The Portland multifamily market in Q4 2025 saw vacancy rates improve while asking rents declined slightly. Construction activity slowed dramatically, with deliveries and units under construction falling to multi-year lows. Sales pricing softened compared to last year, though cap rates compressed modestly, signaling continued investor interest. Explore our full Portland multifamily market review for detailed trends and transaction insights.
4Q 2025 Portland Multifamily Market: Key Data Points
- Vacancy Rate Improves: Vacancy decreased to 8.5%, down 110 basis points year-over-year.
- Asking Rents Dip: Average asking rent fell to $1,795 per month, a 2% decline from Q4 2024.
- Construction Pipeline Plummets: Units under construction dropped to 1,028, down 66% year-over-year.
- Sales Pricing Softens: Average sale price per unit was $182,846, a 9% decrease compared to last year.
- Cap Rates Compress: Average cap rate declined to 5.8%, down 30 basis points year-over-year.
- Deliveries Fall Sharply: Q4 deliveries totaled 341 units, a 53% decrease from 2024.
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