of all units here are in garden-stylecommunities. Two-bedroom units dominate theVancouver area, making up around 55% of inventory.This extra space may be contributing to Vancouver'sappeal during the pandemic, with both tight vacanciesand strong rent growth evident.
Move-ins at the 276-unit Kielo at Grass Valley began inJuly 2020, a few months after the onset of the pandemic.
Rent averages $1.87/SF, well above the Vancouveraverage, but the community was leasing up steadily toeclipse 75% occupancy in 21Q2. Located in Camas, theproperty is owned and managed by NALS ApartmentHomes.
Vancouver-based Dean Kirkland Development begandelivering the 163-unit 192nd West Lofts in March 2020,with construction finalized in the fall. The project wasabout 30% leased in 21Q2 and was not offering anyconcessions.
Gramor Development plans to build thousands of unitson a 24.5-acre tract along the Columbia River. TheWaterfront project could add over 10% to thesubmarket's existing inventory, a record for Vancouver.The development would also add condo units, 10 parkacres, 1.2 million SF of office space, and 500,000 SF ofretail and hospitality space. Two projects have deliveredso far: the 63-unit Rediviva at the Waterfront, deliveredin December 2018, and the 216-unit RiverWest,delivered in July 2019.
DELIVERIES & DEMOLITIONS
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ConstructionVancouver Multi-Family
516 2,661 1,073 129All-Time Annual Avg. Units Delivered Units Past 8 Qtrs Delivered Units Next 8 Qtrs Proposed Units Next 8 Qtrs
PAST 8 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED
PAST & FUTURE DELIVERIES IN UNITS
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ConstructionVancouver Multi-Family
RECENT DELIVERIES
Property Name/Address Rating Units Stories Start Complete Developer/Owner
Apr 2016636 W 6th St
The Aria127 6 Apr 2021
Cascadia Development Partners
Cascadia Development Partners1
Aug 202013914 NE Salmon Creek…
Haven Hills168 3 Apr 2021
-
Clark County2
Aug 20197714 NE 39th Ct
Acero Jensen Park288 3 Mar 2021
-
Investment Development Manage…3
Jul 20198004 NE 51st St
81st Avenue Apartments20 3 Feb 2021
Andrey Kaminskiy
Andrey Kaminskiy4
Jan 20201111 W Fourth Plain Blvd
6 3 Feb 2021-
Nevada Home Investments Llc5
Nov 20198778 NE 54th St
Autumn Grove Apartments148 3 Dec 2020
-
MAJ Commercial Real Estate6
Feb 20191414 Markle Ave
Tinnakorn Lofts21 3 Nov 2020
Saengporn Properties LLC
Columbia Bank7
Oct 20191618 NE 112th Ave
Block 1618 Apartments61 1 Nov 2020
Prather & Pietz Properties
Prather & Pietz Properties8
Mar 2019608 Washington St
Coen & Columbia200 7 Oct 2020
-
EJF Capital LLC9
Jul 201911202 NE 20th St
Latitude 4590 3 Jul 2020
-
Watt Companies, Inc.10
Apr 20195988 NW 38th Ave
Kielo at Grass Valley276 3 Jul 2020
-
NALS Apartment Homes11
Jun 2019608 NE Birch St
Clara15 - Jul 2020
-
WDC Properties12
Mar 20192000 NE 112th Ave
Bryan Place53 3 May 2020
BearCreek PMG
BearCreek PMG13
Feb 20172220 SE 192nd Ave
192nd West Lofts163 4 Mar 2020
Dean Kirkland Development
Galena Equity Partners14
Jul 2017412 E 13th St
Dollie Tower24 4 Dec 2019
Prestige Development
Prestige Development15
Jun 201813609 NE 28th St
Avey Court Apartments19 3 Oct 2019
-
Lord, Kenneth Edward16
Aug 201816516 SE Mill Plain Blvd
Hearth179 3 Aug 2019
Fore Property Company
MG Properties Group17
Apr 2017700 Waterfront Way
RiverWest206 7 Jul 2019
Gramor Development
HSP Properties18
Feb 2017100 SE Olympia Dr
The Landing at Vancouver250 4 Jul 2019
-
Raymond D Thomas19
Aug 20187508 NE 45th St
Haven Park48 3 Jul 2019
MAJ Development Corporation
John L. Daly20
UNDER CONSTRUCTION
