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Originally Posted by downtownpdx
Not sure I understand this, why would people suddenly be moving away because of a "lack of new jobs" when new apartments come online, when if anything the job market is only improving (slowly, but still). I would think one of the reasons the rental market is so tight now is because the jobs situation is getting somewhat better. If there is an aparment glut in the future, it will be because of overbuilding, more people turning to buying vs. renting, or some collapse in the economy. Portland doesn't have the most robust job market but that sure hasn't kept many people away in the last few years, hence one of the nation's lowest apartment vacancy rates.
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The city still has a high unemployment as well as high underemployment, and combine that with a good number of transplants that could consider moving away to a better job market reduces the demand for apartments.
As for the apartment situation, during the condo conversion boom, Portland lost a lot of rentals that put them at a very low apartment vacancy, but if all these apartments are coming online but there is no growth in population, that will create a large number of apartments that will desperately be looking for tenants.
If that makes any sense, basically there will be a flux of apartments without a flux of residents or possibly a decrease of residents to fill those rentals.