Jake and Spike: Don’t house-hunt in the PNW—’There’s nothing on the market’

Portland, Oregon, Boise, Idaho, and Spokane, Washington, were listed among the top five worst metro housing outlooks according to a LendingTree study.

Jake Skorheim and Spike O’Neill, co-hosts of “The Jake and Spike Show” on KIRO Newsradio, gave their initial reactions to the study and where people should look for a new place to live.

“Here’s where you shouldn’t look, Portland is very badly ranked, Boise, Idaho is another one, very badly ranked,” Jake said.

Portland, Oregon, held the No. 1 spot for worst housing crisis outlook in the country, Boise, Idaho, was second, Spokane fourth, and Seattle 21st.

PNW housing’s low vacancy rates and inventory

“They say it’s because they have low vacancy rates, and you might think that’s a good thing, and they’re renting out all of their inventory,” Jake said. “But what it actually means is they don’t have enough inventory.”

LendingTree highlighted that a low vacancy rate does not necessarily indicate a strong housing market. A lower vacancy rate can indicate high demand, but it can lead to rising home prices.

Spike grappled with the idea of searching through a housing market with nothing available to rent.

“If you’re looking (for an apartment), there’s nothing on the market for you,” Spike said.

Boise had a 4.56% vacancy rate, the second lowest in the nation, and Portland had 4.76%, the fourth lowest, according to LendingTree.

Listen to the full conversation below.

Listen to “The Jake and Spike Show” weekdays from noon to 3 p.m. on KIRO Newsradio 97.3 FM. Subscribe to the podcast here.