Property Name/Address Rating Units Stories Start Complete Developer/Owner
Jan 20191330 NE 136th Ave
Acero Haagen Park260 - Jul 2021
-
Jeff Gordon1
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ConstructionVancouver Multi-Family
UNDER CONSTRUCTION
Property Name/Address Rating Units Stories Start Complete Developer/Owner
Oct 20191111 W Columbia Way
The Columbia at the Wat…248 - Jul 2021
-
Alliance Residential Company2
Sep 202015306 NE Fourth Plain Blvd
Kestrel Park Apartments178 3 Mar 2022
Hurley Development
Rebecca Rude3
Jan 202019801 SE Ascension Loop
The Ledges at Columbia…141 5 Jan 2022
Kirkland Development LLC
KRISTIN KIRKLAND4
Jun 2020Sixth St
Block 10110 - Mar 2022
Holland Partner Group
Holland Partner Group5
Apr 20201807 NE 112th Ave
Four Seasons Apartment…92 - Jul 2021
Ginn Realty Group
Ginn Realty Group6
Mar 2019330 Mill Plain Blvd
Angelo Tower44 6 Jul 2021
Al Angelo Company
Al Angelo Company7
PROPOSED
Property Name/Address Rating Units Stories Start Complete Developer/Owner
Jun 2021409 E 17th St
Residences at Arnada83 - Jun 2022
Palindrome Communities LLC
PacifiCap Properties Group1
Jun 202111018 NE 118th St
Brooke Overlook Apartm…46 3 Sep 2022
BearCreek PMG
Harold & Annie T Buell2
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SalesVancouver Multi-Family
Similar to the larger metro, Vancouver multifamilyinvestment slowed in the early months of the outbreak,but a flurry of large deals closed in 20Q4. Multifamilyinvestments are increasingly drawn to Vancouver in thewake of Oregon's new rent control law and increasingregulations in the City of Portland. Throughout the past10 years, most Vancouver trades have involved privateinvestors and were valued under $10 million, butinstitutional transactions are becoming more common.Since the start of 2010, the market price per unit hasmore than tripled, while cap rates have compressed byclose to 300 basis points.
Five trades of more than $20 million closed in the fourthquarter of 2020, marking one of the most intense periodsof apartment trading in Vancouver history.
In November, Greystar paid $71.8 million (about$214,000/unit), to acquire the 3-Star, 336-unit AvanaEvergreen. This was the largest apartment trade inVancouver history. The asset, which has a mix of oneand two-bedroom units at average asking rates of about$1.55/SF, was acquired by Blackstone in 2016 as part ofa larger portfolio sale.
In October, a joint venture between EJF Capital andHolland Partner Group acquired two adjacent buildings
for $62.5 million ($313,000/unit). The 118 unit Coen wasnearing completion at the time of sale, while the 82-unitColumbia delivered in 2002. One block north, thebuyersare developing Block 10, a mixed use-project with 110apartments along with office and retail space.
In September 2020, the 179-unit Hearth sold for $51million ($285,000/unit). The property delivered in August2019. Fore, the seller, is based in Las Vegas, whilebuyer MG Properties Group is based in San Diego.
Also in September 2020, the 90-unit Latitude 45 sold for$20.5 million ($228,000/unit). The community finalizeddelivery just months earlier and quickly leased up. Whileseller Ginn Group is based in Vancouver, buyers WattCompanies and Bunkley Investment Management areboth in California.
In June 2019, the 387-unit The Pointe sold for $68.8million ($178,000/unit) at a 5.3% cap rate, in one of thelargest deals of the past decade; it previously sold in10Q4 at $31.3 million, in 13Q4 at $39.5 million, and in15Q4 at $55 million. Over the four trades, the asset'svalue has increased by 120%, with each successivebuyer explicitly viewing the asset as a value-addopportunity.
