Portland Multifamily Market Report

The following reflects Portland multifamily market conditions as of Q3 2026.

The Portland multifamily market in Q3 2026 experienced decreased vacancy, decreased unemployment, increased rental rates, and decreased construction deliveries year over year. Explore our full Portland multifamily market report for deeper insights into rents, absorption, construction, and sale activity.

Frequently Asked Questions

What is the Portland multifamily vacancy rate in Q3 2026?

The Portland multifamily vacancy rate was 6.7% in Q3 2026, according to Kidder Mathews research. That is down from 7.0% in Q2 2026 and 7.3% in Q3 2025, a year-over-year decline of 60 basis points. (Data source: CoStar)

What are average asking rents for Portland apartments in Q3 2026?

Average asking rent in the Portland multifamily market was $1,660 per unit per month in Q3 2026, according to Kidder Mathews research. That compares with $1,659 in Q2 2026 and $1,648 in Q3 2025, a year-over-year increase of 0.7%. (Data source: CoStar)

How much does a studio, one-bedroom, two-bedroom, or three-bedroom apartment cost in Portland in Q3 2026?

Average monthly rent in the Portland multifamily market in Q3 2026 was $1,187 for a studio, $1,668 for a one-bedroom, $2,088 for a two-bedroom, and $2,281 for a three-bedroom, according to Kidder Mathews research. (Data source: CoStar)

What was net absorption in the Portland multifamily market in Q3 2026?

Portland multifamily net absorption was 1,960 units in Q3 2026, according to Kidder Mathews research. Net absorption measures the net change in occupied apartment units, so a positive figure means more units were leased than vacated. Year-to-date net absorption reached 5,646 units in 2026 versus 5,178 units in 2025, an increase of 9.0%. (Data source: CoStar)

How many new apartment units were delivered in Portland in Q3 2026?

Portland delivered 941 multifamily units in Q3 2026, according to Kidder Mathews research. Year-to-date deliveries total 2,928 units in 2026 versus 4,254 units in 2025, a decrease of 31.2%. The largest completed project was Broadstone Walnut Grove, a 280-unit property in the Walnut Grove submarket owned by The Carlyle Group and delivered in September 2026. (Data source: CoStar)

How many apartment units are under construction in Portland in Q3 2026?

Portland had 3,581 multifamily units under construction in Q3 2026, according to Kidder Mathews research. That is down from 4,438 units in Q2 2026 and 5,655 units in Q3 2025, a year-over-year decrease of 36.7%. The largest project is High Street Residential, a 369-unit property at 10164 SW Park Way in the Cedar Hills submarket, expected to deliver in Q3 2027. (Data source: CoStar)

What is the average sale price per unit for Portland multifamily properties in Q3 2026?

The average sale price in the Portland multifamily market was $197,487 per unit in Q3 2026, according to Kidder Mathews research. That is up from $184,881 in Q2 2026 and $176,426 in Q3 2025, a year-over-year increase of 11.9%. (Data source: CoStar)

What is the average cap rate for Portland multifamily in Q3 2026?

The average cap rate for Portland multifamily properties was 6.2% in Q3 2026, according to Kidder Mathews research. That is down from 6.4% in Q2 2026 and up from 5.8% in Q3 2025, a year-over-year increase of 40 basis points. (Data source: CoStar)

What was the largest multifamily sale in Portland in Q3 2026?

The largest Portland multifamily sale in Q3 2026 was West End District Apartments, a 424-unit property in the Cooper Mountain-Aloha N submarket that sold for $85,250,000, or $201,061 per unit, according to Kidder Mathews research. Grand Peaks Properties was the buyer and Taylor Morrison was the seller. (Data source: CoStar)

Which Portland multifamily sale in Q3 2026 had the highest price per unit?

Willow, a 158-unit property in the Lake Forest submarket, had the highest price per unit among significant Portland multifamily sales in Q3 2026 at $417,722, according to Kidder Mathews research. Sentinel Real Estate Corp. purchased the property from Shorenstein Properties for $66,000,000. (Data source: CoStar)

What is the outlook for the Portland multifamily market after Q3 2026?

Q3 2026 indicators point to tightening conditions in the Portland multifamily market, according to Kidder Mathews research. Vacancy fell 60 basis points year over year to 6.7%, year-to-date net absorption of 5,646 units exceeded year-to-date deliveries of 2,928 units, and units under construction declined 36.7% year over year to 3,581. Average asking rents rose 0.7% year over year to $1,660 per unit. (Data source: CoStar)

Last updated: Q3 2026. Data source: CoStar. Compiled by the Kidder Mathews Research Group.

Q3 2026 Portland Multifamily Market: Key Data Points

Explore our full Portland multifamily market review for detailed trends and submarket insights.

• Vacancy: The Portland multifamily vacancy rate was 6.7% in Q3 2026, down from 7.0% in Q2 2026 and 7.3% in Q3 2025 (-60 bps year over year).
• Asking Rents: Average asking rent was $1,660 per unit, up 0.7% year over year from $1,648. Average rents ranged from $1,187 for a studio to $2,281 for a three-bedroom.
• Net Absorption: Net absorption totaled 1,960 units in Q3 2026 and 5,646 units year to date, up 9.0% from 5,178 units in 2025 year to date.
• Construction Deliveries: Portland delivered 941 units in Q3 2026 and 2,928 units year to date, down 31.2% from 4,254 units in 2025 year to date.
• Construction Pipeline: Units under construction fell to 3,581, down 36.7% from 5,655 units in Q3 2025.
• Pricing and Cap Rates: The average sale price rose 11.9% year over year to $197,487 per unit, while the average cap rate was 6.2%, up 40 bps from 5.8% in Q3 2025.
• Largest Sale: West End District Apts, a 424-unit property in Cooper Mountain-Aloha N, sold for $85,250,000 ($201,061 per unit) to Grand Peaks Properties.

Average Rent by Unit Type

Significant Sale Transactions Q3 2026

Significant Under Construction

Significant Completed Construction Q3 2026

Data as of Q3 2026. Source: CoStar. Prepared by the Kidder Mathews Research Group.