Best Apartment Deals in Portland

Posted on 07/29/09 3:51 PM

A glut of high-end apartments in Portland’s downtown area has put apartment owners in a similar position as condo developers: too much inventory, too little demand. In order to stay competitive many apartment managers are offering a number of sweetheart deals such as free rent.

Here’s an overview of some of the best deals for renters (source: Daily Journal of Commerce):

Ardea, South Waterfront

Incentive: Two Free Months

Located in Portland’s South Waterfront, this upscale 30-story apartment building consists of 323 apartment units and 33 townhomes.  To get things moving the Ardea has started to offer two free months of rent. The Ardea does not advertise the concession, preferring “not to show our hand too early” according to a statement made by the property manager.

Ladd Tower, Downtown

Incentive: Two Free Months

Hoping to escape the condo conundrum Ladd Tower, was among the first condo projects that converted to apartments. Unfortunately only a fraction of the 332 units have been leased-up.  Officialy a 500 SF studio starts at $1,100. However, “Modern History In The Making” as the project is being touted, now includes two free months of rent, essentially reducing the developer’s rental income by 16.7% in the first year.

Park 19, Northwest

Incentive: Two Free Months

Located on Couch Park in Portland’s Northwest, this 100-unit mid-rise apartment building takes its design cues from the Garden Apartments of the 1920s. In a neighborhood characterized by historic brownstones and turn-of-the century apartment buildings, the developer hoped to achieve $/SF rent multiples in the 2+ range. That doesn’t appear to happening anytime soon.

Asa Flats + Lofts, Pearl District

Incentive: Six Free Weeks

Supposedly this 245-unit high-rise on Lovejoy is 90% leased-up, thanks largely to concessions that started out very generously and are now somewhere around 6 weeks.

Other candidates include: The Cyan, The Nexus Appartments, The Wyatt…and then some.

Have you recently struck a good deal at one of these places? Know of other good apartment deals? Add your two cents below!