Portland Multifamily Market Report

Budget apartments recovering the most. Gains in Portland’s apartment performance are still Class C-oriented. The tier led amid declines across classes with a 130-basis-point vacancy reduction year over year in March. Class C rents also recorded annual growth of 1.2 percent, on par with a year earlier, while the Class A mean rent continued to recede. Accordingly, roughly 26 percent of Class A units offered concessions as of March. While this is down from last year’s peak, other tiers began improving earlier. Concession use may also fall further this year due to fewer deliveries. Considering Portland’s static population growth and net migration, 2025’s performance gains are most likely to come from equilibrating demand within the metro, or otherwise from new household formation.