vancouver · 2021. 7. 20. · vancouver area, making up around 55% of inventory. this extra space...

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

7/20/2021Copyrighted report licensed to SVN Bluestone & Hockley - 1114227

OverviewVancouver Multi-Family

1,707 1,878 3.8% 7.9%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 should rise further among multifamilystakeholders.

More apartments are under construction in Vancouverthan almost anywhere else in the metro. The supplywave has been ongoing over the past decade, withsubmarket inventory increasing by about 30% during thattime. But despite the construction surge, demand is highand vacancies remain low. New development activity willsurge even higher when Gramor Development adds

thousands of units on the waterfront over the next fewyears.

Vancouver's rent growth has outperformed the overallPortland metro for the past six years, and year-over-year submarket gains were significantly stronger thanPortland's performance during the coronaviruspandemic's peak months. Investors are pouring into thearea as a result, with more than $400 million in dealsrecorded in both 2019 and 2020. Trading slowed in theearly months of the pandemic but the largest sale insubmarket history capped a recorded setting fourthquarter when more than $275 million in deals closed.

KEY INDICATORS

Asking RentVacancy RateUnitsCurrent Quarter Effective RentAbsorption

UnitsDelivered Units

Under ConstrUnits

$1,6634.6%11,1934 & 5 Star $1,652 55 0 891

$1,4093.8%13,8623 Star $1,401 30 0 141

$1,0912.4%6,3041 & 2 Star $1,086 3 0 0

$1,4593.8%31,359Submarket $1,451 88 0 1,032

ForecastAverage

HistoricalAverage

12 MonthAnnual Trends Peak When Trough When

3.5%4.9%-0.8%Vacancy Change (YOY) 7.4% 2003 Q1 3.3% 2006 Q4

7715001,878Absorption Units 1,917 2021 Q2 (335) 2002 Q1

7345281,707Delivered Units 1,793 2021 Q2 0 2012 Q1

400Demolished Units 36 2000 Q4 0 2021 Q2

5.2%2.8%7.9%Asking Rent Growth (YOY) 9.7% 2015 Q3 -3.2% 2003 Q3

5.2%2.8%8.0%Effective Rent Growth (YOY) 9.8% 2015 Q3 -3.2% 2003 Q3

N/A$139.1M$429MSales Volume $455M 2019 Q3 $23.7M 2010 Q3


Page 2

VacancyVancouver Multi-Family

Submarket vacancies in Vancouver tend to be volatiledue to the heavy delivery pipeline. This is a more recentphenomenon, with more than 1,000 units opened here in2020 and over 1,300 units delivered in 2019. Generallyspeaking, strong absorption has held vacancies belowmetro levels. As of third quarter 2021, there are anadditional 1,000 units currently under construction.Vancouver's large population and the continued strengthof local demand, with about half of all householdsrenting, have served to reign in supply-induced vacancyincreases.

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 provide a test of 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, andsizable relocation payments for displaced tenants, among

other 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 $66,000, and about 35% 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


Page 3


OVERALL & STABILIZED VACANCY

VACANCY RATE


Page 4


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 7.9% compared to gains of 7.1%in the wider Portland metro. Even before the pandemic,Vancouver 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 10%, in 2015—was higher thanthe comparable peak of most Oregon metros with atleast 4,000 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 $2,300/month, orapproximately 60% 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 over time, as thesubmarket dependably 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


Page 7

ConstructionVancouver Multi-Family

Inclusionary zoning requirements in the City of Portlandmay serve to heighten Vancouver's attraction todevelopers. There are around 1,000 units underconstruction, more than almost any other Portlandsubmarket.

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 $2.03/SF, well above the Vancouveraverage, but the community was fully occupied as of21Q3. Located in Camas, the property is owned andmanaged by NALS Apartment Homes.