SALES VOLUME & MARKET SALE PRICE PER UNIT
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SalesVancouver Multi-Family
MARKET CAP RATE
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Sales Past 12 MonthsVancouver Multi-Family
32 $224 $14.3 17.0%Sale Comparables Avg. Price/Unit (thous.) Average Price (mil.) Average Vacancy at Sale
SALE COMPARABLE LOCATIONS
SALE COMPARABLES SUMMARY STATISTICS
Sales Attributes Low Average Median High
Sale Price $498,388 $14,262,131 $3,545,000 $71,750,000
Price/Unit $29,316 $224,164 $192,187 $312,500
Cap Rate 4.6% 5.3% 5.3% 6.6%
Vacancy Rate At Sale 0% 17.0% 2.6% 81.6%
Time Since Sale in Months 1.0 6.3 5.7 12.0
Property Attributes Low Average Median High
Property Size in Units 5 66 19 336
Number of Floors 1 2 2 7
Average Unit SF 560 981 908 2,157
Year Built 1931 1994 1995 2021
Star Rating 2.8
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Sales Past 12 MonthsVancouver Multi-Family
RECENT SIGNIFICANT SALES
Sale InformationProperty Information
RatingProperty Name/Address Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF
12901 NE 28th St- 1999
Avana Evergreen1 336 3.6% 11/9/2020 $71,750,000 $213,541 $256
608 Washington St- 2020
Coen & Columbia2 200 38.0% 10/30/2020 $62,500,000 $312,500 $335
16516 SE Mill Plain Blvd- 2019
Hearth3 179 3.9% 8/28/2020 $51,000,000 $284,916 $290
2220 SE 192nd Ave- 2020
192nd West Lofts4 163 81.6% 12/18/2020 $44,500,000 $273,006 $277
604 SE 121st Ave- 1987
Treeline 6045 166 4.2% 12/22/2020 $37,750,000 $227,409 $252
12800 SE 7th St- 1991
Passage Apartments6 104 1.9% 12/2/2020 $23,200,000 $223,076 $214
11202 NE 20th St- 2020
Latitude 457 90 0% 9/17/2020 $20,500,000 $227,777 $228
10117 NE 9th Ave- 1982
Westwynd Apartment Homes8 120 3.3% 6/30/2020 $18,335,000 $152,791 $196
8011 NE Fourth Plain Blvd- 1987
Van Plaza Apartments9 98 1.0% 12/29/2020 $16,200,000 $165,306 $179
9009 NE 54th St- 1995
Van Mall North Apartments10 52 9.6% 12/11/2020 $11,460,000 $220,384 $116
4602 NE 72nd Ave- 1995
Andresen Park Apartments11 82 7.3% 7/31/2020 $11,300,000 $137,804 $162
- 20193525 Nicholson Rd
12 25 8.0% 6/5/2020 $7,500,000 $300,000 $208
11412 NE 49th St- 1986
Oak Creek Apartments13 32 5.0% 10/28/2020 $5,874,300 $183,571 $214
13609 NE 28th St- 2019
Avey Court Apartments14 19 0% 2/17/2021 $4,100,000 $215,789 $305
2719 E Evergreen Blvd- 2019
Evergreen15 12 25.0% 8/17/2020 $3,545,000 $295,416 $295
1301 SE Ellsworth Rd- 1995
Ellsworth Gardens16 16 0% 3/11/2021 $3,075,000 $192,187 $108
