This episode covers the April 2025 Multifamily NW Apartment Report with a tone of cautious optimism and a focus on digestible insights for a commuting audience.

This episode is all about reasons to feel confident in Portland's multifamily future! While some headlines are still catching up to what's really happening on the ground, here at HFO we are seeing a market that is quietly strengthening and setting up for long-term opportunity.

HFO partner Greg Frick interviews Ezra Hammer, an attorney specializing in land use and real estate with Jordan Ramis law firm. Their discussion explores the critical housing challenges facing Portland and the state of Oregon. Hammer discusses the region's significant housing shortage, with approximately 45,000 missing housing units and low development rates, highlighting systemic issues like infrastructure funding, overly localized community engagement, and restrictive urban growth boundaries. He advocates for radical policy changes, including state-level infrastructure funding reforms, reducing neighborhood-level development obstacles, and expanding urban boundaries to facilitate housing production. The conversation emphasizes the urgent need to address housing affordability, with over 50% of renters currently being housing-burdened, and calls for a holistic approach to urban development that prioritizes broader community needs over hyper-local interests.

HFO's Greg Frick and Charlie Kokernak of Gantry, Inc. discuss the Q1 2025 Oregon and SW Washington multifamily market lending landscape. Despite political uncertainties, the market is finding stability. There's a significant pent-up demand for equity, driven by reasons like default and depreciation. Underwriting standards remain consistent, and rates have dropped, but uncertainty remains. Insurance costs are a growing concern, particularly for older properties. Lenders are competitive, offering tight spreads and flexible terms. Deal flow is expected to increase, and pricing stability is anticipated.

Dive into this week’s Multifamily Marketwatch! Washington Governor Bob Ferguson tackles housing affordability challenges with zoning reforms and rent stabilization efforts. Seattle’s ambitious 20-year housing plan faces roadblocks that could delay new developments. Meanwhile, Portland’s vibrant market sees growth with key projects like Sellwood Bluff and Reed’s Crossing as rising insurance costs are putting multifamily property owners under pressure. Tune in for the latest market insights in Washington and Oregon!

Explore the latest legislative updates impacting multifamily housing investments in Oregon and Washington! In this episode, we cover Oregon's new mandates like air conditioning requirements (SB 54), changes to rent cap exemptions (SB 722), and Washington's push for innovative housing solutions such as commercial conversions and zoning reforms. Learn how these policies affect supply, affordability, and investment opportunities in the region. Stay informed to adapt your strategies in 2025 and beyond!