Market Report
Portland Multifamily Market Report
1Q 2026
Vacancy and Rent Metrics Quietly
Improve
as Tailwinds Settle on the Demand Side
Limited supply helps hold vacancy steady. The marketwide apartment delivery slate is expected to decline by about 60 percent year-over-year, following a de-escalation in supply growth the prior year. That said, development continues as usual in one rapidly growing area. Vancouver’s 2026 inventory addition will be around 3.0 percent, similar to 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, Portland’s central business district will see few new buildings open. Its vacancy rate ranked among the metro’s most improved in 2025, and this delivery shortfall may support further progress, even amid dampened new-renter demand. Marketwide, modest workforce reductions are expected to continue, and population growth is unlikely to accelerate in 2026, providing fewer additional boosts to leasing. This will leave property fundamentals close to their year-end levels.
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