The Portland multifamily market in Q1 2026 shows modest improvements in vacancy alongside softening rents and a continued slowdown in new construction activity. Sales pricing and absorption have both declined year-over-year, reflecting shifting investment dynamics and subdued demand. Explore our full Portland multifamily market report for deeper analysis of rental trends, development activity, and transaction performance.
1Q 2026 Portland Multifamily Market: Key Data Points
- Vacancy Continues to Improve: Vacancy decreased to 8.4%, improving by 50 bps year-over-year.
- Rents Slip Slightly: Average asking rent fell to $1,844 per unit, a 2% YoY decline.
- Construction Volume Declines: Units under construction dropped 16% YoY to 2,760 units.
- Sales Pricing Softens: Average sales price per unit declined 7% YoY, reaching $198,390.
- Absorption Falls Sharply: Net absorption totaled 216 units, down 72% YoY.
- Cap Rates Rise: Cap rates increased to 6.6%, up 30 bps YoY.
ContactGARY BARAGONA |
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