Vancouver-based Dean Kirkland Development begandelivering the 169-unit 192nd West Lofts in March 2020,with construction finalized in the fall. The project wasover 75% leased in 21Q3 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


Page 8


528 2,753 1,032 157All-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


Page 9


RECENT DELIVERIES

Property Name/Address Rating Units Stories Start Complete Developer/Owner

Jan 20202221 SE 192nd Ave

Westridge Lofts100 4 Jun 2021

-

Romano Capital1

Apr 2016636 W 6th St

The Aria127 6 Apr 2021

Cascadia Development Partners

Cascadia Development Partners2

Aug 202013914 NE Salmon Creek…

Haven Hills166 3 Apr 2021

-

Clark County3

Aug 20197714 NE 39th Ct

Acero Jensen Park288 3 Mar 2021

-

Investment Development Manage…4

Jul 20198004 NE 51st St

81st Avenue Apartments20 3 Feb 2021

Andrey Kaminskiy

Andrey Kaminskiy5

Jan 20191330 NE 136th Ave

Acero Haagen Park260 - Feb 2021

-

Jeff Gordon6

Jan 20201111 W Fourth Plain Blvd

6 3 Feb 2021-

Nevada Home Investments Llc7

Nov 20198778 NE 54th St

Autumn Grove Apartments148 3 Dec 2020

-

The Calida Group8

Feb 20191414 Markle Ave

Tinnakorn Lofts21 3 Nov 2020

Saengporn Properties LLC

Columbia Bank9

Oct 20191618 NE 112th Ave

Block 1618 Apartments61 1 Nov 2020

Prather & Pietz Properties

Prather & Pietz Properties10

Mar 2019608 Washington St

Coen & Columbia200 7 Oct 2020

-

EJF Capital LLC11

Jul 201911202 NE 20th St

Latitude 4590 3 Jul 2020

-

Watt Companies, Inc.12

Apr 20195988 NW 38th Ave

Kielo at Grass Valley276 3 Jul 2020

-

NALS Apartment Homes13

Jun 2019608 NE Birch St

Clara30 - Jul 2020

-

WDC Properties14

Mar 20192000 NE 112th Ave

Bryan Place53 3 May 2020

BearCreek PMG

BearCreek PMG15

Feb 20172220 SE 192nd Ave

192nd West Lofts169 4 Mar 2020

Dean Kirkland Development

Galena Equity Partners16

Jul 2017412 E 13th St

Dollie Tower24 4 Dec 2019

Prestige Development

Prestige Development17

Jun 201813609 NE 28th St

Avey Court Apartments19 3 Oct 2019

-

Lord, Kenneth Edward18

Aug 201816516 SE Mill Plain Blvd

Hearth179 3 Aug 2019

Fore Property Company

MG Properties Group19

Apr 2017700 Waterfront Way

RiverWest206 7 Jul 2019

Gramor Development

HSP Properties20

UNDER CONSTRUCTION


Oct 20191111 W Columbia Way

The Columbia at the Wat…248 7 Aug 2021

-

Alliance Residential Company1


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UNDER CONSTRUCTION


Sep 202015306 NE Fourth Plain Blvd

Kestrel Park Apartments178 3 Mar 2022

Hurley Development

Rebecca Rude2

Jan 202019801 SE Ascension Loop

The Ledges at Columbia…141 5 Jan 2022

Kirkland Development LLC

KRISTIN KIRKLAND3

Dec 201613414 NE 23rd Ave

134th Street Lofts124 4 Aug 2021

-

iCap Enterprises, Inc.4

Jun 2020808 Washington St

Block 10110 - Mar 2022

Holland Partner Group

Holland Partner Group5

Apr 20201807 NE 112th Ave

5 Point Apartments92 - Sep 2021

Ginn Realty Group

Ginn Realty Group6

Dec 20186008 NE 64th St

Minnehaha Meadows49 - Jan 2022

Ginn Development

Boulevard Homes Inc7

Mar 202111018 NE 118th St

Brooke Overlook Apartm…46 3 Sep 2022

BearCreek PMG

Harold & Annie T Buell8

Mar 2019330 Mill Plain Blvd

Angelo Tower44 6 Aug 2021

Al Angelo Company

Al Angelo Company9

PROPOSED


Dec 2021409 E 17th St

Residences at Arnada83 - Jun 2022

Palindrome Communities LLC

PacifiCap Properties Group1

Dec 20211600 Washington St

Bennett Apartments74 3 Dec 2022

Hurley Development

Hurley Development2


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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 hastripled, while cap rates have compressed by close to 300basis points.

Thus far in 2021, sales volume has been lackluster,relative to prior years. In the second quarter, however,one outsized sale to a regional player stands out.Nevada-based The Calida Group paid $39.5 million($267,000/unit), to acquire the 4-Star, 148-unit AutumnGrove Apartments. The complex has a mix of one andtwo-bedroom units at average asking rates of about$1.70/SF. The seller was MAJ Commercial, a local full-service brokerage and investment firm.

