Portland Multifamily Report – February 2026
Seasonal patterns and strong supply are taking their toll.
Portland’s average advertised asking rent dropped 0.6 percent on a trailing three-month basis, as of December 2025, reaching $1,727. Meanwhile, the national rate declined by only half that amount, sliding to $1,737. Metro Portland’s occupancy rate in stabilized assets clocked in at 95.0 percent in November, or 40 basis points above the U.S. average.
As of November, Portland unemployment stood at 4.8 percent, according to preliminary data from the Bureau of Labor Statistics. Job growth was limited to just four sectors, and those increases were not enough to offset wider employment declines, leading to a net loss of 7,200 positions. Despite economic uncertainty, several developments were underway in Portland. Among these projects was the I-205 Abernethy Bridge improvement, which includes making the bridge earthquake-ready and adding walking and biking paths. The $672 million project is scheduled for completion at the end of the year.
In 2025, developers added more than 5,800 units to the metro’s inventory and had close to 4,400 units underway as of December. The majority of recent deliveries and projects underway target the Lifestyle segment. Transaction activity remained steady, as the metro recorded $1.2 billion in deals in the past year. That was a little short of the $1.4 billion recorded in 2024.