5114 NE 34th St- 1988
Apple Knoll Apartments17 23 4.4% 9/9/2020 $2,950,000 $128,260 $131
503 E Reserve St- 1968
Historical East Reserve18 20 0% 5/4/2021 $2,650,000 $132,500 $200
904 W 21st St- 1931
Columbia Court Apartments19 18 16.7% 1/28/2021 $2,250,000 $125,000 $115
3330 NE 57th Ave- 1978
The Pines Apartments20 12 0% 12/14/2020 $1,850,000 $154,166 $161
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AppendixVancouver Multi-Family
OVERALL SUPPLY & DEMAND
AbsorptionInventory
Units % of Inv Construction RatioUnits Growth % GrowthYear
2025 717 2.2%34,033 681 2.0% 1.1
2024 616 1.9%33,316 681 2.0% 0.9
2023 504 1.6%32,700 781 2.4% 0.6
2022 550 1.7%32,196 672 2.1% 0.8
2021 1,137 3.7%31,646 869 2.7% 1.3
YTD 609 2.0%31,118 651 2.1% 0.9
2020 1,027 3.5%30,509 1,435 4.7% 0.7
2019 1,332 4.7%29,482 865 2.9% 1.5
2018 668 2.4%28,150 840 3.0% 0.8
2017 1,232 4.7%27,482 993 3.6% 1.2
2016 345 1.3%26,250 237 0.9% 1.5
2015 277 1.1%25,905 219 0.8% 1.3
2014 743 3.0%25,628 921 3.6% 0.8
2013 844 3.5%24,885 827 3.3% 1.0
2012 242 1.0%24,041 260 1.1% 0.9
2011 0 0%23,799 (91) -0.4% 0
2010 69 0.3%23,799 371 1.6% 0.2
2009 301 1.3%23,730 334 1.4% 0.9
4 & 5 STAR SUPPLY & DEMAND
AbsorptionInventory
Units % of Inv Construction RatioUnits Growth % GrowthYear
2025 721 5.6%13,486 664 4.9% 1.1
2024 620 5.1%12,765 604 4.7% 1.0
2023 416 3.5%12,145 605 5.0% 0.7
2022 555 5.0%11,729 520 4.4% 1.1
2021 575 5.4%11,174 593 5.3% 1.0
YTD 315 3.0%10,914 453 4.2% 0.7
2020 1,027 10.7%10,599 1,094 10.3% 0.9
2019 1,280 15.4%9,572 895 9.4% 1.4
2018 393 5.0%8,292 496 6.0% 0.8
2017 1,232 18.5%7,899 1,081 13.7% 1.1
2016 265 4.1%6,667 150 2.2% 1.8
2015 214 3.5%6,402 247 3.9% 0.9
2014 624 11.2%6,188 760 12.3% 0.8
2013 832 17.6%5,564 756 13.6% 1.1
2012 202 4.5%4,732 142 3.0% 1.4
2011 0 0%4,530 (67) -1.5% 0
2010 0 0%4,530 95 2.1% 0
2009 301 7.1%4,530 341 7.5% 0.9
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AppendixVancouver Multi-Family
3 STAR SUPPLY & DEMAND
AbsorptionInventory
Units % of Inv Construction RatioUnits Growth % GrowthYear
2025 0 0%14,254 15 0.1% 0
2024 0 0%14,254 65 0.5% 0
2023 92 0.6%14,254 189 1.3% 0.5
2022 0 0%14,162 172 1.2% 0
2021 556 4.1%14,162 252 1.8% 2.2
YTD 294 2.2%13,900 161 1.2% 1.8
2020 0 0%13,606 263 1.9% 0
2019 46 0.3%13,606 0 0% -
2018 270 2.0%13,560 327 2.4% 0.8
2017 0 0%13,290 (97) -0.7% 0
2016 80 0.6%13,290 56 0.4% 1.4
2015 63 0.5%13,210 12 0.1% 5.3
2014 119 0.9%13,147 155 1.2% 0.8
2013 12 0.1%13,028 44 0.3% 0.3
2012 0 0%13,016 77 0.6% 0
2011 0 0%13,016 (22) -0.2% 0