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 buildingsfor $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.


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SalesVancouver Multi-Family

SALES VOLUME & MARKET SALE PRICE PER UNIT

MARKET CAP RATE


Page 13

Sales Past 12 MonthsVancouver Multi-Family

40 $231 $14.8 17.2%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 $14,790,234 $3,075,000 $71,750,000

Price/Unit $29,316 $231,344 $213,541 $312,500

Cap Rate 4.0% 5.2% 5.1% 6.6%

Vacancy Rate At Sale 0% 17.2% 0% 81.1%

Time Since Sale in Months 0.4 6.2 6.9 11.6

Property Attributes Low Average Median High

Property Size in Units 5 58 16 336

Number of Floors 1 2 2 7

Average Unit SF 370 996 922 2,465

Year Built 1900 1989 1991 2021

Star Rating 2.8


Page 14

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 81.1% 12/18/2020 $44,500,000 $273,006 $277

8778 NE 54th St- 2020

Autumn Grove Apartments5 148 22.3% 6/11/2021 $39,500,000 $266,891 $295

604 SE 121st Ave- 1987

Treeline 6046 166 4.2% 12/22/2020 $37,750,000 $227,409 $252

12800 SE 7th St- 1991

Passage Apartments7 104 1.9% 12/2/2020 $23,200,000 $223,076 $214

11202 NE 20th St- 2020

Latitude 458 90 0% 9/17/2020 $20,500,000 $227,777 $228

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

11412 NE 49th St- 1986

Oak Creek Apartments12 32 5.0% 10/28/2020 $5,874,300 $183,571 $214

13609 NE 28th St- 2019

Avey Court Apartments13 19 0% 2/5/2021 $4,100,000 $215,789 $305

2719 E Evergreen Blvd- 2019

Evergreen14 12 25.0% 8/17/2020 $3,545,000 $295,416 $295

1301 SE Ellsworth Rd- 1995

Ellsworth Gardens15 16 0% 3/11/2021 $3,075,000 $192,187 $108

5114 NE 34th St- 1988

Apple Knoll Apartments16 23 4.4% 9/9/2020 $2,950,000 $128,260 $131

503 E Reserve St- 1968

Historical East Reserve17 20 0% 5/4/2021 $2,650,000 $132,500 $200

904 W 21st St- 1931

Columbia Court Apartments18 18 16.7% 1/28/2021 $2,250,000 $125,000 $115

3330 NE 57th Ave- 1978

The Pines Apartments19 12 0% 12/14/2020 $1,850,000 $154,166 $161

- 20211111 W Fourth Plain Blvd

20 6 33.3% 5/1/2021 $1,750,000 $291,666 $324


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AppendixVancouver Multi-Family

OVERALL SUPPLY & DEMAND

AbsorptionInventory

Units % of Inv Construction RatioUnits Growth % GrowthYear

2025 767 2.3%34,222 717 2.1% 1.1

2024 658 2.0%33,455 721 2.2% 0.9

2023 716 2.2%32,797 741 2.3% 1.0

2022 306 1.0%32,081 482 1.5% 0.6

2021 1,383 4.6%31,775 1,370 4.3% 1.0

YTD 967 3.2%31,359 1,126 3.6% 0.9

2020 1,048 3.6%30,392 1,443 4.7% 0.7

2019 1,332 4.8%29,344 855 2.9% 1.6

2018 668 2.4%28,012 848 3.0% 0.8

2017 1,232 4.7%27,344 992 3.6% 1.2

2016 345 1.3%26,112 219 0.8% 1.6

2015 277 1.1%25,767 239 0.9% 1.2

2014 743 3.0%25,490 921 3.6% 0.8

2013 844 3.5%24,747 815 3.3% 1.0

2012 242 1.0%23,903 269 1.1% 0.9

2011 0 0%23,661 (89) -0.4% 0

2010 69 0.3%23,661 370 1.6% 0.2

2009 301 1.3%23,592 332 1.4% 0.9

4 & 5 STAR SUPPLY & DEMAND

AbsorptionInventory


2025 771 5.9%13,925 715 5.1% 1.1

2024 662 5.3%13,154 654 5.0% 1.0

2023 580 4.9%12,492 636 5.1% 0.9

2022 309 2.7%11,912 378 3.2% 0.8

2021 983 9.3%11,603 1,011 8.7% 1.0

YTD 573 5.4%11,193 828 7.4% 0.7

2020 1,048 10.9%10,620 1,107 10.4% 0.9

2019 1,280 15.4%9,572 894 9.3% 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%6,667 135 2.0% 2.0

