Portland Multifamily Market
Report

CBD gains a cautiously optimistic outlook. Central Portland posted a metro-leading 70 basis-point vacancy decline in the year ended March, reflecting improving CBD fundamentals. By the end of 2026, limited new supply pressure should help keep local vacancy in the 6 percent range. OHSU’s ongoing growth and a handful of employer expansions may provide a modest tailwind for renter demand through December. Meanwhile, improving downtown residential foot traffic — up 162 percent in late 2025 from early 2020 lows — suggests a shift toward greater residential activity. Still, weak local population growth, exacerbated by scant in-migration, constrains renter-demand growth in the near term.