Last week, city officials took a victory lap, issuing a press release about Corvallis’ new ranking nationally for multifamily housing starts.
“A report released earlier this year revealed remarkable progress in Corvallis to increase multifamily housing. The City of Corvallis ranked #9 among small metros nationwide, as detailed in U.S. Cities Building the Most Multi-Family Housing, a report released in January from Construction Coverage, an online research hub for the construction industry,” said the release.
The study made its findings based on permits tracked by the U.S. Census Bureau, nationally, and community by community.
The new ranking comes amid a flurry of building activity in Corvallis, mainly focused on affordable developments that will create rental housing aimed at income-eligible households. Within the last two years, Corvallis has created more than 350 units of affordable rental housing, according to the City’s release. New affordable rentals in the pre-development pipeline are expected to add more than 250 new units on top of that in the coming years.
The City says the recent multifamily construction activity can be traced to a series of local policy decisions made over the past decade. They specifically pointed to the creation of the Housing Development Task Force in 2015 as a turning point. And then after that, the mapping of additional high density residential zones around the city and the development of new financial incentive programs.
“Land use policy changes sometimes take years to show up in the market,” said Community Development Director Paul Bilotta. “We’re gratified to see this sustained effort by the City Council beginning to provide critical housing for the community.”
Multifamily housing, typically in the form of rental complexes serving individuals and families, is a critical part of the housing continuum in Corvallis, Bilotta noted. With its high population of students attending Oregon State University, Corvallis has an outsized market for rental units, which can create stress on other segments of the housing continuum. Maintaining a healthy level of multifamily rental development can help ease pressure on other property types in the community.
Affordability remains troubling
It’s not all good news. According to the City, a 2023 HUD report shows a family has to have an income of $57,200 to afford a two bedroom apartment in Corvallis and a family income of $81,280 to afford a 3 bedroom. According to 2022 census estimates, 24% of Corvallis families cannot afford a 2 bedroom apartment and 37% cannot afford a 3 bedroom.
Most experts agree that a rent exceeding half of income means a household is severely cost burdened. In 2023, over 4,400 Corvallis households met that definition. Corvallis is consistently ranked at or near the top of Oregon metros with the most rent burdened households.
Do you have a story for The Advocate? Email editor@corvallisadvocate.com