2015 214 3.5%6,402 263 4.1% 0.8

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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3 STAR SUPPLY & DEMAND

AbsorptionInventory


2025 0 0%14,003 7 0% 0

2024 0 0%14,003 59 0.4% 0

2023 141 1.0%14,003 112 0.8% 1.3

2022 0 0%13,862 123 0.9% 0

2021 394 2.9%13,862 324 2.3% 1.2

YTD 394 2.9%13,862 254 1.8% 1.6

2020 0 0%13,468 262 1.9% 0

2019 46 0.3%13,468 (8) -0.1% -

2018 270 2.1%13,422 337 2.5% 0.8

2017 0 0%13,152 (97) -0.7% 0

2016 80 0.6%13,152 53 0.4% 1.5

2015 63 0.5%13,072 16 0.1% 3.9

2014 119 0.9%13,009 155 1.2% 0.8

2013 12 0.1%12,890 38 0.3% 0.3

2012 0 0%12,878 82 0.6% 0

2011 0 0%12,878 (20) -0.2% 0

2010 69 0.5%12,878 219 1.7% 0.3

2009 0 0%12,809 2 0% 0

1 & 2 STAR SUPPLY & DEMAND

AbsorptionInventory


2025 (4) -0.1%6,294 (5) -0.1% 0.8

2024 (4) -0.1%6,298 8 0.1% -

2023 (5) -0.1%6,302 (7) -0.1% 0.7

2022 (3) 0%6,307 (19) -0.3% 0.2

2021 6 0.1%6,310 35 0.6% 0.2

YTD 0 0%6,304 44 0.7% 0

2020 0 0%6,304 74 1.2% 0

2019 6 0.1%6,304 (31) -0.5% -

2018 5 0.1%6,298 15 0.2% 0.3

2017 0 0%6,293 8 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 21 0.3% 0

2012 40 0.6%6,293 45 0.7% 0.9

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


Page 17


OVERALL VACANCY & RENT

Market RentVacancy

Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Units Per SFPpts Chg

Effective Rents

(1.0)2025 3.3% 0.11,117 $1,785 $1.94 3.0% $1,775 $1.92

(1.2)2024 3.2% (0.3)1,067 $1,733 $1.88 4.0% $1,723 $1.87

(1.1)2023 3.4% (0.2)1,131 $1,666 $1.81 5.3% $1,656 $1.80

(2.0)2022 3.6% (0.6)1,156 $1,582 $1.72 6.4% $1,573 $1.71

5.02021 4.2% (0.3)1,331 $1,487 $1.61 8.4% $1,479 $1.60

2.9YTD 3.8% (0.6)1,193 $1,459 $1.58 6.3% $1,451 $1.57

0.52020 4.4% (1.5)1,350 $1,372 $1.48 3.4% $1,363 $1.47

(0.7)2019 5.9% 1.41,743 $1,327 $1.44 2.9% $1,314 $1.42

0.92018 4.5% (0.7)1,266 $1,290 $1.39 3.6% $1,270 $1.37

(2.1)2017 5.2% 0.71,431 $1,245 $1.35 2.7% $1,225 $1.32

(4.2)2016 4.5% 0.51,186 $1,212 $1.31 4.9% $1,195 $1.29

3.92015 4.1% 0.11,046 $1,156 $1.25 9.0% $1,142 $1.23

1.42014 4.0% (0.8)1,008 $1,060 $1.15 5.1% $1,050 $1.14

1.22013 4.8% 01,181 $1,009 $1.09 3.7% $1,001 $1.08

