Market Report
Portland Multifamily Market Report
2025 Investment Forecast
Growing Renter Demand Aligns With Slackening
New Supply as Wider Variety of Properties Trade
Portland’s outlook improves notably in 2025. After two years of rising vacancy and receding rent, Portland’s multifamily metrics turned a corner in the third quarter of 2024, driving expectations for lower vacancy and stronger rent growth this year. Despite softer hiring last year, demographic factors behind apartment demand are fair. Both Portland’s population and household growth rates will outstrip the national pace this year, while net in-migration exceeds the market’s 2014–2019 annual average. This is supporting demand for rental housing at a time when metrowide inventory growth will slow to 1.7 percent annually — 60 basis points below the average rate from 2014 to 2019. The result is net absorption that is outpacing new supply. As 2025 builds on last year’s progress, with vacancy tightening and rent growth gaining momentum, positive job creation will be key.
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