Photo by Tim Greenway

Affordable housing a challenge in Portland’s hot market

Portland is on the map, nationally and internationally, as a great place to live, says Vitalius Real Estate Group principal Brit Vitalius.

That’s resulted in the new-housing boom but also tightens up residential availability nearly to the vanishing point. New units are selling quickly. Existing units that become available, whether for sale or rent, typically attract numerous inquiries within a day or two.

In just one recent day, Vitalius had four requests from new buyers, both locals and out-of-state.

“I have to call them back and say, ‘It doesn’t exist. Be patient,'” he says.

The rental market has also been challenging for several years. Typical renters include professionals who are transferred to Portland, can pay more, and want to live in town.

Mainebiz