2010 69 0.5%13,016 220 1.7% 0.3
2009 0 0%12,947 4 0% 0
1 & 2 STAR SUPPLY & DEMAND
AbsorptionInventory
Units % of Inv Construction RatioUnits Growth % GrowthYear
2025 (4) -0.1%6,293 2 0% -
2024 (4) -0.1%6,297 12 0.2% -
2023 (4) -0.1%6,301 (13) -0.2% 0.3
2022 (5) -0.1%6,305 (20) -0.3% 0.3
2021 6 0.1%6,310 24 0.4% 0.3
YTD 0 0%6,304 37 0.6% 0
2020 0 0%6,304 78 1.2% 0
2019 6 0.1%6,304 (30) -0.5% -
2018 5 0.1%6,298 17 0.3% 0.3
2017 0 0%6,293 9 0.1% 0
2016 0 0%6,293 31 0.5% 0
2015 0 0%6,293 (40) -0.6% 0
2014 0 0%6,293 6 0.1% 0
2013 0 0%6,293 27 0.4% 0
2012 40 0.6%6,293 41 0.7% 1.0
2011 0 0%6,253 (2) 0% 0
2010 0 0%6,253 56 0.9% 0
2009 0 0%6,253 (11) -0.2% 0
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AppendixVancouver Multi-Family
OVERALL VACANCY & RENT
Market RentVacancy
Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Units Per SFPpts Chg
Effective Rents
(0.7)2025 3.9% 01,318 $1,654 $1.80 2.8% $1,643 $1.79
(0.5)2024 3.8% (0.3)1,282 $1,610 $1.75 3.5% $1,599 $1.74
0.52023 4.1% (0.9)1,348 $1,556 $1.69 4.0% $1,545 $1.68
(1.8)2022 5.0% (0.5)1,625 $1,496 $1.63 3.5% $1,486 $1.62
1.92021 5.5% 0.61,746 $1,445 $1.57 5.3% $1,436 $1.56
0.6YTD 4.7% (0.2)1,467 $1,428 $1.55 4.1% $1,418 $1.54
0.42020 4.9% (1.5)1,507 $1,372 $1.49 3.5% $1,363 $1.47
(0.3)2019 6.5% 1.41,912 $1,326 $1.44 3.1% $1,313 $1.42
0.62018 5.1% (0.7)1,444 $1,287 $1.39 3.4% $1,267 $1.37
(2.0)2017 5.8% 0.71,601 $1,245 $1.35 2.8% $1,225 $1.33
(4.2)2016 5.2% 0.41,357 $1,211 $1.31 4.8% $1,194 $1.29
3.82015 4.8% 0.21,235 $1,155 $1.25 9.0% $1,140 $1.23
1.52014 4.6% (0.8)1,177 $1,059 $1.15 5.2% $1,049 $1.13
1.32013 5.4% (0.1)1,350 $1,006 $1.09 3.8% $999 $1.08
0.32012 5.5% (0.1)1,332 $970 $1.05 2.5% $962 $1.04
0.32011 5.7% 0.41,349 $946 $1.02 2.2% $941 $1.02
4.52010 5.3% (1.3)1,258 $926 $1 1.9% $920 $0.99
-2009 6.6% (0.2)1,561 $908 $0.98 -2.6% $901 $0.97
4 & 5 STAR VACANCY & RENT
Market RentVacancy
Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Units Per SFPpts Chg
Effective Rents
(0.7)2025 5.0% 0.2669 $1,865 $1.94 2.6% $1,848 $1.93
(0.6)2024 4.8% (0.1)612 $1,818 $1.89 3.3% $1,802 $1.88
0.52023 4.9% (1.8)595 $1,760 $1.83 3.9% $1,744 $1.82
(2.2)2022 6.7% 0783 $1,695 $1.77 3.4% $1,679 $1.75
1.82021 6.7% (0.5)747 $1,640 $1.71 5.6% $1,625 $1.69
0.8YTD 5.7% (1.5)626 $1,623 $1.68 4.5% $1,608 $1.67
1.12020 7.2% (1.4)764 $1,553 $1.61 3.7% $1,537 $1.59
(0.1)2019 8.6% 3.3828 $1,497 $1.55 2.6% $1,485 $1.54
1.22018 5.3% (1.4)441 $1,459 $1.51 2.7% $1,439 $1.49
