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Vacancy rates for apartments in the Portland-metro area surged past 4 percent in February, and rents flattened as multifamily property owners and managers adjusted to a flood of units coming online.

Vacancies grew to 4.02 percent, up from 3.71 percent in fall 2016, according to Multifamily NW, a trade organization for the apartment industry.

The spring report, released Tuesday, adds to mounting evidence that the white-hot apartment market of 2015 and 2016 has cooled considerably. The report provides a snapshot of market conditions on Feb. 10, when Multifamily NW surveyed rental companies.

Rents rose 3 percent since fall 2016, according to the report. That’s the lowest increase in the past two years, the organization reported. Some areas saw rents decline. Hillsboro experienced a 6 percent rent decrease, while Northwest Portland and Beaverton saw rents drop 4 percent.

The largest rent gains were seen in Southeast Portland (9 percent), and East Vancouver, Washington, and Aloha (both 6 percent).

The apartment market continues to be backed by solid fundamentals. In-migration to the region continues to provide a major boost, and statewide unemployment in March fell to 3.8 percent 鈥� a record low.

Yet new units are beginning to balance the market. The luxury market is showing signs of excess capacity.

鈥淲ith increased competition among higher-end projects, concessions are getting more and more aggressive, and renters are finding some great move-in deals,鈥� the Multifamily NW report states.

Managers of Yard, at the Burnside Bridge’s east end, are offering one month free with a new lease. The same deal is being offered for vacant units at Hassalo on Eighth, in the Lloyd District.

The lowest vacancies in metro Portland were in the St. Johns neighborhood, at 1.4 percent, and East Vancouver, at 1.8 percent.

The Portland-metro area is expected to gain 6,000 to 7,000 rental units this year.

For investors, property tax increases averaging 7 percent have dented returns, according to Multifamily NW. The inventory of multifamily buildings on the market remains very low.

Average rents in Portland-metro area

Studio: $1,078

1 bedroom/1 bathroom: $1,127

2 bedrooms/1 bathroom: $1,102

2 bedrooms/2 bathrooms: $1,374

2-bedroom townhomes: $1,228

3 bedrooms/1 bathroom: $1,220

3 bedrooms/2 bathrooms: $1,489