0.32012 4.8% (0.2)1,149 $973 $1.05 2.5% $965 $1.04

0.32011 5.0% 0.41,176 $949 $1.03 2.2% $943 $1.02

4.52010 4.6% (1.3)1,087 $928 $1 1.9% $923 $1

-2009 5.9% (0.2)1,390 $911 $0.98 -2.6% $903 $0.98

4 & 5 STAR VACANCY & RENT

Market RentVacancy


Effective Rents

(1.1)2025 4.7% 0.2657 $2,019 $2.10 2.8% $2,006 $2.08

(1.3)2024 4.6% (0.2)600 $1,965 $2.04 3.8% $1,952 $2.03

(1.2)2023 4.7% (0.7)593 $1,892 $1.97 5.1% $1,880 $1.95

(2.9)2022 5.4% (0.7)649 $1,800 $1.87 6.3% $1,788 $1.86

5.92021 6.2% (1.1)718 $1,694 $1.76 9.2% $1,683 $1.75

3.9YTD 4.6% (2.6)519 $1,663 $1.73 7.2% $1,652 $1.72

0.62020 7.3% (1.4)772 $1,552 $1.61 3.2% $1,536 $1.60

(0.2)2019 8.7% 3.3828 $1,503 $1.56 2.6% $1,491 $1.55

1.22018 5.3% (1.4)441 $1,465 $1.52 2.8% $1,445 $1.50

(1.5)2017 6.7% 1.1529 $1,426 $1.48 1.5% $1,398 $1.45

(3.8)2016 5.6% 2.0372 $1,404 $1.46 3.0% $1,377 $1.43

3.32015 3.6% (0.9)229 $1,363 $1.42 6.8% $1,344 $1.40

0.32014 4.5% (2.9)278 $1,276 $1.33 3.5% $1,261 $1.31

1.12013 7.4% 0.4412 $1,233 $1.28 3.2% $1,221 $1.27

02012 7.1% 1.0334 $1,195 $1.24 2.1% $1,184 $1.23

0.32011 6.0% 1.5273 $1,171 $1.22 2.1% $1,164 $1.21

4.52010 4.6% (2.1)207 $1,147 $1.19 1.8% $1,140 $1.18

-2009 6.7% (1.4)302 $1,127 $1.17 -2.7% $1,115 $1.16


Page 18


3 STAR VACANCY & RENT

Market RentVacancy


Effective Rents

(1.0)2025 2.1% (0.1)290 $1,728 $1.89 3.2% $1,718 $1.87

(1.2)2024 2.1% (0.4)297 $1,674 $1.83 4.2% $1,665 $1.82

(1.1)2023 2.5% 0.2356 $1,606 $1.75 5.4% $1,597 $1.74

(1.6)2022 2.4% (0.9)327 $1,524 $1.66 6.5% $1,516 $1.65

4.32021 3.3% 0.4451 $1,432 $1.56 8.1% $1,424 $1.55

2.5YTD 3.8% 0.9521 $1,409 $1.53 6.4% $1,401 $1.52

0.52020 2.8% (1.9)381 $1,324 $1.44 3.8% $1,318 $1.43

(1.1)2019 4.8% 0.4643 $1,275 $1.38 3.3% $1,261 $1.37

1.12018 4.4% (0.6)589 $1,234 $1.34 4.5% $1,212 $1.31

(2.7)2017 5.0% 0.7654 $1,182 $1.28 3.4% $1,165 $1.26

(5.3)2016 4.2% 0.2558 $1,143 $1.24 6.1% $1,131 $1.23

4.42015 4.1% 0.3530 $1,077 $1.17 11.5% $1,064 $1.15

2.72014 3.7% (0.3)482 $966 $1.05 7.1% $958 $1.04

1.42013 4.0% (0.2)516 $903 $0.98 4.3% $897 $0.97

0.32012 4.2% (0.6)541 $865 $0.94 2.9% $858 $0.93

