Portland Metro Multifamily Market Report Q1 2025

Market Overview

Portland's multifamily sector saw a decline in both absorption and new supply in Q1 2025. Only 762 units were absorbed compared to 1,139 delivered, contributing to a slowing lease-up pace across the metro. Effective rents averaged $1,727—slightly down from the previous quarter—while occupancy held steady at 94.9%. With only 3,625 units currently under construction, the market may experience some relief from recent supply-side pressures, allowing occupancy to remain resilient in the face of sluggish renter demand.

About Colliers

Colliers’ Portland office publishes quarterly market reports that detail trends in leasing, construction, investment sales, and demographic shifts. Their data is drawn from RealPage and CoStar, enhanced with local transaction intel and expert analysis from their regional multifamily team. These reports support investors and owners looking to make informed, market-sensitive decisions.