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Market Report

Portland Multifamily Market Report

3Q 2022

Lower Cost-of-Living Stimulates In-Migration,
Heightens Initiative for Multifamily Development

Population growth underscores anticipated demand surge. As of June, the average monthly rent in Portland was $350 less than Seattle, and $940 below the Northern California regional mean. As such, Portland represents a haven of lower living expenses for West Coast residents considering relocation. By year-end, Portland's household count is expected to swell by more than 19,000. Developers anticipate that this population growth will provide a considerable boost to rental demand, reflective in the sizable number of groundbreakings noted during the yearlong span ending in June. Nonetheless, only 1,700 units are slated for completion in the second half of the year, suggesting that rental conditions may tighten in the near term.
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