Scroll Down
Vacancy and Rent Metrics Quietly Improve
as Tailwinds Settle on the Demand Side
Limited supply bolsters current occupancy levels. The marketwide apartment delivery slate is due to decline by about 60 percent year-over-year, following a 40 percent de-escalation in 2025. That said, development continues as usual in one rapidly growing area. Vancouver’s 2026 inventory addition will be around 3.0 percent, like 2025. The area’s population growth, while slowing from the region-leading 9.4 percent jump recorded from 2017 to 2022, continues to warrant more units. In contrast to Vancouver, almost no new buildings are slated to open in Portland’s central business district. Its vacancy rate was among the most improved in 2025, falling to under 6 percent, and this delivery shortfall may enable further progress even amid dampened new-renter demand. Marketwide, modest workforce reductions are expected to continue. Employment in logistics and professional services, however, has been roughly maintained at 2024 levels, despite regional stressors such as the West Coast’s exposure to trade conflicts. Even so, a demand boost from accelerated net in-migration is unlikely in 2026. This combination of factors will leave property fundamentals close to where they started the year.