0.52011 4.8% 0.2624 $841 $0.91 2.6% $836 $0.90

5.02010 4.7% (1.2)604 $820 $0.89 2.1% $815 $0.88

-2009 5.9% 0755 $803 $0.87 -2.9% $797 $0.86

1 & 2 STAR VACANCY & RENT

Market RentVacancy


Effective Rents

(1.0)2025 2.7% 0170 $1,361 $1.62 3.2% $1,356 $1.62

(1.2)2024 2.7% (0.2)169 $1,319 $1.57 4.2% $1,314 $1.57

(1.1)2023 2.9% 0182 $1,266 $1.51 5.4% $1,261 $1.50

(0.2)2022 2.8% 0.3179 $1,201 $1.43 6.5% $1,197 $1.43

4.22021 2.6% (0.6)162 $1,128 $1.35 6.7% $1,124 $1.34

0.7YTD 2.4% (0.7)153 $1,091 $1.30 3.2% $1,086 $1.29

0.22020 3.1% (1.2)197 $1,057 $1.26 2.5% $1,053 $1.25

(1.2)2019 4.3% 0.6272 $1,031 $1.23 2.3% $1,022 $1.22

(1.3)2018 3.8% (0.2)237 $1,008 $1.20 3.5% $998 $1.19

(2.7)2017 3.9% (0.1)247 $974 $1.16 4.8% $965 $1.15

(1.9)2016 4.1% (0.5)256 $929 $1.11 7.5% $922 $1.10

4.32015 4.6% 0.6287 $865 $1.03 9.4% $855 $1.02

1.32014 3.9% (0.1)247 $791 $0.94 5.1% $786 $0.94

0.92013 4.0% (0.4)252 $752 $0.90 3.8% $748 $0.89

1.22012 4.4% (0.1)274 $725 $0.86 2.9% $721 $0.86

(0.1)2011 4.5% 0279 $704 $0.84 1.8% $700 $0.83

3.12010 4.4% (0.9)277 $692 $0.82 1.9% $688 $0.82

-2009 5.3% 0.2333 $679 $0.81 -1.2% $675 $0.80


Page 19


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 -- - -- 396- $279,293 4.8%

2024 -- - -- 386- $272,305 4.7%

2023 -- - -- 373- $262,724 4.7%

2022 -- - -- 356- $251,187 4.7%

2021 -- - -- 340- $239,363 4.7%

YTD $58.1M18 0.8% $226,152$5,812,110 3265.1% $230,058 4.7%

2020 $417.6M29 6.2% $222,834$16,703,660 3045.5% $214,228 4.8%

2019 $433.9M30 7.5% $197,142$16,070,747 2785.3% $196,020 5.0%

2018 $181.6M15 3.4% $191,582$12,972,814 2605.6% $182,935 5.2%

2017 $172M18 3.8% $165,507$10,747,619 2365.9% $166,554 5.4%

2016 $337.7M30 9.2% $140,597$11,257,114 2236.2% $157,030 5.5%

2015 $173.3M25 5.1% $132,511$6,932,971 1966.4% $137,933 5.7%

2014 $124.6M19 4.4% $112,342$7,328,649 1736.9% $122,086 6.0%

2013 $216.6M15 8.6% $101,889$14,441,096 1547.2% $108,395 6.4%

2012 $50.5M7 2.6% $81,872$8,419,167 1486.8% $104,574 6.4%

2011 $65.4M6 3.5% $79,351$10,897,500 1416.8% $99,473 6.5%

2010 $37.4M6 2.2% $70,790$6,241,333 1278.4% $89,181 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