(1.5)2017 6.7% 1.1529 $1,421 $1.47 1.5% $1,393 $1.44
(3.9)2016 5.6% 1.8372 $1,400 $1.45 3.1% $1,374 $1.42
3.52015 3.8% (0.7)244 $1,359 $1.41 7.0% $1,340 $1.39
0.22014 4.5% (2.9)278 $1,270 $1.32 3.5% $1,256 $1.30
1.22013 7.4% 0.4412 $1,227 $1.27 3.2% $1,215 $1.26
02012 7.1% 1.0334 $1,189 $1.23 2.1% $1,178 $1.22
0.32011 6.0% 1.5274 $1,165 $1.21 2.1% $1,158 $1.20
4.42010 4.6% (2.1)207 $1,141 $1.18 1.8% $1,134 $1.17
-2009 6.7% (1.4)302 $1,121 $1.16 -2.6% $1,109 $1.15
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AppendixVancouver Multi-Family
3 STAR VACANCY & RENT
Market RentVacancy
Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Units Per SFPpts Chg
Effective Rents
(0.7)2025 3.3% (0.1)477 $1,612 $1.76 2.9% $1,604 $1.75
(0.5)2024 3.5% (0.5)492 $1,567 $1.71 3.6% $1,558 $1.71
0.52023 3.9% (0.7)558 $1,512 $1.65 4.1% $1,504 $1.65
(2.1)2022 4.6% (1.2)654 $1,453 $1.59 3.6% $1,445 $1.58
2.12021 5.8% 1.8826 $1,403 $1.53 5.6% $1,395 $1.53
0.8YTD 4.9% 0.9681 $1,385 $1.51 4.3% $1,378 $1.50
(0.2)2020 4.0% (1.9)547 $1,328 $1.45 3.5% $1,322 $1.44
(0.3)2019 6.0% 0.3810 $1,283 $1.40 3.7% $1,269 $1.38
0.42018 5.6% (0.5)764 $1,237 $1.35 4.0% $1,215 $1.32
(2.4)2017 6.2% 0.7821 $1,189 $1.29 3.6% $1,173 $1.28
(5.2)2016 5.5% 0.2724 $1,148 $1.25 6.0% $1,137 $1.24
4.02015 5.3% 0.4699 $1,084 $1.18 11.2% $1,071 $1.16
2.92014 4.9% (0.3)649 $975 $1.06 7.2% $966 $1.05
1.52013 5.2% (0.2)682 $909 $0.99 4.3% $903 $0.98
0.32012 5.5% (0.6)714 $871 $0.95 2.9% $864 $0.94
0.52011 6.1% 0.2792 $847 $0.92 2.6% $842 $0.91
5.02010 5.9% (1.2)770 $826 $0.90 2.1% $821 $0.89
-2009 7.1% 0921 $809 $0.88 -2.9% $803 $0.87
1 & 2 STAR VACANCY & RENT
Market RentVacancy
Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Units Per SFPpts Chg
Effective Rents
(0.7)2025 2.7% (0.1)172 $1,262 $1.50 2.9% $1,257 $1.50
(0.6)2024 2.8% (0.3)178 $1,226 $1.46 3.7% $1,222 $1.46
0.52023 3.1% 0.1195 $1,183 $1.41 4.2% $1,179 $1.41
0.32022 3.0% 0.2187 $1,135 $1.35 3.8% $1,131 $1.35
1.02021 2.7% (0.4)172 $1,094 $1.30 3.4% $1,090 $1.30
(0.8)YTD 2.5% (0.6)160 $1,075 $1.28 1.6% $1,071 $1.28
0.22020 3.1% (1.2)197 $1,058 $1.26 2.4% $1,054 $1.26
(1.3)2019 4.4% 0.6275 $1,033 $1.23 2.3% $1,023 $1.22
(1.3)2018 3.8% (0.2)240 $1,010 $1.20 3.6% $1,000 $1.19
(2.6)2017 4.0% (0.1)251 $975 $1.16 4.8% $967 $1.15
(1.9)2016 4.1% (0.5)260 $930 $1.11 7.5% $923 $1.10
4.32015 4.6% 0.7291 $866 $1.03 9.3% $856 $1.02
1.22014 4.0% (0.1)250 $792 $0.94 5.0% $787 $0.94
0.92013 4.1% (0.4)256 $754 $0.90 3.8% $750 $0.89
1.22012 4.5% 0284 $726 $0.86 2.9% $722 $0.86
