The Portland multifamily market in Q3 2025 reflects a cooling trend in construction activity and average rents, while vacancy rates continue to stabilize. Transaction volume and absorption show signs of resilience, despite a notable drop in sale prices. Explore our full Portland multifamily market review for detailed insights and submarket trends.
3Q 2025 Portland Multifamily Market: Key Data Points
- Vacancy Rate Declines Slightly: Portland’s multifamily vacancy rate fell to 8.7%, down 40 basis points year-over-year.
- Average Asking Rents Dip: Asking rents averaged $1,867/month, a 1% decrease compared to 3Q 2024.
- Construction Pipeline Contracts Sharply: Units under construction dropped to 1,316, marking a 68% year-over-year decline.
- Sale Prices Fall: The average sale price per unit declined to $167,524, a 23% decrease from the previous year.
- Net Absorption Improves: Net absorption reached 2,753 units YTD, up 21% year-over-year, despite lower construction deliveries.
- Top Completed Projects: Notable completions include Astral & Revel by Alta (594 units) and Holloway (271 units) delivered in Q3.
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