2025 -- - -- 393- $341,331 4.5%

2024 -- - -- 384- $333,461 4.5%

2023 -- - -- 371- $322,284 4.5%

2022 -- - -- 355- $308,385 4.5%

2021 -- - -- 338- $293,748 4.4%

YTD $43.6M4 1.5% $261,078$21,800,000 3244.8% $281,646 4.5%

2020 $178.5M6 6.0% $282,437$44,625,000 302- $262,127 4.5%

2019 $158.4M9 6.4% $260,589$22,634,000 2765.2% $239,885 4.8%

2018 $14.5M1 1.0% $170,835$14,521,000 260- $225,318 4.9%

2017 $36.3M4 2.1% $221,037$9,062,500 2375.5% $205,405 5.1%

2016 $108.2M5 10.2% $159,157$21,645,385 2246.0% $194,362 5.2%

2015 $57.7M3 6.1% $147,143$19,226,667 1985.5% $171,773 5.5%

2014 $15.7M1 1.8% $139,841$15,662,147 1756.1% $152,292 5.7%

2013 $112.9M4 18.4% $110,211$28,213,962 1556.3% $134,946 6.1%

2012 -- - -- 150- $130,247 6.1%

2011 $21M1 5.4% $86,066$21,000,000 1426.3% $123,692 6.2%

2010 -- - -- 127- $110,426 6.5%




Page 20


3 STAR SALES





2025 -- - -- 410- $261,908 4.8%

2024 -- - -- 399- $254,960 4.7%

2023 -- - -- 384- $245,614 4.7%

2022 -- - -- 367- $234,399 4.7%

2021 -- - -- 349- $222,771 4.7%

YTD $6.5M4 0.2% $231,250$2,158,333 3354.8% $213,813 4.7%

2020 $209.9M11 7.8% $199,871$19,078,573 3115.1% $199,003 4.8%

2019 $224.9M9 9.1% $183,146$28,112,895 2835.3% $181,135 5.0%

2018 $153.4M9 5.7% $199,456$17,042,367 2655.4% $169,322 5.1%

2017 $120.8M9 5.6% $162,523$17,250,628 2415.4% $153,936 5.3%

2016 $206.4M15 11.3% $138,825$13,762,205 2286.2% $145,733 5.4%

2015 $91.6M3 4.5% $155,998$30,523,690 1965.5% $125,346 5.7%

2014 $92M5 5.3% $134,710$23,001,723 1736.2% $110,323 6.1%

2013 $99.4M6 7.9% $97,090$16,570,098 1536.4% $97,906 6.4%

2012 $50.5M7 4.8% $81,872$8,419,167 1486.8% $94,285 6.5%

2011 $30.2M2 2.4% $99,260$15,087,500 1416.0% $90,027 6.5%

2010 $31.3M1 3.0% $80,541$31,250,000 126- $80,800 6.8%



1 & 2 STAR SALES





2025 -- - -- 370- $198,991 5.2%

2024 -- - -- 360- $193,606 5.2%

2023 -- - -- 347- $186,559 5.2%

2022 -- - -- 332- $178,837 5.2%

2021 -- - -- 319- $171,970 5.2%

YTD $8M10 1.0% $129,776$1,609,220 3115.3% $167,257 5.2%

2020 $29.2M12 3.0% $152,225$2,922,720 2905.8% $156,231 5.3%

2019 $50.6M12 5.8% $138,545$4,214,083 2695.4% $145,000 5.5%

2018 $13.7M5 1.5% $145,927$3,429,275 2456.3% $131,932 5.7%

2017 $15M5 2.1% $113,314$2,991,500 2236.7% $120,107 5.9%

2016 $23.1M10 3.7% $98,100$2,305,343 2056.2% $110,565 6.1%

2015 $24.1M19 5.2% $73,171$1,267,010 1886.8% $101,029 6.3%

2014 $16.9M13 5.0% $53,879$1,409,833 1687.2% $90,311 6.6%

2013 $4.3M5 1.2% $55,641$868,000 1508.8% $80,802 7.0%

2012 -- - -- 145- $78,217 7.0%

2011 $14.2M3 4.4% $51,486$4,736,667 1387.2% $74,033 7.1%

2010 $6.2M5 2.3% $43,957$1,239,600 1258.4% $67,072 7.3%




Page 21


DELIVERIES & UNDER CONSTRUCTION

Net DeliveriesInventory

Bldgs Units BldgsBldgs Units VacancyYear

Under Construction

Units

Deliveries

Bldgs Units

2025 34,224 3.3%- - 772 - -- 767

2024 33,457 3.2%- - 661 - -- 657

2023 32,800 3.4%- - 721 - -- 717

2022 32,083 3.6%- - 310 - -- 307

2021 31,776 4.2%- - 1,385 - -- 1,384

YTD 31,359 3.8%552 7 967 9 1,0327 967

2020 30,392 4.4%545 9 1,048 15 1,9539 1,048

2019 29,344 5.9%536 13 1,332 17 2,20813 1,332

2018 28,012 4.5%523 13 668 17 1,80113 668

2017 27,344 5.2%510 9 1,232 22 1,9909 1,232

2016 26,112 4.5%501 5 345 10 1,3135 345

2015 25,767 4.1%496 8 277 6 6618 277

2014 25,490 4.0%488 9 743 11 7169 743

2013 24,747 4.8%479 5 844 13 8325 844

2012 23,903 4.8%474 2 242 7 1,1502 242

2011 23,661 5.0%472 0 0 2 2420 0

2010 23,661 4.6%472 2 69 2 2422 69

2009 23,592 5.9%470 2 301 2 692 301


Page 22

vancouver · 2021. 7. 20. · vancouver area, making up around 55% of inventory. this extra space...

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