(0.1)2011 4.5% 0284 $706 $0.84 1.8% $702 $0.83
3.12010 4.5% (0.9)281 $693 $0.82 1.9% $689 $0.82
-2009 5.4% 0.2338 $681 $0.81 -1.2% $676 $0.80
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AppendixVancouver Multi-Family
OVERALL SALES
Completed Transactions (1)
Turnover Avg Price/UnitDeals VolumeYear
Market Pricing Trends (2)
Avg Price Price IndexAvg Cap Rate Price/Unit Cap Rate
2025 -- - -- 372- $263,913 4.8%
2024 -- - -- 363- $257,158 4.8%
2023 -- - -- 350- $248,102 4.8%
2022 -- - -- 336- $238,445 4.8%
2021 -- - -- 325- $230,448 4.7%
YTD $17M9 0.3% $164,768$2,121,388 3135.3% $221,953 4.8%
2020 $417.6M27 6.1% $222,834$16,703,660 3015.5% $213,688 4.8%
2019 $433.9M30 7.5% $197,142$16,070,747 2765.3% $195,664 5.1%
2018 $181.6M15 3.4% $191,582$12,972,814 2585.6% $182,871 5.2%
2017 $172M18 3.8% $165,507$10,747,619 2355.9% $166,739 5.4%
2016 $337.7M30 9.2% $140,597$11,257,114 2226.2% $157,320 5.5%
2015 $173.3M25 5.0% $132,511$6,932,971 1956.4% $138,110 5.7%
2014 $124.6M19 4.3% $112,342$7,328,649 1726.9% $122,294 6.0%
2013 $216.6M15 8.5% $101,889$14,441,096 1537.2% $108,712 6.4%
2012 $50.5M7 2.6% $81,872$8,419,167 1486.8% $104,951 6.4%
2011 $65.4M6 3.5% $79,351$10,897,500 1416.8% $99,854 6.5%
2010 $37.4M6 2.2% $70,790$6,241,333 1268.4% $89,614 6.8%
(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.
(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.
4 & 5 STAR SALES
Completed Transactions (1)
Turnover Avg Price/UnitDeals VolumeYear
Market Pricing Trends (2)
Avg Price Price IndexAvg Cap Rate Price/Unit Cap Rate
2025 -- - -- 366- $321,116 4.6%
2024 -- - -- 357- $313,508 4.5%
2023 -- - -- 345- $302,932 4.5%
2022 -- - -- 332- $291,565 4.5%
2021 -- - -- 321- $282,187 4.5%
YTD $4.1M1 0.2% $215,789$4,100,000 3105.1% $271,943 4.6%
2020 $178.5M6 6.0% $282,437$44,625,000 298- $261,916 4.6%
2019 $158.4M9 6.4% $260,589$22,634,000 2735.2% $239,810 4.8%
2018 $14.5M1 1.0% $170,835$14,521,000 257- $225,783 4.9%
2017 $36.3M4 2.1% $221,037$9,062,500 2355.5% $206,153 5.1%
2016 $108.2M5 10.2% $159,157$21,645,385 2226.0% $195,405 5.2%
2015 $57.7M3 6.1% $147,143$19,226,667 1965.5% $172,381 5.5%
2014 $15.7M1 1.8% $139,841$15,662,147 1746.1% $152,868 5.7%
2013 $112.9M4 18.4% $110,211$28,213,962 1556.3% $135,828 6.1%
2012 -- - -- 149- $131,280 6.1%
2011 $21M1 5.4% $86,066$21,000,000 1426.3% $124,735 6.2%
2010 -- - -- 127- $111,551 6.4%
(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.
(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.
