New Apartment Tower: What It Means for the Local Market

The Eugene City Council approved construction of a 22-story apartment tower at the corner of Willamette Street and 10th Avenue on July 7, with the project set to deliver 300 units starting in late 2028.

The approval arrives while Eugene's rental inventory remains limited and monthly rents continue climbing after several years of steady demand from University of Oregon staff, local employers and new arrivals. City planners have processed more than 1,200 housing applications in the past 12 months, reflecting pressure on existing stock in core neighborhoods.

Supply Addition in Core Districts

The tower site sits two blocks from the 5th Street Public Market and within walking distance of Lane Transit District stops that serve the Whiteaker neighborhood. City of Eugene Housing Division records show the project will include 45 units priced below market rate under the inclusionary housing rules adopted in 2023. Those units target households earning up to 80 percent of area median income, a segment that has faced the sharpest shortages near downtown employment centers.

Developers filed initial plans with the Planning Department in March and revised the height and unit mix after public hearings in May. The final design adds ground-floor retail space along Willamette Street and a 120-space parking garage accessed from 10th Avenue.

Market Data and Timeline

The Eugene Area Realtors Association reported a 3.1 percent apartment vacancy rate for the second quarter of 2026, down from 4.4 percent a year earlier. Average asking rent reached $1,875 for a one-bedroom unit, an increase of 7 percent since June 2025. Comparable new buildings completed in 2024 on 18th Avenue leased at rates 12 percent above older stock within six months of opening.

Construction is scheduled to begin in early 2027 after permits clear the final review stage. Leasing offices are expected to open in fall 2028, with priority given to current Eugene residents on a first-come, first-served waitlist managed through the developer's website. Prospective tenants should track updates on the City of Eugene website and contact the Housing Division for income-restricted unit applications once the project nears completion.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.