Portland Multifamily Market
Report

Rising population coincides with construction slowdown. After two years of increasing vacancy, Portland’s multifamily market changed course in 2024, setting the stage for further vacancy compression and moderate rent growth. Though hiring was soft last year, the demographic fundamentals driving apartment demand remain solid. Both Portland’s population and household growth rates are projected to surpass the national average this year, while net in-migration will exceed the market’s 2014–2019 average. This underpins demand for rental housing at a time when metrowide inventory expansion is expected to slow to 1.7 percent this year — 60 basis points below the 2014-2019 mean. New supply will be outpaced by demand as a result, positioning 2025 to build on last year’s gains, particularly in regard to Class A and B performance. The upper-tier sector is likely to lead this year in vacancy contraction after Class A rates fell last year. Positive job creation will be key for these trends.