Oregon Housing and Community Services (OHCS) released the latest update of its portfolio financial report and dashboard, analyzing the financial performance of affordable rental housing properties in the state’s portfolio from FY21 to FY24. OHCS uses this analysis to identify trends in operating expenses and understand the current reality of affordable housing property performance.
Key takeaways from this year’s study:
- Rising operating expenses: Operating expenses rose 8% from FY23 to $8,198 per unit.
- Property insurance increases: Property insurance increased 24% from FY23.
- Vacancy pressure intensifies: Higher vacancies in the Portland metro area continue to drive lower than expected revenue.
- Debt Coverage Ratio (DCR) improves statewide: DCR is a key indicator of a property’s financial performance, and the statewide average increased from 1.34 in FY23 to 1.47 in FY24.
Operating growth eased slightly, driven by increases in property insurance, security, bad debt, and payroll. Vacancy loss reached 6%, influenced by conditions in the Portland metro area. However, DCR improved modestly, aligning with patterns observed in national affordable housing studies. Although some markets saw weaker occupancy in FY24, overall rent growth outpaced both vacancy impacts and operating cost increases, raising net operating income. With senior debt service remaining stable, this higher net operating income translated into a stronger DCR.
View the full 2026 ARH Portfolio Financial Reporting Analysis, or by section:
- Summary statistics and financial metrics
- Operating and non-operating expense trends
- Patterns by geography and size
- Resources and data appendix
Contact Kelso Brasunas, financial strategy lead, [email protected] or Tonya Evans, deputy director of portfolio, [email protected] with questions.