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AppendixVancouver Multi-Family
3 STAR SALES
Completed Transactions (1)
Turnover Avg Price/UnitDeals VolumeYear
Market Pricing Trends (2)
Avg Price Price IndexAvg Cap Rate Price/Unit Cap Rate
2025 -- - -- 384- $246,933 4.8%
2024 -- - -- 374- $240,256 4.7%
2023 -- - -- 360- $231,521 4.7%
2022 -- - -- 346- $222,296 4.7%
2021 -- - -- 334- $214,676 4.7%
YTD $4.8M2 0.2% $219,318$2,412,500 3225.3% $206,751 4.8%
2020 $209.9M11 7.7% $199,871$19,078,573 3105.1% $199,146 4.8%
2019 $224.9M9 9.0% $183,146$28,112,895 2825.3% $181,344 5.0%
2018 $153.4M9 5.7% $199,456$17,042,367 2645.4% $169,571 5.1%
2017 $120.8M9 5.6% $162,523$17,250,628 2405.4% $154,335 5.3%
2016 $206.4M15 11.2% $138,825$13,762,205 2276.2% $146,093 5.4%
2015 $91.6M3 4.4% $155,998$30,523,690 1965.5% $125,781 5.7%
2014 $92M5 5.2% $134,710$23,001,723 1726.2% $110,800 6.0%
2013 $99.4M6 7.9% $97,090$16,570,098 1536.4% $98,331 6.4%
2012 $50.5M7 4.7% $81,872$8,419,167 1476.8% $94,707 6.4%
2011 $30.2M2 2.3% $99,260$15,087,500 1416.0% $90,420 6.5%
2010 $31.3M1 3.0% $80,541$31,250,000 126- $81,193 6.8%
(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.
(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.
1 & 2 STAR SALES
Completed Transactions (1)
Turnover Avg Price/UnitDeals VolumeYear
Market Pricing Trends (2)
Avg Price Price IndexAvg Cap Rate Price/Unit Cap Rate
2025 -- - -- 360- $194,270 5.3%
2024 -- - -- 350- $188,946 5.3%
2023 -- - -- 337- $182,037 5.3%
2022 -- - -- 324- $174,630 5.2%
2021 -- - -- 312- $168,392 5.2%
YTD $8M6 1.0% $129,776$1,609,220 3005.3% $161,910 5.3%
2020 $29.2M10 3.0% $152,225$2,922,720 2885.8% $155,476 5.3%
2019 $50.6M12 5.8% $138,545$4,214,083 2685.4% $144,656 5.5%
2018 $13.7M5 1.5% $145,927$3,429,275 2446.3% $131,894 5.7%
2017 $15M5 2.1% $113,314$2,991,500 2236.7% $120,341 5.9%
2016 $23.1M10 3.7% $98,100$2,305,343 2056.2% $110,776 6.1%
2015 $24.1M19 5.2% $73,171$1,267,010 1886.8% $101,247 6.3%
2014 $16.9M13 5.0% $53,879$1,409,833 1687.2% $90,527 6.6%
2013 $4.3M5 1.2% $55,641$868,000 1508.8% $80,955 7.0%
2012 -- - -- 145- $78,370 7.0%
2011 $14.2M3 4.4% $51,486$4,736,667 1387.2% $74,184 7.1%
2010 $6.2M5 2.3% $43,957$1,239,600 1258.4% $67,213 7.3%
(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.
(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.
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AppendixVancouver Multi-Family
DELIVERIES & UNDER CONSTRUCTION
Net DeliveriesInventory
Bldgs Units BldgsBldgs Units VacancyYear
Under Construction
Units
Deliveries
Bldgs Units
2025 34,035 3.9%- - 721 - -- 716
2024 33,319 3.8%- - 620 - -- 617
2023 32,702 4.1%- - 509 - -- 504
2022 32,198 5.0%- - 555 - -- 551
2021 31,647 5.5%- - 1,139 - -- 1,138
YTD 31,118 4.7%550 5 609 9 1,2975 609
2020 30,509 4.9%545 9 1,027 14 1,9069 1,027
2019 29,482 6.5%536 13 1,332 16 2,13813 1,332
2018 28,150 5.1%523 13 668 16 1,74613 668
2017 27,482 5.8%510 9 1,232 22 1,9849 1,232
2016 26,250 5.2%501 5 345 11 1,4375 345
2015 25,905 4.8%496 8 277 6 6618 277
2014 25,628 4.6%488 9 743 11 7169 743
2013 24,885 5.4%479 5 844 13 8325 844
2012 24,041 5.5%474 2 242 7 1,1502 242
2011 23,799 5.7%472 0 0 2 2420 0
2010 23,799 5.3%472 2 69 2 2422 69
2009 23,730 6.6%470 2 301 2 692 301
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