Rents are mercifully beginning to decline in the high-cost/high-growth cities of the Pacific Northwest. Portland and Seattle are great examples of basic economics in action. Portland alone added 4,419 new housing units in 2016, more than it added in the five years prior to 2014 combined. As the number of apartment units being built has risen, average rents across the two cities has actually started to decrease. It turns out that the laws of supply and demand may be able to assist housing affordability in the Pacific Northwest.
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