Portland Multifamily Report – October 2025
The gap between segments describes two realities.
Portland average advertised asking rents were up 0.1 percent on a trailing three-month basis through August, keeping pace with the short-term national rate of growth. However, year-over-year, the average rate fell 0.7 percent, to $1,775, driven lower by a 140-basis-point drop in the upscale Lifestyle segment. Meanwhile, the overall national average increased 0.7 percent, to $1,755.
The metro’s unemployment rate stood at 5.1 percent as of July, according to data from the Bureau of Labor Statistics, settling significantly above the 4.2 percent national average. Greater Portland lost 5,700 net jobs during the 12 months ending in June, with just four sectors recording net jobs gains. Meanwhile, work resumed on the $2.1 billion Bull Run filtration facility in Multnomah County after a brief pause. The water treatment plant should be substantially completed by September 2027. And next to Sunnyside Medical Center, Kaiser Permanente is set to break ground on a 615,000-square-foot project in 2026.
Developers completed 3,676 units across the metro in 2026 through August and had another 5,721 units under construction going into the fall. Portland’s development pipeline also includes more than
30,000 units in the planning and permitting stages. Meanwhile, investment is accelerating, with investors primarily eyeing higher quality Renter-by-Necessity stock. A total of $720 million in rental assets traded year-to-date through August.
