Portland, OR Multifamily Market Report | CBRE | Q4 2025

Market Overview

Portland's multifamily market carried a split story into Q4 2025, with investment activity strengthening even as operating fundamentals softened. Transaction volume reached $496 million, up from $484.6 million in Q3, and 1,983 units changed hands at an average of $250,231 per unit. On the fundamentals side, occupancy slipped to 94.6% and average rents fell to $1,730 per unit, down 1.5% year-over-year, with net absorption ending the quarter negative at 1,201 units. Central Portland was the lone bright spot on rent growth, rising 1.03% year-over-year to $1,951 per unit.

About CBRE

‍CBRE is a global commercial real estate services and investment firm operating across major U.S. and international markets. Their Q4 2025 Portland multifamily report tracks occupancy, rents, absorption, deliveries, and investment sales activity by submarket to help owners, developers, and investors evaluate market conditions and timing. To read the full report, click here.