Portland has nation's fifth-lowest housing vacancy rate

Portland has nation's fifth-lowest housing vacancy rate
File photo.

Need more proof that Portland's residential real estate market is tight?

Nearly 94 percent of homes in the Portland metro area are occupied, ranking the region No. 5 nationally for housing vacancy rates.

According to an On Numbers analysis compiled by the Business Journal, there are 930,446 homes in the Portland area, 872,423 of which are occupied.

The analysis is just the latest in a string of reports indicating a strengthening residential real estate market.

San Jose has the nation's lowest vacancy rate, with more than 95 percent of all homes, apartments and condominiums occupied.

The Business Journal analyzed raw data for all 109 metropolitan areas that contain more than 200,000 housing units. Eighty-nine percent of the 85.25 million homes in those markets were occupied a year ago. The other 11 percent were empty.