Portland Multifamily Market Report

The following reflects Portland multifamily market conditions as of Q2 2026.

The Portland multifamily market in 2Q 2026 remained relatively stable as vacancy rates held steady and renter demand continued to generate positive absorption. While asking rents were essentially flat year-over-year, construction activity slowed, with both deliveries and the development pipeline declining. Explore our full Portland multifamily market review for in-depth analysis and trends.

Frequently Asked Questions

What is the Portland multifamily vacancy rate in Q2 2026?

The Portland multifamily vacancy rate was 7.1% in Q2 2026, according to Kidder Mathews research. This is down 10 basis points from 7.2% a year earlier and slightly improved from 7.4% in Q1 2026, indicating a relatively stable rental market.

What are average asking rents in the Portland multifamily market?

Average asking rent across the Portland multifamily market was $1,656 per unit per month in Q2 2026 (Data source: CoStar). This is essentially flat year-over-year, down just 0.24% from $1,660 in Q2 2025, and up slightly from $1,644 in Q1 2026.

What are average Portland apartment rents by unit type?

Average monthly rent by unit type in Portland is $1,291 for a studio, $1,524 for a one-bedroom, $1,785 for a two-bedroom, and $2,041 for a three-bedroom unit, according to Kidder Mathews research.

How much multifamily net absorption occurred in Portland through Q2 2026?

Portland multifamily net absorption totaled 2,604 units year-to-date through Q2 2026, according to Kidder Mathews research. Net absorption measures the change in occupied units, so positive absorption indicates renter demand continued to outpace new vacancies. This is down 34.6% from 3,981 units absorbed over the same period in 2025, though 1,551 units were absorbed in the second quarter alone.

How many multifamily units were delivered in Portland in Q2 2026?

Multifamily construction deliveries in Portland totaled 781 units in Q2 2026 alone and 1,813 units year-to-date, according to Kidder Mathews research. Year-to-date deliveries are down 24.8% compared to the 2,412 units delivered over the same period in 2025.

How many multifamily units are currently under construction in Portland?

There were 4,215 multifamily units under construction in Portland as of Q2 2026, according to Kidder Mathews research. This represents a 35.9% decline from 6,572 units under construction a year earlier, reflecting a continued slowdown in new development starts.

What was the largest multifamily sale transaction in Portland in Q2 2026?

The largest multifamily sale in Portland in Q2 2026 was Ladd Towers, a 332-unit property in the Park Blocks submarket that sold for $63,300,000, or $190,663 per unit (Data source: CoStar). Guardian | PCCP purchased the property from Invesco Ltd.

What is the average multifamily sale price per unit in Portland?

The average multifamily sale price in Portland was $182,489 per unit in Q2 2026, according to Kidder Mathews research. This is down 12.9% from $209,408 per unit a year earlier, reflecting continued repricing in the investment market.

What are current multifamily cap rates in Portland?

The average multifamily cap rate in Portland was 6.4% in Q2 2026, according to Kidder Mathews research. This is up 50 basis points from 5.9% a year earlier, consistent with the decline in average sale price per unit over the same period.

Where is the most multifamily construction activity happening in Portland?

The largest multifamily project currently under construction in Portland is High Street Residential, a 369-unit property in Cedar Hills developed by SCOA Real Estate Partners, LLC, with an expected delivery in Q3 2027, according to Kidder Mathews research. Other large projects are underway in Bull Mountain and Walnut Grove.

What is the outlook for the Portland multifamily market?

The Portland multifamily market is expected to remain stable heading into the second half of 2026, with vacancy holding near 7% and rents roughly flat year-over-year, according to Kidder Mathews research. A shrinking construction pipeline, down 35.9% year-over-year, should help support occupancy as fewer new units come online, even as investment sales pricing continues to adjust.

Last updated: Q2 2026. Data source: CoStar. Compiled by the Kidder Mathews Research Group.

Q2 2026 Portland Multifamily Market: Key Data Points

Explore our full Portland multifamily market review for in-depth analysis and trends.

• Vacancy Rate Remains Stable: Portland’s multifamily vacancy rate measured 7.1% in 2Q 2026, improving slightly by 10 basis points year-over-year.
• Rents Hold Steady: Average asking rent reached $1,656 per month, remaining essentially unchanged from one year ago with a 0.2% year-over-year decline.
• Construction Pipeline Contracts: Units under construction totaled 4,215, down 35.9% year-over-year as new development activity continued to moderate.
• Construction Deliveries Decline: Multifamily deliveries reached 1,813 units year-to-date, a 24.8% decrease compared to the same period last year.
• Positive Absorption Continues: Net absorption totaled 2,604 units year-to-date, demonstrating ongoing renter demand despite a 34.6% decline from 2025 levels.
• Investment Market Adjusts: Average sales price fell to $182,489 per unit, down 12.9% year-over-year, while average cap rates increased to 6.4%.

Average Rent by Unit Type

Significant Sale Transactions Q2 2026

Significant Under Construction

Significant Completed Construction Q2 2026

Market Breakdown — Quarterly Comparison

Market Breakdown — Year-to-Date